The loss of money in a property's value due to any damage caused to the property and that cannot be restored even after the damage has been repaired is called diminished value (DV). This online calculator is used to find the diminished value with vehicle mileage, retail price and the damage modifier.
Diminished value can also be referred as DV or diminution in value. It is often used for vehicle damage but can also be used for other properties like jewelleries etc.,
Consider retail price of a vehicle is 1,00,000 , vehicle mileage is 40000 and major damage occurred to structure and panels, then the
DV (diminution in value) = (100000* 0.1 ) * 0.6 * 0.75 = 4500
Therefore, the DV is 4500