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 Subaru WRX Manual 4 Door Sedan with 4,185 miles that was involved in a right front collision that caused $18,887.37 in damage. The vehicle was disabled/towed, had structural damage and 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 California licensed auto appraiser is key.
We learned from these examples from sales managers at Subaru dealerships in Northern California – One dealer said that they don’t want to want to run the customers away and they will everything to make the car owner a good deal but the bad news is with that frame damage it’s worth about 50% less. Another manager explained that it’s going to be a big loss and that he’s going thru the same thing right now. And as they told him, the car owner is going to take a 50% loss which was more than he wanted to know. So tell your client they are looking at at least 50% less. And he didn’t understand why the insurance company paid that much to fix it.
The opinions of six unbiased professional sales managers at recognized Subaru 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 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 Subaru dealers in Northern 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.
Description of damage: Disabling collision damages to the right front with damage to structural components and air bag deployment. Repair cost $18,887.37. 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 50.00%. 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 $22,250.00 at the time of loss. The Diminished Value was $11,125.00
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