What's Up with "Diminished Value"?

Posted by Bradley Thayer | Mar 24, 2021 | 0 Comments

diminished_value

Your car is worth less after it's been wrecked.

Period.

On the blog, we have talked about claiming damages after a car accident, and how to negotiate a better property damage recovery. Hopefully, this article will help give you more information about car accidents and their effect on the value of your vehicle. 

Diminished Value Claims

Today, I would love to discuss a general overview of diminished value claims. This blog is specific to Washington state and Oregon claims. 

The basic concept is that—if you are going to retain your car after it's been fixed up after a crash and you are later going to try and sell it—it is simply worth less money after having been involved in the crash. The eventual potential buyer of your car is either going to ask you about the crash history or get some sort of Carfax or similar report and find out about it, probably. There is a stigma associated with cars that have been involved in crashes, right or wrong. Whether the concern is structural or aesthetic or otherwise.

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How Much Less Is My Car Worth?

After you have gotten into a car accident you likely assume that your car is worth less. 

Your next question might be, “How much less?” and “Is it an amount worth pursuing?”

In order to establish that your car is worth less, it is typically necessary for an expert to form an opinion that your car has diminished value due to being involved in an accident. An expert can be somebody who works in the automobile repair or sales industry.

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Hiring an Attorney for Diminished Value Claims

So, you as someone who might pursue a diminished value claim would want to know whether or not it is cost-prohibitive to pursue those claims. That is something we can help you figure out. Our firm works consistently with trusted experts who can give us a sense of what your diminished value damages might be before you have to pay the full cost of the expert.

Until we talk with the expert, though, we can't answer the “How much less?” question. After we know that piece, the information can inform your decision as to whether or not you believe pursuing these claims is worth the money, time, and effort, in your particular circumstances.

If you have questions about this information or if you believe your vehicle has suffered diminishment in value, please feel free to give us a call to discuss.

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About the Author

Bradley Thayer

Brad Thayer is a partner at the Schauermann Thayer firm. Brad is licensed in both Oregon and Washington. He has been practicing law since 2015. He was presented the 2018 Rising Star Award by the Clark County Bar Association. Brad's practice focuses on automobile collision, motorcycle, bicycle, pedestrian injury, dog bite, and myriad other types of injury and insurance cases. During his free time, Brad enjoys following the Portland Trail Blazers, playing basketball, going to concerts, and playing the drums. He especially enjoys hiking in the Columbia River Gorge and exploring other Northwest wonders.

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