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 Tesla Model 3 AWD Long Range Sedan with 4,104 miles that was involved in a right front collision in Lee County, Florida that caused $23,307.75 in damage. The vehicle was disabled/towed, had structural damage and no air bag deployment. The claimant hired an independent auto appraiser serving Lee County 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.
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We learned from these examples from sales managers at exotic new car dealerships in South Florida – One dealer said that it’s a wholesale piece unfortunately because of the safety aspect. They wouldn’t keep it and it’s going to auction. A 30% loss in trade-in value could be a ballpark of what to expect all depends on the market as well. Maybe mom and pop places would take it, but not even a Carmax would want it. Another dealer explained that being upfront with it, they look at paint work and what they see on inspection but if it states frame damage it will be a third to half less in value which is typical with all high-end cars like Tesla, Porsche, BMW, etc.
The opinions of six unbiased professional sales managers at high-end new car 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 exotic new car dealers in SouthFlorida 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 no air bag deployment. Repair cost $23,307.75. 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 38.33%. 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 $21,081.50
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