Regarding our diminished value appraisal of a Tesla S70 AWD Sedan with 12,000 miles that was involved in a Front-End Collision that caused $27,156.45 in damage. The car was disabled/towed and 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 exotic new car dealerships in Northern California – when there is frame damage there will be a much larger loss because dealers have to sell for much less, also that normally when there is a severe accident of this nature where there is frame damage shown on Carfax the loss could range anywhere from 25-30% and because it is newer and has now a substantially large accident report with frame damage listed, the loss would be much greater than it would be for a car with minor damage could be 50%.
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 exotic new car dealers in California 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 30.42%%. 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 $65,000.00 at the time of loss. The Diminished Value was $19,773.00
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