Each week we report on the most interesting and informative articles concerning auto diminished value claims. A diminished value appraisal of a Toyota Corolla S Sedan with 32,927 miles that was involved in a Left Side Collision that caused $5,095.86 in damage. The vehicle was disabled/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 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 Toyota dealerships in North Florida – One dealer said that it would be typical to take a loss but not much being that it was a minor accident, you may take a 2K-3K loss at most. Also, anytime you have an accident report that is showing minor damage/towed from scene its letting us know the accident was bad enough if it had to be towed from the scene of accident you normally will see about a 10-15% reduction. And if you were to come and trade this at his lot you may see a loss of possibly a few thousand dollars.
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, 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 Toyota dealers in Northern 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.
Description of damage: Disabling collision damages to the Left Side not including damage to structural components and no air bag deployment. Repair cost $5,095.86. LKQ (used) and/or aftermarket parts were utilized in the repair/not factored in to the diminished value.
The average of six (6) deductions was 13.61%. 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 $15,000.00 at the time of loss. The Diminished Value was $2,041.50
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