IRB International, an independent Market research Company, was commissioned to find out what people really thought about minor dent damage in car body panels. They have a proven track record in managing and co-ordinating international market research projects. Their experience in research, specific to the Motor Trade, includes assignments for Audi, Daewoo, Fiat, Nissan and Volkswagen.
A Toyota mini-van was kindly loaned by a Toyota dealer- declared value $26,757. The two front fenders, hood and four doors had one minor cosmetic dent per panel. A PDR technician was able to repair all the damage without paint or fillers.
· It was proven that minor cosmetic dents and creases can make a huge difference to the perceived value of a car when compared to a similar vehicle in perfect condition. With the damage on display the Toyota van was valued at *$22,79796.40 (14.8%) less.
· One in two people said that even with a massive *14.8% reduction in price - they would not buy, preferring to pay the full price for a vehicle in perfect condition.
It is a well documented fact that minor cosmetic damage can reduce a vehicles value by as much as 15% costing the consumer an estimated $2.1 billion a year.
* Survey Average