Each week we report on the most interesting and informative articles concerning auto diminished value claims. This article details the diminished value appraisal of a BMW 440i xDrive AWD Coupe with 9,857 miles that was involved in a Rear collision in Fairfield County, Connecticut that caused $3,006.82 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 from a licensed CT auto appraiser is key.
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
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We learned from these examples from sales managers at BMW dealerships in Connecticut – One dealer said with the amount that the repairs cost it could be anywhere between a 10%–30% loss in value but if the frame was really damaged that’s a whole new story it is going to take a hit and it’s probably going to go up to 50%. Another dealer explained there are so many variables that have to be considered, with structural damage that’s tricky because it could be less anywhere between 25%-35%.
The opinions of six unbiased professional sales managers at recognized BMW 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 AUTODIMINISHEDVALUE.COM. 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 BMW dealers in Connecticut 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 $3,006.82. 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 41.25%. 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 $55,000.00 at the time of loss. The Diminished Value was $22,687.00
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