Best practices for documenting an accident

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pcasanova
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Best practices for documenting an accident

Post by pcasanova » Wed Nov 07, 2018 4:49 am

Looking to purchase a vehicle.

Car was parked at my mechanics shop when a lady backed into it.  She messed up the front bumper on the corner requiring a new bumper, clips, paint.  No other damage.

Current owner has pictures of the damage as well as documentation from insurance company on all parts / labor that was paid out for the damage.

What else should I get? 
​​​​​​​Was thinking a notarized statement that the damage listed was the only damage the vehicle has occurred and no other damage was reported.
How bad will this hurt re-sale later?  "ASSuming" CarFax will report this as a Minor Accident no Air Bags Deployed or similar.

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b3freak
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Re: Best practices for documenting an accident

Post by b3freak » Wed Nov 07, 2018 5:27 am

How many owners? Have you checked the Carfax? When did the accident happen? Was the police involved?

There is always a chance that a minor accident won't show up on the Carfax, but if it does, you can expect a loss of value around 20% or more in some cases. It also makes for a very tough sell. My last Carrera was in an accident and the air bags deployed. I still came out ahead on the sell, but it wasn't easy. Lots of tire kickers in the Porsche world. Had to be very patient and explain thing very clearly.

But in GA, when the buyer drives off... it's his warts and all!

If the car turns out to be a turd, a notarized statement ain't gonna help much, especially if the car has had multiple owners. Think about it. You and I live in Georgia and when purchasing used cars, it's as-is. Buyer beware! They even abolished the cooling off law which gave you the right to return the car after 3 days. But not anymore. Your best defense is a good offense - i.e. Pre Purchase Inspection.
2002 Porsche 996 Carrera - bare bones basic, but still a blast to drive! Heck, I don't even have PSM on it. Ha!

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gnat
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Re: Best practices for documenting an accident

Post by gnat » Wed Nov 07, 2018 6:27 am

pcasanova wrote:
Wed Nov 07, 2018 4:49 am
​​​​​​​Was thinking a notarized statement
Personally I'd tell you where to stick your Notary.

If you like the car, get a PPI. If the PPI notes signs of bodywork (which you already know in this case), get it looked at by a good body shop to confirm the work matches the story and was done well. If you still like the car and the price is fair, buy it and then enjoy the shit out of it.

The reality is that if this shows up on CF or you are honest with whomever you sell it to, yes this will hurt resale no matter what documentation you have. While the 996TT will hold it's value for you, it's by no means the collector car that many (potential) owners seem to think it is. Minor accidents (that you get checked out by a shop to make sure they work was good and matches the description) are meaningless to these cars as far as the functionality. It's all in the buyer's head with the (maybe unconscious) belief that it needs to be perfect because one day prices are going to explode like the 993TT did.

KC had the right idea. Buy a higher mileage example with questionable history. That scares off most of the idiot buyers and drops the price significantly. Then you just enjoy the hell out of it and at the end of the day you'll still be able to recoup most if not all your original purchase price when you sell.

If you want an investment, find a Financial Adviser. If you want to have fun, find yourself a nice solid car and don't worry about the minor stuff that doesn't effect it.

pcasanova
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Re: Best practices for documenting an accident

Post by pcasanova » Wed Nov 07, 2018 7:39 am

Understood. The whole "notary" stuff seems to "upset" many. Was trying to cover my basis while I had the opportunity. To me Pic is enough. Documentation of parts replaced to fix is a bonus.

Does not show up in CarFax, but assuming it will within the next couple of months. Think police was involved, or at least a accident report was documented.

Been looking for a higher milage cars (60K+), but the ones coming up have been needing a lot of work. Even looked at the higher priced ones (with higher milage) in Porsche dealers. Their own PPI stated, work is needed and all they did was an oil change. Similar problems with private sellers.

Goal is a driver. Found one, my indy has been servicing it and knows what is needed. Any car that is 15yrs old will need repairs, and understand that. Balance for me is how much is too much in repairs + purchase price.

Knowing it was only a bumper, I'm OK with that. That I'm going to loose money, have never made a profit on any car, so get that. Just trying to gather info from more experienced buyers and sellers of these cars than me.

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gnat
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Re: Best practices for documenting an accident

Post by gnat » Wed Nov 07, 2018 8:05 am

pcasanova wrote:
Wed Nov 07, 2018 7:39 am
Does not show up in CarFax, but assuming it will within the next couple of months. Think police was involved, or at least a accident report was documented.
Don't bet on it ever showing up (but also don't bet on it not showing up).

Our 996 has been in multiple accidents, over a 15 year spread (e.g. some really old, some within the last few years), all went through insurance, and at least half had police involvement. Squeaky clean CarFax.

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Re: Best practices for documenting an accident

Post by pcasanova » Wed Nov 07, 2018 10:17 am

Starting to realize that CarFax is hit or miss. Honestly, find it hard to believe that in 15 yrs + parts being so expensive that more of these cars don't have any thing reported.

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