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07-11-2016, 08:44 PM | #1 |
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Keyed m3 help
So I was about to buy a car in NY and it got keyed... Is it still worth buying? The insurance is going to cover the paint but what should I expect on the value of the car when I go to resell ect. ? What percentage should I lower my offer now? Should I still go through with it? Thanks in advance
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07-11-2016, 09:03 PM | #2 |
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If you're buying a car and already thinking of selling it, I don't think you're buying it for the right reasons.
Having said that, if you document the incident well, and get a written statement by the seller, it's pretty much a non issue. And potential buyers won't be scared by a <$2000 claim, as they'll know how much it costs to fix this car and they'll know $2000 is nothing.
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07-11-2016, 09:10 PM | #3 |
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Thank you for the quick response JFB! That sounds reasonable. I plan on keeping the car for a long time I just want to consider all things when buying the car. What's a reasonable amount to deduct from his selling price?
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07-11-2016, 10:30 PM | #7 |
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07-12-2016, 06:05 AM | #9 |
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If the paint work is good, I don't think you could deduct from the price. Vehicle value won't be affected by cosmetic repairs.
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07-12-2016, 06:30 AM | #10 | |
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07-12-2016, 12:41 PM | #12 |
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Why is that? He asked a valid question. At least his question is a bit more interesting than the extended warranties and rod bearing threads we have on this forum.
When I buy a car, I always make sure it wont give me problems when selling it. Yes, I am not putting the money on appreciating investment however, I am also not looking to dump money on something that will depreciate faster than what the market price goes for |
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07-12-2016, 12:45 PM | #13 |
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It's a used car, and not a one-year-old one. All cars will have their share of dings, scratches, and rock chips. Some will have been in minor fender benders or whatever. Are you guys really saying that if someone had a bumper resprayed because someone bumped into it that you wouldn't buy the car?
The chances of finding a truly "original" car are getting slimmer and slimmer by the day. People need to be realistic. Guess what...my 2011 is all-original paint but had some dents pulled out of a door and the windshield replaced. It has a few rock chips and such because I actually drive it. I'm not losing sleep over some potentially "lost value" whenever I sell it. I suspect that the next owner will not care. If the paint work is done well, I say buy it. Very few people will care about this when you go to sell it.
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07-12-2016, 01:25 PM | #14 | |
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OP: Being keyed, and subsequently repaired via insurance isn't going to diminish the value of the car. Go look at it, and if you like it, have the seller get it fixed, fork over his asking price and stop trying to low ball and get shit for as cheap as you possibly can. You either like the car or you don't, there is no need to try to get a good deal at someone else' expense or misfortune. Situations like this are the reason the value of these cars are tanking and any Tom, Dick or Harry can afford one nowadays.
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07-12-2016, 05:12 PM | #15 |
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OP, a picture is indeed worth a thousand words, especially in this case. We could accurately determine if its 2 inch keying or 3 foot or more keying.
If it's the former, it's probably not going to affect resale values. If it's the latter, depending on the work, it could affect resale. Given the plethora of used M3's that we're seeing for sale now, unless it's a true unicorn with everything you're looking for, I'd walk and find another...but that's because I'm super choosy on what garage queen I'm going to worship |
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07-12-2016, 07:04 PM | #16 | |
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All I am trying to figure out is whether or not when the time comes, after I have enjoyed the car, if I will take a hit on the car because of this incident... If I am going to take a hit down the road I want to factor that into my offer. This is all I am trying to solve. I'm not trying to lowball the guy and take advantage of him. It sounds like I will not be taking a hit down the road so I will stick with my original offer and hopefully be getting into my first ever m3!!! That being said thank you everyone for the feedback! Side note: The owner is getting the car fixed at a reputable dealer that does flawless work |
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07-12-2016, 08:05 PM | #17 | |
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07-12-2016, 11:34 PM | #18 |
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I don't think it will affect resale. The cost to you or the seller will depend on the deductible. There is no difference in how it looks after repair when compared to before damage. It's ultimately just the paint, unlike say the damage that occurs from an accident. I'd expect this type of damage would make buyers leery.
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