Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Chevrolet Corvette 3LT Coupe with 27,606 miles that was involved in a Front End Collision that caused $17,551.15 in damage. The vehicle was disabled/towed and had structural damage and no air bag deployment.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 Chevrolet dealerships in Oklahoma – Because this vehicle is a bit older, the loss wont be as great but dealers would still take it to auction and even then you would be looking at taking a 35% hit due to the damage reported. Also that you will lose about 30%+ normally at trade In especially because it’s a sports car and people looking to purchase a car like this will look for one with a clean Carfax. In this case due to there being frame damage a dealer is almost sure to sell this wholesale and also due to the frame damage being on the car it will be considered what they call a auction car and anytime the car has been deemed wholesale it loses a substantial amount of value
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 Chevrolet dealers in Oklahoma 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 Front including damage to structural components and no air bag deployment. Repair cost $17,551.15. 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 32.08%. 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 $40,000.00 at the time of loss. The Diminished Value was $12,832.00.
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