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 new BMW 430xi AWD 2 Door Coupe with 1,246 miles that was involved in a right front and left side collision during a test drive that caused $20,689.52 in damage. The vehicle was 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 any dealership. Obtaining a comprehensive Diminished Value Report is key.
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We learned from these examples from sales managers at BMW dealerships in and around New Jersey- One dealer said that they would have to send that vehicle to the auction because of the structural damage. It would not be on their lot. They are looking a 50% loss of value. Another dealer explained that the car is basically worthless and that the insurance company should have totaled it. If they were allowed to retail the car, they would probably take half off the MSRP to attract any buyers..
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 several of them to validate the diminished value report prepared by AUTODIMINISHEDVALUE.COM. This is what the dealer 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 and around New Jersey to establish how these repairs and the resultant repair history would impact this vehicle’s Retail Value. 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 right front and left side with damage to structural components and no air bag deployment. Repair cost $20,689.52 . 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 46.67%. This is the percentage of Diminished Value to be taken from the Retail Value at the time of loss.
We established that the above captioned vehicle had a Retail Value (MSRP) of $49,635.00 at the time of loss. The Diminished Value was $23,164.65
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