Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Chevrolet Silverado 2500 High Country 4X4 Diesel Pickup with 3,082 miles that was involved in a Right-Side Collision that caused $3,906.29 in damage. The vehicle was not disabled/towed and 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 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 Northern Florida – Anytime you have a new truck and you try to trade it in with a bad Carfax report there will be a loss, it won’t be much but you may see a 10-15% reduction at most. With a minor accident like this you would be looking at taking about a 10% reduction and, typically there is a small loss when there is a minor accident but because the truck is new you may see more of a loss than you would if this was a older truck.
The opinions of unbiased professionals form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain six of them which absolutely puts the diminished value figure 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 Chevrolet dealers in Florida 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.
Diminished Value Claim in Pensacola, Florida
Description of damage: Non-disabling collision damages to the Right-Side not including damage to structural components and no air bag deployment. Repair cost $3,906.29. 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 13.75%. 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 $58,000.00 at the time of loss. The Diminished Value was $7,975.00
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