Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Lexus ESh Sedan with 42,822 miles that was involved in a rear-end collision that caused $16,729.75 in damage. The car was not disabled but had structural damage.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 – Dealers could not sell it unless it was at an auction representing a potential huge loss of value. Also, since accident was severe and the cars integrity was compromised it is a hard sell for dealers and a liability. Also, the more high line the car the more loss it will take. Also, even though this is a very desirable vehicle, the buyers looking for this won’t want it with this repair history. The opinions of unbiased experts form the basis for a comprehensive Auto Diminished Value Appraisal. We obtain six of them which puts an appraisal prepared by The St. Lucie Appraisal Company in the ballpark. This is what the car owner will experience in the real world.
Dealers providing opinions regarding diminished value were given information specific to this vehicle including year, make, model, mileage, 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 Lexus dealers in Southern California in order 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.
Description of damage: Non-disabling collision damages to the Right Rear including structural components. Repair cost $16,729.75. 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 32.08%. This is the percentage of Diminished Value to be taken from the FMV at the time of loss.
We have 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. Diminished Value = $9,624.00
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