Date of Loss August, 2017, Date of Diminished Value Report January 2018 – Regarding a 2017 Lexus ES 300h 4 Door Sedan with 42,822 miles that was involved in a rear-end collision that caused $16,729.75 in damage. The vehicle was not disabled/towed and had 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 Lexus dealers in Southern California. Typically a Lexus dealer could not sell it unless it was at an auction-huge loss of value-you would lose 30-40%. Also, 30% loss off the book value maybe even more – the accident was severe and the cars integrity is compromised and hard sell and a liability for the dealer. And if you have that type of accident and damage, the buyers won’t buy it. The more high line of the car the more of a loss it will take.
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 Lexus dealers in Southern California 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 with damage to structural components and no air bag deployment. Repair cost $16,729.75. 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 $30,000.00 at the time of loss. The Diminished Value was $9,624.00.
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