Expert Auto Appraisals performs Florida Diminished Value Auto Appraisal services. We provide an appraisal needed to establish the change in value due to an accident or incident. Expert Auto Appraisals performs appraisals for parties on both sides of the Diminished Value claim. The service that we provide is a diminished value appraisal of the change in value value. Whenever possible, after a careful physical inspection of the vehicle involved in the loss. Order your Diminished Value Appraisal today or call 772.621.2622
Diminished Value Inspection
There are two parts to diminished value. The first part, Inherent Diminished Value is the diminished value due to the stigma attached to the vehicles history. This is where a vehicle history report such as CarFax or AutoCheck may indicate the accident as well. Secondly, Repair Related Diminished Value is due repair related concerns. We inspect are repair quality, paint match, panel fitment, and paint thickness. Once the repairs have been completed, an inspection is carried out to identify repair related concerns.
An Expert Diminished Value Appraisal of your vehicle considers both parts to determine the true loss of value sustained. Make Expert Auto Appraisals your choice for a Florida Diminished Value Appraiser. Please Contact Us for more information.
I have found there are several factors that can influence Diminished Value. The first factor is the pre loss condition and prior history. We consider factors such prior accident history, multiple owners, rental car use, higher mileage, existing flaws, and commercial use. The relevant factors are Accident Severity, Repair Quality, Frame or Unibody Damage, and areas affected. The loss of value can vary on the type of car. Typically higher value cars are most affected by value. Lower value vehicles are often equally affected on a percentage basis. An accident can affect the value of a vehicle just as the vehicles overall condition.
In the event of an accident, your vehicle may have experienced Diminished Value. The accident is start of Diminished value and is fully realized when the vehicle is sold or traded. The accident and the related repairs may be a factor of value to any professional or retail buyer. Many retail consumers will not purchase a vehicle involved in an accident. Accidents cause the most common claim of diminished value, however any type of derogatory event can cause diminished value. Examples are flood, theft, use for criminal activity, lightning, storm, paint refinish, mechanical issues, bad tires, and poor care. Any of these will have an effect on a vehicles value.
Among the cars that are most affected in dollar amounts are high-end models. The value of a near new Porsche, Mercedes-Benz, BMW, Lamborghini, Ferrari, Tesla, are the vehicles most affected. In todays market, selling dealers often disclose a vehicles history, but history reports are available for anyone has access. The most common reporting agencies are CarFax and AutoCheck.
Realizing Diminished Value
Most vehicle owners will realize diminished value 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. The owner of previously damaged car takes it to a dealership that has a trained staff to inspect and appraise the trade vehicle. The appraiser will factor all areas of condition and history. The result of that appraisal will factor all aspects of the car in the current market including the vehicle history.
They are professionals, and will be able to identify the repaired areas of damage, paint work, and panel replacement. The appraiser will assess the vehicle’s condition, tires, mechanicals, options, and colors when determine the value. 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. Many franchise dealers will send a repaired vehicle to auction or secondary dealerships within their ownership. Managers of automobile dealer select inventories based on a number of factors. Interestingly is that many volume dealers specialize in the retail sale of vehicles with accident history. They are aggressive buyers at auctions targeting the vehicles that franchise dealers are trying to sell. The buyers on both sides are relevant, and both need to be considered.
Florida Diminished Value Appraisal
In summary, both a dealer and a retail customer will pay more for a top condition car. This includes a vehicle free of any accidents or prior damage. However the market has proven, there are buyers that are just looking for a car and and are price focused. Dealers often market a vehicle with a negative history as “a deal” to a less discriminating buyer for less 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. The wholesale value adjustment is usually higher than retail adjustment.
Expert Auto Appraisals establishes if diminished value exists. We will supply the appraisal needed to establish to the change in value. An accident caused by another party, you are entitled the amount needed to repair and to restore the 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.