Each week we report on the most interesting and informative articles concerning auto diminished value claims. A diminished value appraisal of a Chevrolet Traverse LT1 AWD SUV with 8,684 miles that was involved in a right side collision that caused $15,982.08 in damage. The vehicle was disabled/towed, had structural damage and air bag deployment. The claimant hired an independent auto appraiser and made a third-party inherent auto diminished value claim for the vehicle’s loss in value. Once a car is repaired after a collision, it is worth less, often much less depending on the severity of the damage. Regardless of how well the repairer did his job, nobody will pay as much for a previously wrecked car as they would for an identical one that was never in an accident. Presenting a diminished value claim and following it through to a satisfactory conclusion is a daunting task for the average person. Obtaining a comprehensive Diminished Value Report is key.
We learned from these examples from sales managers at Chevrolet dealerships in Arkansas – One dealer said that because the car is so new it will take the biggest hit around 40% normally could be half unfortunately, especially because there is air bags deployed and frame damage which generally would go to the auction. Another dealer explained that because the Carfax would be listed as the most severe accident they would not be able to give us the book for the car unfortunately they would have to resell wholesale on this due to the amount of damage listed you could see a loss of close to 50%.
The opinions of six unbiased professional sales managers at recognized new car dealerships form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain six of them to validate the diminished value report prepared by The St. Lucie Appraisal Company. This is what the car owner will experience in the real world.
The six dealers providing opinions regarding diminished value were given information specific to this vehicle including year, make, model, mileage, pre-accident condition, color, options, any other pertinent equipment, date of loss as well as the nature of the repaired damages and the manner in which the vehicle was repaired. Dealer opinions are based on personal knowledge and access to auction results. Dealers were advised that this vehicle was properly repaired.
We contacted several Chevrolet dealers in Arkansas to establish how these repairs and the resultant repair history would impact this vehicle’s Fair Market Value (FMV). Dealers were provided with an evaluation of the vehicle’s condition both prior and subsequent to repairs.
A Diminished Value Claim in Little Rock, Arkansas
Description of damage: Disabling collision damages to the right side including damage to structural components and air bag deployment. Repair cost $15,982.08. LKQ (used) and/or aftermarket parts were not utilized in the repair/not factored in to the diminished value.
The average of six (6) deductions was 42.50%. This is the percentage of Diminished Value to be taken from the FMV at the time of loss.
We established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $30,000.00 at the time of loss. The Diminished Value was $12,750.00
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