Each week we report on the most interesting and informative articles concerning auto diminished value claims. A diminished value appraisal of a Dodge Challenger R/T Plus Shaker Coupe with 18,283 miles that was involved in a right side collision that caused $5,538.20 in damage. The vehicle was not disabled/towed, 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 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 Dodge dealerships in Ohio- One dealer said if the car was repaired and looks great and there is no further or extensive damage on the Carfax we would not see much of a loss – around 10-15% typically. Another dealer explained as long as there was no airbag deployment or frame damage then you may take a loss of around 4K.
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 car owner will experience in the real world.
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 Porsche dealers in Ohio 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.
An Auto Diminished Value Claim in Columbus, Ohio
Description of damage: Non-disabling collision damages to the right side not including damage to structural components and no air bag deployment. Repair cost $5,538.20. 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 11.60%. 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 $32,500.00 at the time of loss. The Diminished Value was $3,770.00
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