Diminished In-Value [Diminution] Infographic
Diminution (diminished in-value) is the loss in value of a motor vehicle after it’s involved in a road traffic accident (which wasn’t your fault). When the person eventually goes on to sell their car, due to the accident they’ve been involved in; the value of their car will be lower and they will have paid further expenses for the car to be fully repaired.
We feel as though the general public deserves to know about this grey matter; as people are unaware you can make a claim of this nature.
A recent survey by Michael Lewin Solicitors shows that only 9% of car buyers would buy a vehicle that they knew had been previously damaged and repaired.
The survey of 2,087 people also shows that buyers aged between 18 and 34 were most likely to buy the previously damaged car (perhaps to save money and pick up a bargain), whilst younger and older buyers appear to be more wary.
What’s even more surprising is that when potential buyers gave a figure, on average they would pay 24% less for damaged car, meaning that sellers are missing out.
This issue stems from the fact those owners who have vehicles involved in accidents get compensation for the relevant repairs, but the vehicles diminution (loss in value) is never compensated, that’s where we can help. More information on this can be found on our Diminution page.