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 BMW 650i Sport 2 Door Convertible with 40,052 miles that was involved in a right front collision in Cook County, Illinois that caused $5,943.85 in damage. The vehicle was not disabled/towed, had no structural damage and no air bag deployment. The claimant hired an independent auto appraiser serving Cook 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 is key.
SIX UNBIASED DEALER QUOTES IN EVERY APPRAISAL TO VALIDATE OUR RESEARCH
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We learned from these examples from sales managers at BMW dealerships in Illinois- One dealer said that they must take everything about the repairs into consideration, how the paint job was done, does it need new tires etc. In the long run he said the only thing he can do without seeing is to give you a sight unseen quote of 10 – 20% less in trade-in value. Another dealer explained that if they spent $5,943.85 in repairs, they are looking at $5,000 – $6,000 less in trade if no structural damage or air bag deployment.
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 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 BMW dealers in Illinois 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 front with no damage to structural components and no air bag deployment. Repair cost $5,943.85. 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 13.10%. 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 $30,000.00 at the time of loss. The Diminished Value was $3,930.00
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