This article describes the differences in used car values. The following chart details how much a vehicle is worth in any given market. The most common misconception is that there is a difference between Fair Market Value and Trade-In Value. Selling a car in an arm’s length private party transaction will result in the same monetary return as a trade-in to a dealer. However, selling the car outright to the dealer will return less because the dealer has no incentive to offer the same amount that they would if you were buying a car.
fair market value
A Range Rover Diminished Value Claim in Louisville, Kentucky
Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Range Rover Sport Autobiography AWD SUV with 32,000 Miles that was involved in a rear-end collision that caused $1,800.00 in damage. The car was not disabled & towed and did not have structural damage.The claimant hired an independent auto appraiser near Louisville 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 DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORT CUTS
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE
We learned from these three examples – dealers would definitely take this on a trade however there may or may not be a 10-20% loss at trade in when you have an accident on a Carfax report, also that that when you get an accident and you have a minor accident on the report it would be normal to maybe lose ballpark 10% and also that a vehicle that is new like this with an accident report is never good to potential buyers and you may lose up to 10-15% at trade. The opinions of unbiased experts form the basis for a comprehensive Auto Diminished Value Appraisal. We obtain six of them which puts an appraisal 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 Land Rover dealers 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: Non-disabling collision damages to the Rear not including structural components. Repair cost $1,800.00. 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 11.25%. This is the percentage of Diminished Value to be taken from the Fair Market Value at the time of loss.
We have established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $62,500.00 at the time of loss. Diminished Value = $7,031.25.
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Click on the payment button above to pay by Credit Card or Paypal. The fee for an Automobile Diminished Value Report is
$275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
After making your secure payment please email the body shop estimate or insurance company appraisal to contact@autodiminishedvalue.com TESLA AND OTHER EXOTIC CAR OWNERS PLEASE CALL FOR RATES.
Services available in Bowling Green, Covington, Elizabethtown, Frankfort, Georgetown, Henderson, Hopkinsville, Independence, Jeffersontown, Lexington, Louisville, Nicholasville, Owensboro, Paducah, Richmond and throughout Kentucky.
Adair, Allen, Anderson, Ballard, Barren, Bath, Bell, Boone, Bourbon, Boyd, Boyle, Bracken, Breathitt, Breckinridge, Bullitt, Butler, Caldwell, Calloway, Campbell, Carlisle, Carroll, Carter, Casey, Christian, Clark, Clay, Clinton, Crittenden, Cumberland, Daviess, Edmonson, Elliott, Estill, Fayette, Fleming, Floyd, Franklin, Fulton, Gallatin, Garrard, Grant, Graves, Grayson, Green, Greenup, Hancock, Hardin, Harlan, Harrison, Hart, Henderson, Henry, Hickman, Hopkins, Jackson, Jefferson, Jessamine, Johnson, Kenton, Knott, Knox, LaRue, Laurel, Lawrence, Lee Leslie, Letcher, Lewis, Lincoln, Livingston, Logan, Lyon, Madison, Magoffin, Marion, Marshall, Martin, Mason, McCracken, McCreary, McLean, Meade, Menifee, Mercer, Metcalfe, Monroe, Montgomery, Morgan, Muhlenberg, Nelson, Nicholas, Ohio, Oldham, Owsley, Pendleton, Perry, Pike Powell, Pulaski, Robertson, Rockcastle, Rowan, Russell, Scott, Shelby, Simpson, Spencer, Taylor, Todd, Trigg, Trimble, Union, Warren, Washington, Wayne, Webster, Whitley, Wolfe and Woodford Counties. auto appraiser near 40216, auto appraiser near 40220, auto appraiser near 40229, auto appraiser near 40245, auto appraiser near 40272, auto appraiser near 40291, auto appraiser near 40299, auto appraiser near 40214
This is an Open Education resource focused on auto diminished value, collective knowledge and the sharing of scholarly content.AUTODIMINISHEDVALUE.COM and TOTALLOSSDISPUTE.COM are services of The St. Lucie Appraisal Company
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A Mercedes-Benz Diminished Value Claim in Santa Ana, California
Each week we report on the most interesting and informative articles concerning auto diminished value claims. Regarding our diminished value appraisal of a Mercedes-Benz S550 AWD 2 Door Turbo Coupe with 17,500 Miles that was involved in a rear-end collision that caused $20,800.00 in damage. The car was disabled & towed and had structural damage.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 DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORT CUTS
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE
We learned from these three examples – you typically will see about a 35% loss at trade due to the damage you have listed on this Carfax report. The dealer will have to wholesale the vehicle and you will take a pretty big hit upon trade. Also, when you have a high dollar vehicle like this with a much pickier buyer, you lose about 25%+ if you trade it in with this type of damage. Also, that when you have an accident and it has this much damage with a newer vehicle this stigma lowers your value. The opinions of unbiased experts form the basis for a comprehensive Auto Diminished Value Appraisal. We obtain six of them which puts an appraisal 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 Mercedes-Benz dealers 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 including structural components. Repair cost $20,800.00. 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 26.67%. This is the percentage of Diminished Value to be taken from the Fair Market Value at the time of loss.
We have established that the above captioned vehicle had a Fair Market Value (Average Trade-In Value) of approximately $85,000.00 at the time of loss. Diminished Value = $22,669.50.
READ CUSTOMER REVIEWS OF THE ST. LUCIE APPRAISAL COMPANY
Click on the payment button above to pay by Credit Card or Paypal. The fee for an Automobile Diminished Value Report is
$275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
After making your secure payment please email the body shop estimate or insurance company appraisal to contact@autodiminishedvalue.com TESLA AND OTHER EXOTIC CAR OWNERS PLEASE CALL FOR RATES.
Service in Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Fremont, San Bernardino, Modesto, Oxnard, Fontana, Moreno Valley, Huntington Beach, Glendale, Santa Clarita, Garden Grove, Oceanside, Santa Rosa, Rancho Cucamonga, Ontario, Elk Grove, Lancaster, Corona, Palmdale, Salinas, Hayward, Pomona, Escondido, Sunnyvale, Torrance, Orange, Pasadena, Fullerton, Thousand Oaks, Visalia, Roseville, Simi Valley, Concord, Victorville, Santa Clara, Vallejo, Berkeley, El Monte, Downey, Costa Mesa, Inglewood, Carlsbad, Fairfield, Ventura, Richmond, Murrieta, Antioch, Temecula, Norwalk, Daly City, Burbank, Santa Maria, El Cajon, Rialto, San Mateo, Clovis, Jurupa Valley, Compton, Vista, Mission Viejo, South Gate, Vacaville, Carson, Santa Monica, Arden-Arcade, Hesperia, Westminster, Redding, Santa Barbara, San Marcos, Chico, San Leandro, Newport Beach, Whittier, Hawthorne, Citrus Heights, Livermore, Tracy, Alhambra, Indio, Menifee, Buena Park, Hemet, Lakewood, Merced, Chino, Redwood City, Lake Forest, Napa, Tustin, Mountain View, Bellflower, Baldwin Park, Alameda, Upland, San Ramon, Pleasanton and throughout California. auto appraiser near 92703, auto appraiser near 92704, auto appraiser near 92707
This is an Open Education resource focused on auto diminished value, collective knowledge and the sharing of scholarly content.AUTODIMINISHEDVALUE.COM and TOTALLOSSDISPUTE.COM are services of The St. Lucie Appraisal Company
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TOTAL LOSSES AND THE APPRAISAL CLAUSE
Disputes over the values of automobiles and trucks involved in total loss claims are common. There are three points of view to consider – the car owner’s opinion, the insurance company’s opinion and the findings of an umpire who is hired when an impasse occurs. Resolution of total loss disputes by invoking what is known as The Appraisal Clause is becoming more common as insurers tighten purse strings. What is the appraisal clause? It is simply an insurance provision allowing either the insurer or the vehicle owner to demand a binding appraisal of damaged property in the event of a dispute as to its value. An independent appraiser is hired by both sides. If they can’t agree, The Appraisal Clause can be invoked by either party. One would hope that this process produces equitable settlement amounts but it doesn’t always work that way. Both retail and fair market value can be subjective. Insurance companies place certain roadblocks such as only recognizing comparable vehicles from tight geographic areas. Insurers disallow recognized sources of book values such as NADA, preferring to use the CCC valuation method which was developed for the insurance industry. Often misrepresentations of prior damage and conditioning or inadequate allowances for mileage differences occur. Even more complicated and arbitrary are Appraisal Clause proceedings involving diminished value.
If the car owner and the insurance company disagree on the value of the vehicle, either may make a written demand to invoke The Appraisal Clause. Each party will select a competent and impartial appraiser. It is preferable that both are licensed appraisers in at least one state. The two appraisers, if in disagreement over the value, will select an umpire. If the appraisers do not agree on an umpire, the matter goes to a judge of the court having jurisdiction.
In the event that The Appraisal Clause is invoked and an umpire is necessary, each party will pay its chosen appraiser and bear the expenses of the umpire equally. This means of alternative dispute resolution is designed to effectively and cost efficiently resolve disputes by avoiding the typical legal process. Arbitration, also known as mediation, acknowledges the existence of a dispute. Each party has the right to specify the credentials of the umpire. The naming of a third-party to serve as an umpire is not a selection until the other has agreed to accept him. He must be both competent and disinterested. Independent appraisers being considered as umpires that receive most of their work from insurance companies have often been considered “advocates” rather than disinterested parties and subsequently disqualified. The same would apply to independent appraisers who derive most of their work from, for example, a large automobile leasing company or network of dealerships.
In order to trigger The Appraisal Clause, both parties must be unable to agree on the value of the property or amount of the loss.The umpire should be free of undue influences and not have prior relationships with any party involved. This strengthens the expectation of good faith in the selection process. The umpire’s authority is usually limited to determining the value of the property. Issues such as coverage, liability, causation and exclusions should be determined before The Appraisal Clause in invoked. Appraisal awards are most often made by umpires who are not experts in law or the judicial process but their rulings are typically enforceable. Umpires are not free to disregard pertinent evidence lest their awards be set aside by magistrates. Both the claimant and the insurance company are bound by the obligation to exercise good faith and fair dealing in the context of The Appraisal Clause. It is not permissible for either the claimant or insurance company to engage in any tactics designed to defeat the appraisal process from its objectives. Neither party may engage in conduct designed to unreasonably postpone, delay or prevent The Appraisal Clause and the subsequent settlement.
The Appraisal Clause in total loss disputes has become the methodology of choice for resolving disputes over the values of automobiles and trucks. The St. Lucie Appraisal Company is an expert in the field of valuation appraisals for all types of motor vehicles in all 50 states. Our clients are assured of competent reporting and, of course, credible participation in the arbitration and mediation process.
Additional fees you may incur are $125.00 for our representation in Appraisal Clause negotiations, and half of an umpire’s fee (Umpires typically charge from $300 – $700) if either are necessary. On average, approximately 10% of Appraisal Clause cases go to an umpire.
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Please eMail the insurance company CCC or other valuation report to Email: contact@stlucieappraisal.net
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Founded by Franklin Colletta, The St. Lucie Appraisal Company is a family-owned appraisal company that offers nationwide service. We provide Diminished Value Appraisals, Total Loss Valuations, and Loss of Use Reports.
This is an Open Education resource focused on auto diminished value, collective knowledge and the sharing of scholarly content.AUTODIMINISHEDVALUE.COM and TOTALLOSSDISPUTE.COM are services of The St. Lucie Appraisal Company
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