Regarding our diminished value appraisal of a 2014 Land Rover Sport Autobiography AWD SUV with 32,000 Miles that was involved in a rear-end collision that caused $1,800.00 in damage. The car was not disabled & towed and did not have structural damage.The claimant 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 three examples – dealers would definitely take this on a trade however there may or may not be a 10-20% loss at trade in when you have an accident on a Carfax report, also that that when you get an accident and you have a minor accident on the report it would be normal to maybe lose ballpark 10% and also that a vehicle that is new like this with an accident report is never good to potential buyers and you may lose up to 10-15% at trade. 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 Land Rover dealers 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 Rear not including structural components. Repair cost $1,800.00. 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 11.25%. This is the percentage of Diminished Value to be taken from the Fair Market Value at the time of loss.
We have established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $62,500.00 at the time of loss. Diminished Value = $7,031.25.
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The fee for an Automobile Diminished Value Report is $275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
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