Each week we report on the most interesting and informative articles concerning auto diminished value claims. A diminished value appraisal of a Jeep Grand Laredo SUV with 4,830 miles that was involved in a Left Front Collision that caused $8,564.56 in damage. The vehicle was not disabled/towed, had structural damage and no air bag deployment. The claimant hired AUTODIMINISHEDVALUE.COM 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.
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We learned from these examples from sales managers at Jeep dealerships in Massachusetts – When a car has frame damage it will go to auction at many dealers. Some may resell on the lot but most don’t want to be liable and if it is resold it would be for much less. Also, frame damage on the accident report there will be a loss – typically 30%-40%. And, frame damage on a Jeep will usually be sold at wholesale, but would be taken as trade, unfortunately you may take a hit of 30% or more because of the bad Carfax.
The opinions of six unbiased professionals 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 AUTODIMINISHEDVALUE.COM. 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 Kia dealers in Massachusetts 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.
A Jeep Diminished Value Claim in Boston, Massachusetts
Description of damage: Non-disabling collision damages to the Left Front including damage to structural components and no air bag deployment. Repair cost $8,564.56. 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 31.25%. 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 $27,500.00 at the time of loss. The Diminished Value was $8,593.75
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