BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
BIMMERPOST Universal Forums General Automotive (non-BMW) Talk + Photos/Videos    Anyone Have Experience Buying Hail Damaged New Cars?

Post Reply
 
Thread Tools Search this Thread
      03-26-2019, 11:58 AM   #1
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Question Anyone Have Experience Buying Hail Damaged New Cars?

Wanting to know what kind of discount off of moderate to severely Hail damaged cars you all have gotten? And any tips...
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 1
      03-26-2019, 11:58 AM   #2
kscarrol
Brigadier General
kscarrol's Avatar
United_States
8791
Rep
4,105
Posts

Drives: 2021 X3 M40i, 1974 2002 Tii
Join Date: Jun 2010
Location: Greenville, SC

iTrader: (0)

What you buying Marcus??
__________________
2021 X3 M40i
1974 2002tii, Inka, 5 sp manual
BMWCCA # 327475
Appreciate 1
      03-26-2019, 11:59 AM   #3
spazzyfry123
Lieutenant Colonel
spazzyfry123's Avatar
4307
Rep
1,912
Posts

Drives: Here and There
Join Date: Jul 2013
Location: North Georgia Mountains

iTrader: (1)

Garage List
#racecartime?
Appreciate 0
      03-26-2019, 12:05 PM   #4
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Don't want to let the cat out of the bag yet...

If it's not worth it, I won't waste my efforts. I've been reading anywhere from 10 - 30% off retail...?
Appreciate 0
      03-26-2019, 12:11 PM   #5
UncleWede
Long Time Admirer, First Time Owner
UncleWede's Avatar
United_States
17880
Rep
9,376
Posts

Drives: G01 X3 M40i Dark Graphite
Join Date: Jun 2005
Location: Oxnard, CA

iTrader: (0)

Wait, what is this hail you speak of???

Those spots will buff right out, just like orange peel. . .
Appreciate 0
      03-26-2019, 12:13 PM   #6
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Quote:
Originally Posted by UncleWede View Post
Wait, what is this hail you speak of???

Those spots will buff right out, just like orange peel. . .
Uhhhm... Not this type of hail damage.
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 0
      03-26-2019, 12:18 PM   #7
Run Silent
Run Deep
Run Silent's Avatar
United_States
15127
Rep
4,123
Posts

Drives: Back and Forth To Work
Join Date: Mar 2017
Location: The Mountains

iTrader: (0)

Garage List
If it's a new car - then you should get at minimum, the same discount as the dealership is receiving in the insurance claim. If it is substantially damaged, then you also have to watch out that the insurance claim doesn't total the car and you get issued a total loss title. If that happens - then I wouldn't buy the car for more than 30-40% of dealer invoice.

Otherwise, the general expectation is it is going to cost about $1,000 per panel to fix it, if repairable - so a standard discount would be around $4000-6000 less than the normal best price - it doesn't really matter what kind of car it is, since the cost to repair a Hyundai isn't any less than to repair an S65 AMG.

Typically, it isn't a good buy.
__________________
Don't sweat petty things....or pet sweaty things.
Appreciate 1
TXSTYLE13653.00
      03-26-2019, 12:56 PM   #8
nyalpine90
Lieutenant General
nyalpine90's Avatar
7385
Rep
11,829
Posts

Drives: MY24 G01 AW Msport
Join Date: Feb 2008
Location: L.I. NY

iTrader: (4)

Garage List
2016 BMW X4  [9.33]
You can get 10% off on new car, but on new car that was damaged I would go bit higher.
depending how much work is done and how the car looks...i would aim 15%-20%
Appreciate 1
TXSTYLE13653.00
      03-26-2019, 01:04 PM   #9
spazzyfry123
Lieutenant Colonel
spazzyfry123's Avatar
4307
Rep
1,912
Posts

Drives: Here and There
Join Date: Jul 2013
Location: North Georgia Mountains

iTrader: (1)

Garage List
Are you buying already repaired or as-is? Curious how this process works...
Appreciate 1
TXSTYLE13653.00
      03-26-2019, 01:18 PM   #10
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Lightbulb

Quote:
Originally Posted by Run Silent View Post
If it's a new car - then you should get at minimum, the same discount as the dealership is receiving in the insurance claim. If it is substantially damaged, then you also have to watch out that the insurance claim doesn't total the car and you get issued a total loss title. If that happens - then I wouldn't buy the car for more than 30-40% of dealer invoice.

Otherwise, the general expectation is it is going to cost about $1,000 per panel to fix it, if repairable - so a standard discount would be around $4000-6000 less than the normal best price - it doesn't really matter what kind of car it is, since the cost to repair a Hyundai isn't any less than to repair an S65 AMG.

Typically, it isn't a good buy.
I was just talking with a partner of mine out of state who has indeed bought such cars and he echoes a lot of what you just said.

The key is: how extensive is the damage and how does insurance handle it on their end?

If say a $60k car can be had for $30-$35k, I can get the repairs done modestly myself. And that would be ideal.

Thanks!
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 0
      03-26-2019, 01:19 PM   #11
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Quote:
Originally Posted by spazzyfry123 View Post
Are you buying already repaired or as-is? Curious how this process works...
Great question! It can go either way. The biggest discount will be as is of course.
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 0
      03-26-2019, 01:28 PM   #12
Joekerr
Banned
7926
Rep
1,923
Posts

Drives: 2017 Audi S6
Join Date: Jan 2008
Location: Toronto, ON

iTrader: (0)

Quote:
Originally Posted by TXSTYLE View Post
I was just talking with a partner of mine out of state who has indeed bought such cars and he echoes a lot of what you just said.

The key is: how extensive is the damage and how does insurance handle it on their end?

If say a $60k car can be had for $30-$35k, I can get the repairs done modestly myself. And that would be ideal.

Thanks!
Well...at that discount, a $100K car could be had at $50 - $58K....you could be cruising in a 2019 M5!
Appreciate 0
      03-26-2019, 01:32 PM   #13
Run Silent
Run Deep
Run Silent's Avatar
United_States
15127
Rep
4,123
Posts

Drives: Back and Forth To Work
Join Date: Mar 2017
Location: The Mountains

iTrader: (0)

Garage List
Quote:
Originally Posted by TXSTYLE View Post
I was just talking with a partner of mine out of state who has indeed bought such cars and he echoes a lot of what you just said.

The key is: how extensive is the damage and how does insurance handle it on their end?

If say a $60k car can be had for $30-$35k, I can get the repairs done modestly myself. And that would be ideal.

Thanks!
Yeah, again - just beware of any title branding. If you are getting a discount that is amounting to that large of a sum of money, then that is a strong indication that the insurance wrote off the car. Won't impact the driving habits of it in anyway for you, but it will decimate the resale value should you decide to sell it at some point.

I ran a large 20 store dealer group for many years, so hit me up on PM if you want any further recommendations or questions answered.
__________________
Don't sweat petty things....or pet sweaty things.
Appreciate 1
TXSTYLE13653.00
      03-26-2019, 01:35 PM   #14
spazzyfry123
Lieutenant Colonel
spazzyfry123's Avatar
4307
Rep
1,912
Posts

Drives: Here and There
Join Date: Jul 2013
Location: North Georgia Mountains

iTrader: (1)

Garage List
Quote:
Originally Posted by Run Silent View Post
Yeah, again - just beware of any title branding. If you are getting a discount that is amounting to that large of a sum of money, then that is a strong indication that the insurance wrote off the car. Won't impact the driving habits of it in anyway for you, but it will decimate the resale value should you decide to sell it at some point.

I ran a large 20 store dealer group for many years, so hit me up on PM if you want any further recommendations or questions answered.
I'd have to imagine that these could not be financed either because of the title branding?
Appreciate 0
      03-26-2019, 01:35 PM   #15
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Thumbs up

Quote:
Originally Posted by Run Silent View Post
Yeah, again - just beware of any title branding. If you are getting a discount that is amounting to that large of a sum of money, then that is a strong indication that the insurance wrote off the car. Won't impact the driving habits of it in anyway for you, but it will decimate the resale value should you decide to sell it at some point.

I ran a large 20 store dealer group for many years, so hit me up on PM if you want any further recommendations or questions answered.
Appreciate it!
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 0
      03-26-2019, 01:36 PM   #16
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Lightbulb

Quote:
Originally Posted by spazzyfry123 View Post
I'd have to imagine that these could not be financed either because of the title branding?
Correct!
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 1
      03-26-2019, 01:38 PM   #17
Run Silent
Run Deep
Run Silent's Avatar
United_States
15127
Rep
4,123
Posts

Drives: Back and Forth To Work
Join Date: Mar 2017
Location: The Mountains

iTrader: (0)

Garage List
Quote:
Originally Posted by spazzyfry123 View Post
I'd have to imagine that these could not be financed either because of the title branding?
It depends, it varies from state to state and also from lender to lender.

For example - in the prime market, Wells Fargo won't loan anything on branded title cars, but BB&T will so long as the LTV is <50% of clean NADA. So, it's a case by case basis - but overall, you are correct - it is much more difficult - but not impossible - to borrow money on a branded title car.

As such, this not only impacts the value of the vehicle, but also substantially reduces the buyer market when you are ready to sell.
__________________
Don't sweat petty things....or pet sweaty things.
Appreciate 2
TXSTYLE13653.00
      03-26-2019, 01:55 PM   #18
litxus
Lieutenant
58
Rep
494
Posts

Drives: 09 E90 335i sedan
Join Date: Jan 2013
Location: Villa Park

iTrader: (1)

I have done this in the past, in the end you are not really saving that much more. You buy at discount and you sell at discount to a small market of buyers. Financing is usually non existent and some insurance companies will not insure it. You might run into issues with some warranty work or recalls as well. If you plan to sell this car in the future and it is a regular car, then I would stay away. This only makes sense if you want to buy a highly sought after car. For example a Supra, M3, STi, EVO as those will be desirable even with a branded title.
Appreciate 0
      03-26-2019, 01:58 PM   #19
Alfisti
Brigadier General
6453
Rep
3,009
Posts

Drives: 2008 Saab 9-3 Combi
Join Date: Nov 2014
Location: Toronto, Canada

iTrader: (0)

I would only consider it under the following conditions;

1) massive discount, like 40% minimum
2) You're paying cash or have your own LOC to pay it with
3) no intention to re-sell, just drive it into the ground

I effectively did the same with my 9-3 wagon. it was 2010, I knew Saab were going bust, 100% knew it, so looked for deals as they make nice wagons. Picked up a 2008 with 22,000 miles on it for $17K. Still driving it today, an absolute steal of a deal but the conditions had to be right for it.
Appreciate 0
      03-27-2019, 12:50 PM   #20
TXSTYLE
"Salud"
TXSTYLE's Avatar
United_States
13653
Rep
4,662
Posts

Drives: F01 & F15 / Mineral White
Join Date: May 2013
Location: The GYM! (The Burbs - N TX)

iTrader: (0)

Yeah... After talking with them, it won't be worth it. They are either totaling out certain vehicles or repairing them and discounting them modestly. Pass.

Thanks for the input.
__________________
https://i.imgur.com/QAMZNzQ.jpg
Appreciate 0
      03-27-2019, 01:46 PM   #21
Germanauto
Major General
Germanauto's Avatar
United_States
9666
Rep
6,075
Posts

Drives: Alfa Romeo Giulia, Rosso
Join Date: Jul 2016
Location: LA

iTrader: (0)

Seems like any money you save up front won't make up for the loss you'll take when it comes time to sell.
Appreciate 0
      03-27-2019, 04:34 PM   #22
Hawkeye
Brigadier General
Hawkeye's Avatar
No_Country
2070
Rep
4,365
Posts

Drives: '07 Z4 Coupe, '21 X3, '16 GMC
Join Date: Aug 2007
Location: Iowa

iTrader: (0)

Garage List
Last car I bought was for the wife (Camry) and was hail damaged. The dealership's body shop had repaired it to where you couldn't tell at all. We got a few thousand below invoice and 0% for 72 month financing incentive which was much better than anything else I was seeing on those vehicles last year.

Based on haggling with a few other dealers I would say we got 10-15% discount (based on MSRP) over what we could have otherwise gotten.
__________________
2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP
2016 GMC Sierra SLT Z71 Premium Plus 4x4
2017 Harley StreetGlide • Denim Black • V&H Tune
2021 BMW x30i • Phytonic Blue Metallic • Fully loaded
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 06:34 PM.




m5post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST