GMC Sierra 1500 SLE Crew Cab Diminished Value Claim in Florida
This article describes the diminished value appraisal of a GMC Sierra 1500 SLE Crew Cab Pickup with 21,776 miles that was involved in a rear-end collision causing $2,381.79 in damage. The truck was not disabled, 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 can be daunting for the average person. Obtaining a comprehensive Diminished Value Report is key.
Why This Claim Matters
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We learned from examples provided by sales managers that most buyers want to see the Carfax, and when they see that a vehicle was in an accident, they usually want a significant discount. Some dealers will not take a vehicle at all if it shows any accident history. The opinions of unbiased experts form the basis for a comprehensive Auto Diminished Value Appraisal. We obtain six of them, which puts the 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, other pertinent equipment, date of loss, and 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 GMC dealers in South Florida 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 damage to the left rear, not including structural components. Repair cost: $2,381.79. 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 11.39%. 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 $30,000.00 at the time of loss. Diminished Value = $3,417.00.
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