17c-formula-worksheet
[cs_table striped=”0″ bordered=”1″ hover=”1″ responsive=”1″]
| |
Component |
Calculation |
Why it’s wrong |
| 1 |
Base Loss in Value |
10% of NADA retail |
- 10% is arbitrary
- 10% could not logically apply to all cars
- 10% is too low
- NADA Retail is for dealers not consumers
|
| 2 |
Mileage Modifier |
- 1 for 0 miles
- 0 for 100,000 miles
- Reversly proportional in between
|
- Mileage is already a component of NADA retail
- Mileage used twice
- No evidence that cars with more than 100K lose no value
- Arbitrary and illogical
|
| 3 |
Damage Modifier |
- 1 for severe structural damage
- 0 for no structural damage
- Proportional in between
|
- Does not consider flood damage
- Does not consider body damage sans structural
- Does not consider airbag deployment
- Very subjective
|
[/cs_table]
If the insurance company is using 17c to compensate you for your loss in value, say no.
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