New Mexico law lets you claim diminished value from the driver who hit you, under a rule from the state's own courts. The hard part is often money, because the minimum policy in New Mexico is small.
Hubbard and the Whichever-Is-Less Rule
The key case, decided in 1998, is Hubbard v. Albuquerque Truck Center. It starts from the idea that damage awards should give full and just compensation to the injured party. For damaged personal property, you get whichever is less: repair costs plus depreciation, or the drop in market value.
That "plus depreciation" is the lost value part. A report from the National Association of Insurance Commissioners lists New Mexico among the states that allow it in a claim against the other driver. Put a dollar figure on it with a diminished value appraisal.
Your Own Policy After Davis
Do not expect your own insurer to pay it. In Davis v. Farmers Ins. Co. of Ariz. from 2006, the Court of Appeals followed what the MWL survey calls the majority trend. It refused lost market value under the terms of the driver's own policy. Your collision coverage pays for the repair, and the value claim belongs with the at-fault driver.
The Scott Case and Pure Comparative Fault
New Mexico adopted comparative negligence in Scott v. Rizzo, 634 P.2d 1234 (N.M. 1981), and the court picked the pure form as superior to the others. That form is kind to drivers who share some blame. Your award goes down by your share of fault, but partial fault alone never wipes out the claim.
A Small Policy Floor and a Four-Year Clock
Minimum liability insurance in New Mexico includes only $10,000 for property damage in any one accident. A newer car can use that up on repairs alone. When it does, the lost value is still owed, but you must collect it from the driver, not the insurer.
Under N.M. Stat. § 37-1-4, suits for injuries to property must be filed within 4 years. Use that time to gather records, not to wait.
Magistrate courts hear civil cases of up to $10,000 under N.M. Stat. § 35-3-3. If an insurer drags out your claim, file a complaint with the Office of Superintendent of Insurance. To compare New Mexico with other states, use the state laws table.