Tesla Model 3 AWD Long Range Diminished Value Claim in Alameda County, California
Each week we report on the most interesting and informative articles concerning auto diminished value claims. This article details the diminished value appraisal of a Tesla Model 3 AWD Long Range Sedan with 1,013 miles that was involved in a front collision in Alameda County, California, causing $8,778.30 in damage.
The vehicle was disabled and towed, had no structural damage, and no 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 the work, 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 DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORTCUTS
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ARE ALWAYS FREE OF CHARGE
How We Support the Valuation
We learned from examples provided by sales managers at exotic new car dealerships in Northern California that even a properly repaired Tesla may still suffer a meaningful market penalty after an accident. One dealer said that without frame damage or airbag deployment, a loss of around 20% may still apply because many buyers and wholesalers avoid accident-history Teslas. Another dealer explained that a starting point of 10% lower is common, depending on the market at the time.
The opinions of six unbiased professional sales managers at exotic new car dealerships form the basis for the most comprehensive auto diminished value appraisal available. We obtain six dealer opinions to validate the diminished value report prepared by stlucieappraisal.net. This is what the car owner will experience in the real world.
The six dealers providing opinions regarding diminished value were given vehicle-specific information including year, make, model, mileage, pre-accident condition, color, options, additional equipment, date of loss, and the nature of the repaired damages. Dealer opinions were based on personal knowledge and access to auction results, and the dealers were advised that the vehicle was properly repaired.
California Appraisal Details
We contacted several exotic new car dealers in Northern California to establish how these repairs and the resulting repair history would affect the vehicle’s Fair Market Value (FMV). Dealers were provided with an evaluation of the vehicle’s condition both before and after repairs.
Description of damage: Disabling collision damage to the front with no damage to structural components and no air bag deployment. Repair cost: $8,778.30. LKQ (used) and/or aftermarket parts were not utilized in the repair and were not factored into the diminished value.
The average of six deductions was 14.17%. 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 of approximately $55,000.00 at the time of loss. The diminished value was $7,793.50.
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