San Diego--Mitchell International Inc. has released the third-quarter 2008 edition of its Industry Trends Report (ITR) -- the company's quarterly publication that highlights industry-related trends, news items, and statistics.
This edition's Quarterly Feature, "The Average Severity of Hybrid versus Gas Vehicles," by Jamison Day, Mitchell's senior director of information services, discusses the recent results of a Mitchell study that examines the differences in estimates and average severities between gasoline-powered vehicles and hybrids.
"The ever-increasing gasoline prices have affected virtually every aspect of our economy, including increasing the demand for hybrid vehicles," Day said.
"Our study looked across different geographies and also drilled down into parts and labor dollar categories. We saw that hybrid severities were consistently higher across different states and found that both parts and labor costs were higher for the hybrid vehicle repairs," he said.
Other points of interest in the current issue of Mitchell's ITR:
• In Q2-2008, the initial average gross appraisal value for comprehensive coverage estimates processed through Mitchell servers was $2,373, a 13 percent increase compared to $2,100 in Q2-2007. Applying the prescribed development factor for this data set produces an adjusted value of $2,367, an increase of $273 over the same period last year.
Complete content is available in the latest Industry Trends Report, which may be downloaded in PDF format by visiting www.mitchell.com.
• At $13,400, the average actual cash value (ACV) of vehicles appraised for collision losses during Q2-2008 was $177 more than in Q2-2007 and also reflected slightly older vehicles.
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