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 Cadillac CTS Luxury V-6 RWD Sedan with 34,089 miles that was involved in a right side collision that caused $14,618.27 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 is key.
We learned from these examples from sales managers at Cadillac dealerships in Arizona – One dealer said that would most definitely have to go to auction and in his opinion he’d say close to 50% less in trade with the frame damage. Another dealer explained that if it shows frame damage it would have to go to the auction and said it all depends what the market is doing at the auction on that day. He estimated a 50% loss in value, could be more could be less and was surprised they didn’t total it.
The opinions of six unbiased professional sales managers at recognized Cadillac 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 Cadillac dealers in Arizona 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 right side including damage to structural components and no air bag deployment. Repair cost $14,618.27. 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 39.17%. 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 $25,000.00 at the time of loss. The Diminished Value was $9,792.50
The fee for an Automobile Diminished Value Report is $275.00. For Tesla and other exotics such as Bentley and Ferrari please call for rates.You may also make your Credit Card Payment by telephone, call 772-359-4300.
After making your secure payment please email the completed body shop estimate or insurance company damage appraisal to email@example.com
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