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 Motors Model X SUV with 3,846 miles that was a recovered theft that caused $1,586.74 in minor damage and clean-up costs. The vehicle was not 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 or other event, 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 California licensed auto appraiser is key.
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We learned from these examples from sales managers at exotic new car dealerships in Northern California- One dealer said that if a theft recovery is reported he would probably take 25% off if not more because that’s not something they would retail. I asked with that taken out of the equation what would it be based on the damage alone said 10-15% be cause it would be reported as damage opposed to accident on the Carfax and buyers will know that’s pretty minor. The people buying Hondas are typically commuters and don’t care as much but when it comes to luxury vehicles it makes a big difference. Another dealer explained that that’s not going to hurt it too bad so 10% might be typical. The theft reported on the Carfax might impact it more though because it left the hands of the owner.
The unbiased opinions of six professional sales managers at recognized exotic 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 Northern California 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 recovered theft damages to the Front and clean-up costs with no damage to structural components and no air bag deployment. Repair cost $1,586.74. 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 10.83%. 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 $80,000.00 at the time of loss. The Diminished Value was $8,664.00
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