How Much Does an Accident Devalue a Car?
June 16th, 2020|
If you have been in a car accident that has not totaled your car, you may be wondering how the crash has devalued your car. Several factors affect your car’s value following a car accident, including the value of your vehicle before the accident; previous accident history of the vehicle; how much damage the vehicle sustained in the crash; and, the type and cost of repairs to the vehicle following the car accident.
Car Value Before the Accident
The monetary value of your vehicle prior to a car accident will play a huge role in how much a crash will devalue your vehicle following the accident. Cars have different values, depending on the make, model, age, color, condition, etc. Classic cars or cars with custom parts are typically more difficult to repair, and therefore, a significant drop in the car’s value may occur, as original or custom parts may be difficult, if not impossible, to replace.
If you have been in a few car accidents with your vehicle, this will also affect how much your vehicle is worth after each crash. Cars that have been in multiple accidents can lose value more than cars without any previous damage, even if repairs have been made.
Damages Sustained in the Car Accident
Damage done to the exterior of the car, such as a bumper or a headlight, may be easier to repair with factory parts. Damage to axles or frames can, however, significantly devalue a car.
Despite the factors discussed above, consumers are sometimes less likely to purchase a vehicle that has been involved in any car crash, because even minor damage can add to the vehicle’s devaluation.
For instance, let’s say you have a new car, and get into a car accident. For sake of argument, let’s assume it is repaired to its original condition using all factory parts. When you go to sell the car, the prospective buyer may check the history of the car and see the accident. The prospective buyer may say this detracts from the value of the car and negotiate a lower price.
Hurt In A Car? Call William Mattar.
At William Mattar law offices, while we do not offer representation for property damage claims, our car accident lawyers can help you with your bodily injury claim after a car crash. Call us to file a claim today at (844) 444-4444.