Brand New F150 versus 18 Wheeler Tire

[Freds.Truck]

I am making this post to see if anyone has gone through anything similar. I have a 2023 F150 2WD XL Regular Cab. Only has 6K Miles.

Just purchased it just a few months ago, I planned on owning this temporarily until the used market comes down so I can pursue a business that would require me to have a diesel truck. I was on my way to work, 18 wheeler tire flew off and side swiped the entire passenger side of my truck, 18 wheeler was found at fault. Body shop quoted me $8K worth of damage. I am already in contact with the at fault insurance and have already mentioned I want to pursue a diminished value claim.

If I took the truck as it sits to a dealership and let's say they offer me $20k (Already had it appraised x3 and the median was about $23k but to make things easier lets call it $20k) with KBB reflecting with my year, mileage, condition an "Excellent condition" sits right at $35-36k. $15k difference. Now is it an option for me to not repair the truck, trade it in as is and use the $15k (BIG IF, I doubt the insurance will shit out $15k, at that point they might aswell total the truck) to pay off the negative equity I will obtain selling it at $20k? Then get a whole different vehicle.

Really just looking for options, I don't want the truck anymore, nor do I want to wait months upon months for back ordered parts etc.
I appreciate any insight/advice, thanks.

***Picture does not do it justice, front and rear fenders are curled in, rear is so bad the entire passenger side of the bed needs to get replaced.***

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[fordtruckman2003]

I see insurance repairing that. You will be under the 70% threshold many states have. Your trade in value will be poor because it will be on record it had an accident.

 

[Buyer2021]

In the scenario you lay out, $15K is the difference between the value of the 'as-is-with-damage' vehicle and the same vehicle without ever having been damaged.

Yeah, I realize your numbers are just 'for example'; but whatever the 'real' numbers are that is very different from a diminished value calculation / settlement.

What you need to find is the difference between the repaired vehicle value and the value of an undamaged comparable - that's the amount above the cost of repair the at-fault surety would owe you for diminished value (in a perfect world).

The most you should expect to receive as a cash settlement would be the estimated cost of repair + the diminished value amount (in a perfect world).

With that info you can then evaluate where you stand relative to sale (or trade) of the vehicle as-is and your loan payoff, etc.

Good luck.

 

[Buddy]

I agree with Buyer2021 and sounds like you've done some homework. With no more damage than that, insurance won't total it and they will want to send their check to the repair shop directly. When my new 2021 KR F150 was hit by someone running a red light ($24,000 to fix), I could only get estimated prices for my truck and no one would put their name on the estimate. After it was repaired and it showed as a wrecked vehicle on Carfax, I took it to a CarMax dealer to see what they would offer. With that offer in hand and researching what the blue book value was for a truck in excellent condition, it came out to around $3 - 5 thousand dollar difference.

When I spoke to the insurance company of the person who hit me concerning the diminished value, they kelp asking me how much I was looking for. That's when you high-ball them (I asked for $8K) and of course they will counter that will a low-ball number. That's the time the negotiation begins for a number both parties can agree with. But I warn you, don't be stubborn about it - be flexible. My bottom line number was around 6 thousand. They finally offered me $5800 and said take it or leave it, which meant going to court and costing you in legal fees. I took the $5800, got my truck repaired, was given a rental F150 by the insurance company (which cost them about 7K), and other than a Carfax report, you would never know it was hit. I'm sure whenever I sell it, it won't take a $5800 hit for being damaged. I wasn't happy about the accident but was happy with the results and payments.

My truck was in the shop for 4 months. I was lucky enough to talk Ford (talk to the corporate office) into making two of my truck payments because of waiting on parts, which wasn't my fault - it was Ford's fault and they admitted it. I'm happy with Ford and what they were willing to do to make me happy for waiting so long.

Good Luck.

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