Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Tesla Motors S90 AWD Sedan with 2,847 miles that was involved in a front-end collision that caused $10,858.27 in damage in November 2017. The vehicle was disabled/towed and did not sustain structural damage.The claimant 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 luxury car dealers in Upstate New York. – There would definitely be a loss of value because of the amount of damage that is on the Carfax they would have to sell it for a lot less in order to get rid of it and normally buyers when spending this kind of money on a vehicle would like to see a clean Carfax and will expect a “Deal”. Also, that the car would depreciate substantially due to the Autocheck showing damage that will make the car lose easily 15-30% off the book value. Another provided the example example if you had a Ford Focus your loss will be less than it would for a Tesla because it cost less therefore the loss is less.
The opinions of unbiased experts form the basis for the most comprehensive Auto Diminished Value Appraisal available. We obtain six of them which absolutely puts the diminished value figure 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, 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 exotic car dealers dealers in Upstate New York 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: Disabling collision damages to the Rear with no damage to structural components and no air bag deployment. Repair cost $10,858.27. 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 15.56%. 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 $75,000.00 at the time of loss. The Diminished Value was $11,670.00.
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