Each week we report on the most interesting and informative articles concerning auto diminished value claims. A diminished value appraisal of a Dodge Ram ProMaster 2500 Cargo Van with 1,154 miles that was involved in a left side collision that caused $9,040.58 in damage. The vehicle was not disabled/towed, had 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 South Florida – One dealer said that with it being new with hardly any miles and is showing frame damage on Carfax may see a loss of 35%. Another dealer explained that because the truck was new there would be a greater loss than if it were older simply because it is valued higher with it being a new vehicle said that anytime there is frame damage that has to be disclosed to buyers and they will want a lot of $ taken off therefore they can;t make what they want off it and they could not give you what you would want for it either unfortunately in these cases there may be a 30-40% loss on average.
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 Dodge dealers in South Florida 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.
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 $30,000.00 at the time of loss. The Diminished Value was $9,624.00
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