What is Diminished Value?
Diminished Value (DV) is the amount of money you have lost due to your vehicle having been involved in a collision.
Please allow us to quote from West’s Illinois Digest 2d, volume 20A. Ill.App. 1 Dist. 1973. "Generally, if damage to personal property is repairable, measure of damages is reasonable cost of repairs, plus difference in value (Diminished Value), if value after repairs is less than the value before the damage."
If you were looking to buy a used car would you prefer to buy one that had never been wrecked?
And if it had been wrecked..
.
... would you pay as much
for the repaired vehicle?... as one that ...
had never been damaged?
The perception that collision damage causes a vehicle a loss in value is called
INHERENT DIMINISHED VALUE
How much less would you want to pay for a vehicle that had repairs performed for:
$1,000 of repairs?
$2,500 of repairs?
$5,000 of repairs?
$10,000 of repairs?
The perception is a reality. Given the choice, who would prefer to buy a previously damaged used car over one that had never been damaged?
Additionally, poor quality USED or IMITATION parts as well as poor repairs may increase your vehicle's lost value
Consumers' Auto Detective can inspect and determine the total amount of $$$ of Diminished Value owed to YOU!!!
We welcome your comments and suggestions.
Please e-mail them to us at cad@nmbx.com
The information contained is for the general public and does not constitute legal advice. Please consult an attorney licensed in your jurisdiction for legal questions or issues. Referrals to other sources of assistance does not constitute an endorsement. Consumer Auto Detective is a licensed WreckCheck operator.