Diminished Value claim on an older collector car?
Can you make a Diminished Value claim on an older collector car? As attorneys are known to say "it depends!" Generally, when a car is fully depreciated, the likelihood of a Diminished value Claim is slim. Collectors cars may be fully depreciated, and then their value starts to rise.
Think 1970's air-cooled Porsches!
Recently we appraised a previously pristine 1985 Porsche 911 Carrera which was the subject of a severe accident and determined $13,000 in Diminished Value.
Similarly, a highly original 16k miles 1992 Alfa Romeo Spider Veloce purchased Jan '21 on BringATrailer was rear ended soon after delivery and has a $9,200 Diminished Value claim.
Is this 1960 Jaguar XK150S DHC a candidate?
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Does 'accident' on my Porsche's Carfax affect its value?
If your Porsche has an accident listed on its Carfax, it has almost certainly incurred some Diminished Value, and is worth less than an identical model in similar condition and mileage.
Is diminished value the same as depreciation?
Diminished value and depreciation are two separate and distinct issues. Diminished value is the difference between your vehicle’s market value before an accident and its value after an accident, once repaired. Depreciation is your vehicle’s loss in value over time, which is caused by normal wear and tear. Your car’s depreciation is determined based on its mileage, age, make, model, and general condition.
15 year old BMW 650 has over $5,000 in Diminished Value
This 15 year old BMW 650 was in an accident caused by another, resulting in over $10k in damage repairs. Following a Diminished Value appraisal, the owner is now making a $5,000 claim against the insurance company of the at-fault driver.
Diminished Value - everything you need to know!
Almost everything you need to know about Diminished Value to your vehicle is in this article: https://classicmotorsports.com/articles/crash-course-diminished-value/ If you have been in an automobile accident, contact us and we'll walk you through step-by-step what you need to do to receive compensation for your loss.
How much is my rebuilt title vehicle worth?
As a follow-up to this post: https://southfloridacarappraisers.com/classic-car-news-and-tips/how-do-you-get-financing-on-your-branded-or-rebuilt-title-1657747143488.html? several have asked what effect a rebuilt title has on the value of a vehicle. As attorneys are known to respond – “it depends!” Comparing two identical vehicles, same year, make, model, options, mileage, and condition, the one with the rebuilt title can be worth anywhere from 20% to 40% less than the one with a clean, no accident history.
The two secrets the auto insurance industry doesn't want you to know!
The two secrets the auto insurance industry doesn't want you to know are "Appraisal Clause" and "Diminished Value." Almost every auto insurance policy has an Appraisal Clause, giving the policyholder, in the event their vehicle is declared a total loss, the right to an independent appraisal of the prior-to-loss fair market value. Diminished Value is the sudden loss of value because of an accident. If you were not at-fault in the accident, you can make a Diminished Value claim against the at-fault driver's insurance company. Call/text 786-853-0711 with any questions.
Wrecked Porsche?
If your Porsche has been in an accident, whether it has been declared a total loss, or is repairable, by having a Prior-to-total loss Fair Market Value, or a Diminished Value appraisal, you will almost certainly have a higher cash settlement than the insurance company is initially willing to pay. Applies to all vehicles, not just Porsches!
Has your Jaguar been in an accident?
If your Jaguar has been in an auto accident, there are two possible outcomes: declared a Total Loss, or repaired and back on the road. Either way, you should be aware of the auto insurance industry's two biggest kept secrets: Appraisal Clause and Diminished Value. Do an internet search of both terms, and learn how you can receive a greater settlement than the insurance company is willing to pay. Call/text: 786-853-0711
Financing older cars, trucks, motorcycle and boats
If you have tried to obtain a financing loan on a vehicle, say, 10 or more years old, you may have found that the lending institution won't do so without a current fair market value appraisal. In addition to financing, we provide diminished value and prior-to-total loss appraisals. Call/text 786-853-0711 for more info.
1986 Porsche 944 Turbo Race Car for sale on BringATrailer
We recently appraised this very nice1986 Porsche 944 Turbo Race Car, and now it is for sale on BringATrailer. https://bringatrailer.com/listing/1986-porsche-944-turbo-174 We wish the seller the best of luck, and sincerely hope the BAT market will exceed our valuation. In fairness to all, we are not divulging our number, but bid high and bid often! Good luck to all!