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 that caused $4,850.33 in damage. The vehicle was not disabled/towed, had no structural damage and no air bag deployment. The dealership 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 Volvo dealerships in Southern California – One dealer explained that due to the fact the vehicle is so new you may take a much bigger loss than if it were a few years old. Typically when you have a minor accident like this you may see a loss of 10-20%. 20% would be really pushing it I am thinking more around 10-15%. Another dealer said that 10-20% is about normal loss for this amount of damage give or take.
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 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, 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 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.
A New Car Diminished Value Claim in Ontario, California
Description of damage: Non-disabling collision damages 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/not factored in to 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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