Expert Auto Appraisals offers an Expert Diminished Value Appraisal of the loss of value a vehicle has suffered due to an accident. A professional Diminished Value Appraisal is needed to develop a foundation of an insurance claim. This can apply to any type of automobile or motorcycle that has been involved in an accident that was a caused by another party. The service that we provide is a full diminished value appraisal of the actual diminished value, after a careful physical inspection of the vehicle involved in the loss. Order your Diminished Value Appraisal today or call 772.621.2622
Inherent Diminished Value
Diminished Value is best looked at two parts. The first part, is the inherent loss, often referred to the stigma that is now attached to the vehicle due to the accident. Inherent diminished value is the loss of value due to the accident the vehicle was involved in and the effect on the vehicles history. This is where a vehicle history report such as CarFax or AutoCheck may indicate the accident. This always exists, but is not always determined to have a measurable effect on value. Many vehicles that are involved in minor accidents don’t sustain a measurable effect of Inherent Diminished Value. An expert diminished value appraiser will consider all aspects of the vehicle’s value, prior and post loss.
Repair Related Diminished Value
The second part of Diminished value, and perhaps the most important, is Repair Related Diminished Value. This includes everything from quality of repair, paint match, panel fitment, paint thickness, replacement parts used, and all things related to the repair. Repair related diminished value requires an inspection of the vehicle after the repairs have been completed. An Expert Diminished Value Appraisal of your automobile of motorcycle will determine the inherent and repair related the total loss of value your vehicle has sustained. Expert Auto Appraisals is the first choice for Diminished Value Auto Appraiser in Florida. Please Contact Us for more information.
Serving all areas of Florida
Expert Auto Appraisals services all of Florida including Miami, Tampa, Sarasota, Naples, Fort Myers, Fort Lauderdale, Boca Raton, Jupiter, Stuart, Port St. Lucie, Vero Beach, Melbourne, Cocoa, Daytona Beach, St. Augustine, Jacksonville, Tallahassee, Pensacola, Orlando, Gainesville, Ocala, Clearwater, St. Petersburg, and Lakeland.
There are several factors that can influence Diminished Value. Some of the factors are Accident Severity, Prior Accident History, Repair Quality, Frame or Unibody Damage, and How Much of the Body was affected. The loss of value can vary on the type of car. Expensive, high end, luxury brands such as Porsche, Ferrari, Lamborghini, Mercedes Benz, BMW, and like are typically the most affected by dollar value, however on a percentage basis, a lesser value car can be affected as much or more. The value of all vehicles are affected due to an accident, just as the vehicle’s condition is damaged cosmetically and or structurally.
If your vehicle has been involved in an accident, your vehicle may have suffered Diminished Value. Diminished value begins when an accident or incident occurs, and is fully realized after the car has been repaired and offered for sale or traded to a dealer. The accident and the related repairs will be a factor of value to any professional or retail buyer. Many retail buyers will not buy a vehicle that has been involved in an accident. Simply put, less buyers equals less value, in both wholesale and retail markets. Accidents are the most common cause of diminished value, however any type of derogatory event that affected the vehicle such as floods, theft recovery, use for criminal activity, lightning, or a storm, will have an effect on a vehicles value.
For many, diminished value is most commonly realized when trading or selling a car to a dealer. Most consumers will choose to trade the car for ease of financing, sales tax credit, and convenience. Many do not want to sell a car to a retail party now that it has been damaged and repaired. This brings the owner of a previously damaged car to a dealership, that has a trained staff to appraise and inspect the trade vehicle. The assigned staff in most cases are professionals, and in minutes will be able to identify the repaired damage, paint work, panel replacement, and assess the vehicle. They also refer to vehicle history reports, use paint meters, and though they will trade the vehicle to make a deal, will then determine how to best handle the vehicle in the market. Most reputable franchise dealers will send a repaired vehicle to auction, choosing not to offer the automobile or motorcycle for retail consumers. What is very interesting is that many dealers specialize in the retail sale of vehicles with accident history, and the go to auction to buy vehicles that most dealers are trying to get rid of.
In recent years, more and more owners of higher value automobiles have been heavily affected by diminished value. When a car has been involved in an event that has caused damage, there’s an impact to its value in both retail and wholesale markets. With services available such as CarFax and AutoCheck, which have very aggressive advertising campaigns, consumers are constantly being reminded of the importance of researching vehicle history reports prior to purchase to highlight any type of derogatory history that affects a vehicles value or quite often, affects the consumers decision to purchase.
The cars that are most affected in dollar amounts are high end cars. The value of a 1 to 3 year old Porsche, Mercedes-Benz, BMW, Lamborghini, Ferrari, or any other brand of like type, that prior to the accident was a top condition vehicle, are the vehicles most affected. I think we can all agree that the buyer paying that type of money for a pre owned car would only consider a top example. For a seller of a car that has been damaged, a low price is all that there’s to offer, and even with the low price, it’s a very small market and challenging market. In the market today, it’s often disclosed, and even when not, the accident is documented on a vehicle history report which anyone has access to through.
Many reputable auto dealers make vehicle history information readily available to any potential buyer. Most franchise auto dealers go to great lengths to ensure that all of their inventory is free of any negative issues. This makes previously damaged vehicles of little interest to many top retailers or the clients they inventory cars for. In summary, both a dealer and a retail customer will pay more for a top condition car that is free of any accidents or prior damage. A vehicle with a negative history will have to be sold as “a deal” to a less discriminating buyer for less money than the same car without any accident history. The delta of value between a wholesale to wholesale or a retail to retail comparison will net similar numbers, and is documented in our Diminished Value Appraisal.
Expert Auto Appraisals establishes what the true diminished value loss is. We will supply you the documentation needed for you to make your claim against the responsible party or insurance company. In most states, in an accident that is caused by another party, you have the opportunity to not only get amount needed to repair your car, but also the amount needed to restore your cars value. I am a qualified expert witness, have testified in trial, and consult many attorneys and insurance companies on the actual diminished value a vehicle has experienced. I service all areas of Florida.