My Car Is Damaged In An Accident – How Much The Value Is Depreciated?
Any damage to your vehicle as a result of a car accident will certainly diminish its worth. Even if the car is totally repaired, you won’t be able to find many buyers for your car because of accidental history.
If you’re considering selling your car after an accident, keep in mind that the value of your vehicle has decreased. However, you may be able to get some cash for your car. Read more for details.
What Impact Does An Accident Have On A Car’s Value?
The value of your car starts to depreciate 10% every year once you buy it and drive it off the lot. If you have a large dent or major structural damage or a fully smashed back or front end of your car, it is considered totalled or “total loss”.
However, even if your insurance covers the repair and everything is as good as new, the accident will be recorded in the vehicle history report, which can easily be found online just by putting the VIN. So, as a result, vehicle accidents will definitely affect the car’s worth.
Cars Value Depends On The Severity Of Accidental Damage
Surface Damage/Minor Damage:
Surface damage has the least influence on the value of your vehicle. Scratches and minor dents that only damage bumpers or panels can easily be fixed.
Structural Damage/Major Damage:
Damage to the car’s structural parts will have a greater influence on its value. Damage to the engine, gearbox or other mechanical components will reduce the value the most.
It’s critical to understand how your insurance provider has categorised the damage. In Australia, most automobile insurance contracts enable the insurer to choose whether or not to:
They will fix your vehicle, and you will be compensated for repairing the damage, declare your car “written off,” and declare it a total loss.
In Australia, each state has its own set of rules that dictate when an automobile must be “written off.” Written-off vehicles (WOV) are often divided into two groups:
- Non-Repairable Written off or Statutory Written Off – When an automobile is written off, it is unrepairable due to serious damage.
- Repairable Cars that have been written off are repairable but not cost-effective to repair. If this is the case, you can appeal to the state government to let your car be fixed so that it can be re-registered and driven again. However, it will be labelled as a “repaired write off.” So, if you want to sell your automobile in the future, this might affect its worth.
Even if you don’t record the accident or make an insurance claim for the damage, an examination will reveal structural and mechanical flaws, resulting in a lower selling offer.
Know How Much Your Vehicle Is Worth
Consult A Mechanic
Find the value of your car by taking it to a professional and reliable mechanic. It should be someone you’ve dealt with before and can trust to appraise your car and the number of repairs required honestly.
Investigate The Internet
The second alternative is to look up your car’s estimated worth on the internet. CarsGuide, CarsSales and Edmunds, for example, hold a database of every vehicle make and model that can appraise your car based on current market value. Take 2 to 3 quoted prices from different sites in order to get the correct value.
Don’t Want To Fix Your Accidental Car?
If you don’t have the time to have your car repaired or the damage is minor, and you opt not to repair it, there are other options you can take.
Rather than letting your car sit in the garage or yard, sell it for cash. You can easily sell your accidental-damaged car to any scrap car yard or car removal company near your location. Junkyards and car removal companies will gladly take your car regardless of how bad the condition is and pay you cash for it.
Value Of Your Car After An Accident
The severity of the damage determines the worth of your vehicle. It all depends on your car’s current market value, age, mileage, and the extent of the damage.
Make sure to get your car appraised by a skilled technician or get two or three quotes online using an online car valuation tool.
Sell Your Accidental Damaged Car
Selling your damaged car privately will take a lot of time. You will have to take the time out for repairing the damage, advertise your car, and find a potential buyer for it. But you can avoid all of this headache just by contacting APlus Car Removal.
APlus Car Removal buys accidental-damage cars for cash in Brisbane and pays cash on the spot. Now say goodbye to the hassle and sell your car for top cash up to $11,000.
We offer free car appraisals online or you can call us to get one. So, get a free quote today for your car regardless of the make, model, and condition.