Volvo XC60 T5 R-Design AWD Diminished Value Claim in Southern California
A diminished value appraisal of a new loaner Volvo XC60 T5 R-Design AWD SUV with 9,723 miles that was involved in a right-side collision causing $4,850.33 in damage. The vehicle was not disabled or towed, had no structural damage, and no air bag deployment.
The dealership 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 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.
Dealer-Based Valuation Method
This article is based on what sales managers at Volvo dealerships in Southern California told us about accident history and market resistance. One dealer explained that because the vehicle is so new, the loss can be greater than it would be on an older model. In a minor accident like this, dealers commonly see a loss of 10% to 20%, with 10% to 15% described as a more typical range.
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 AUTODIMINISHEDVALUE.COM. This is what the dealer will experience when selling the car.
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, 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 Volvo dealers in California to establish how these repairs and the resultant repair history would impact this vehicle’s Retail Value. Dealers were provided with an evaluation of the vehicle’s condition both prior and subsequent to repairs.
Ontario, California Claim Details
A New Car Diminished Value Claim in Ontario, California. Description of damage: Non-disabling collision damage to the right side with no damage to structural components and no air bag deployment. Repair cost: $4,850.33. 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 13.21%. This is the percentage of diminished value to be taken from the retail value at the time of loss.
We established that the above-captioned vehicle had a Retail Value of approximately $42,500.00 at the time of loss. The Diminished Value was $5,614.25.
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