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 Lexus IS250 RWD Sedan with 13,352 miles that was involved in a Rear collision that caused $5,569.67 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 Florida Independent Adjuster is key.
WE DON’T USE FORMULAS, ALGORITHMS, AD COMPARISONS OR OTHER SHORT CUTS
SIX DEALER QUOTES IN EVERY APPRAISAL
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We learned from these examples from sales managers at Lexus dealerships in Northern Florida – One dealer said with all things considered they would give $5,000.00 less for the vehicle. Another dealer explained that it depends on the dealer, he has 3 Lexus on his lot with less miles and no frame damage selling for $25,000.00. So he’d imagine the one with the frame damage could really cost you anywhere between 40% – 50% less in trade.
The opinions of six unbiased professional sales managers at recognized Lexus 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 Lexus dealers in Florida 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 $5,569.67. 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 34.24%. 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 $24,000.00 at the time of loss. The Diminished Value was $8,217.60
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