AI Overview
Learn more…Opens in new tab
The term “Auto Diminished Value” means that cars which were damaged and subsequently repaired lose market value as a result of having a repair history, sometimes known as a “Bad CARFAX.” In most states, this lost amount is recoverable from insurance companies of at-fault parties. The amount of diminished value is determined by the damages that were repaired and the vehicle itself.
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 Ford Explorer Limited 4WD SUV with 5,115 miles that was involved in a rear collision in Cuyahoga County, Ohio that caused $4,739.03 in damage. The vehicle was disabled/towed, had no 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 their 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
TELEPHONE CONSULTATIONS ALWAYS FREE-OF-CHARGE
We learned from these examples from sales managers at Ford dealerships in Ohio – One dealer said a bad Carfax will slow down the process of the trade, the customer will look at the Carfax before they buy it and want a lower price in the trade. So, in this case I’d say 10-15% less. Another dealer explained that it depends on the severity of the accident and how the report reads. Just going by the amount of the repairs on this one I’d take 10%-15% from the vehicle’s trade-in value.
The unbiased opinions of six professional sales managers at recognized Ford dealerships provide support 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 Ford dealers in Ohio 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 rear with no damage to structural components and no air bag deployment. Repair cost $4,739.03. LKQ (used) and/or aftermarket parts were utilized in the repair/not factored in to the diminished value.
The average of six (6) deductions was 11.67%. 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 $35,000.00 at the time of loss. The Diminished Value was $4,084.50
Click on the payment button above to pay by Credit Card or Paypal. The fee for an Automobile Diminished Value Report is
$275.00. You may also make your Credit Card Payment by telephone, call 772-359-4300.
Service in Akron, Cincinnati, Cleveland, Columbus, Cuyahoga Falls, Dayton, Dublin, Elyria, Euclid, Fairfield, Findlay, Kettering, Lorain, Mentor, Newark, Parma, Springfield, Toledo, Warren, Youngstown and throughout Ohio
Adams, Allen, Ashland, Ashtabula, Athens, Auglaize, Belmont, Brown, Butler, Carroll, Champaign, Clark, Clermont, Clinton, Columbiana, Coshocton, Crawford, Cuyahoga, Darke, Defiance, Delaware, Erie, Fairfield, Fayette, Franklin, Fulton, Gallia, Geauga, Greene, Guernsey, Hamilton, Hancock, Hardin, Harrison, Henry, Highland, Hocking, Holmes, Huron, Jackson, Jefferson, Knox, Lake, Lawrence, Licking, Logan, Lorain, Lucas, Madison, Mahoning, Marion, Medina, Meigs, Mercer, Miami, Monroe, Montgomery, Morgan, Morrow, Muskingum, Noble, Ottawa, Paulding, Perry, Pickaway, Pike, Portage, Preble, Putnam, Richland, Ross, Sandusky, Scioto, Seneca, Shelby, Stark, Summit, Trumbull, Tuscarawas, Union, Van Wert, Vinton, Warren, Washington, Wayne, Williams, Wood and Wyandot Counties
READ MORE ARTICLES…