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 NX 300h AWD Hybrid SUV with 19,053 miles that was involved in a front and rear collision that caused $14,420.62 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 is key.
We learned from these examples from sales managers at Lexus dealerships in Washington – One dealer said that when frame is reported, realistically the general rule of thumb is it will lose up to 50% of its value, basically whatever value you put it at in perfect condition cut that in half. Another dealer explained that they are right there using the same guidelines as the other reputable dealers. They would not be able to keep anything with frame damage so the car owner could possibly lose 30%-50% of the trade-in value.
The unbiased opinions of six professional sales managers at recognized Lexus 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 Lexus dealers in Washington 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 front and rear with damage to structural components and no air bag deployment. Repair cost $14,420.62. 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 $42,000.00 at the time of loss. The Diminished Value was $16,098.60
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