Chevrolet Equinox Premier LZ2 FWD Diminished Value Claim in West Texas
We report on the most interesting and informative articles concerning auto diminished value claims. This article details the diminished value appraisal of a Chevrolet Equinox Premier LZ2 FWD SUV with 160 miles that was involved in a rear collision causing $3,259.70 in damage.
The vehicle was not disabled or towed, had no structural damage, and no air bag deployment. The claimant hired an independent auto appraiser working in El Paso and made a third-party inherent auto diminished value claim for the vehicle’s loss in value.
Why Diminished Value Matters
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.
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Dealer Research in West Texas
We learned from examples provided by sales managers at Chevrolet dealerships in West Texas that a Carfax accident report can reduce trade-in value by 10% to 20%. One dealer said that a minor accident, even if it is only a scrape, can still cause a 10% reduction in value. Another dealer explained that the value goes down and that buyers and banks alike may adjust pricing based on the accident history. Several dealers estimated a loss of 10% to 15% of the pre-accident value.
The unbiased opinions of six professional sales managers at recognized Chevrolet dealerships form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain several of them 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 information specific to this vehicle including year, make, model, mileage, pre-accident condition, color, options, other pertinent equipment, date of loss, and the nature of the repaired damages. 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 West Texas to establish how these repairs and the resulting repair history would impact this vehicle’s Fair Market Value (FMV). Dealers were provided with an evaluation of the vehicle’s condition both before and after repairs.
Appraisal Results
Description of damage: Non-disabling collision damage to the rear with no damage to structural components and no air bag deployment. Repair cost: $3,259.70. LKQ (used) and/or aftermarket parts were not utilized in the repair and were not factored into the diminished value.
The average of six (6) deductions was 10.42%. 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 $30,500.00 at the time of loss. The diminished value was $3,178.10.
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