Diminished Value Claim for Depreciation and Delay in Sale
I’ve hit a bit of a rough patch. I was in the process of trading in or selling my car when it was unfortunately involved in a collision with two other vehicles while parked on the street.
Though the car is still drivable, the estimated repair costs are around $9,000, and I’ve been told that service centers are booked out for 4-5 months (it’s a Tesla, and the incident occurred in December—I’m still waiting for an appointment).
To make matters worse, a redesign of my model has just been released, and by the time my vehicle is repaired, it will have experienced 4-5 months of depreciation.
I’m curious—can I file a diminished value claim for the decrease in my car’s worth due to factors unrelated to damage, like the one I’ve described?
I’m sorry to hear about your situation; that sounds incredibly frustrating. When it comes to diminished value claims, they typically address the loss of value due to the accident itself, specifically the physical damage, repairs, and the overall stigma attached to a vehicle that has been in an accident.
In your case, since your car will have been out of commission for an extended period, and considering the refresh of your model, you may have grounds to argue for diminished value due to external factors beyond just the accident itself. While traditional diminished value claims focus on the accident-related damages, depreciation arising from market changes—like product redesigns—can sometimes be considered if you can demonstrate how these factors significantly impacted your car’s resale value.
It would be advisable to document everything thoroughly: keep records of the accident, repair estimates, waiting times, as well as details about the refresh. You might also want to research recent sales of similar models both pre- and post-refresh to help support your claim. Consulting with an attorney or an expert in diminished value claims could provide you with more specific guidance tailored to your situation, especially since laws and practices can vary significantly by state. Good luck!