Independent Market Research
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 coordinating international market research projects. Their experience in research, specific to the Motor Trade, includes assignments for Audi, Daewoo, Fiat, Nissan and Volkswagen.
A Toyota Picnic was kindly loaned by Toyota GB - declared value $15,000. The two front wings, bonnet and four doors had one minor Cosmetic Dent per panel.
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 Picnic was valued at (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 1.2 billion a year.
* Survey Average
The statistical reliability based on the Sample size is +/-4.98%