About 6 million car accidents take place in the United States every single year.
While making smart decisions behind the wheel and even before you get in the car in the first place can help you to avoid getting into a car accident, sometimes, an accident is unavoidable.
You’ve always planned on selling your car in the future, but now, you’re worried about diminished car value after an accident.
Exactly how much does a car depreciate after an accident, and what are your options for selling it?
Read on to find out.
First, a hard truth: even if you’re able to get your insurance company (or the other driver’s insurance) to cover most or all of the car repair costs after an accident, your car is still going to be worth less than it was before the wreck.
Additionally, your car now has an accident associated with it — which can be a major turn-off to some buyers even if the car is in great shape after repairs (and has newer parts.)
So, how much does an accident devalue a car?
In general, your car loses 20% of its initial value once you buy it and drive it away from the dealership. After a year, you’ll lose yet another 20% of the value — again, even if the car is still in great shape. Every year after that, your car loses an additional 10-15% of its value annually.
However, after an accident, you should expect an increase in the overall depreciation rate of your vehicle’s worth by about 10-25% depending on the severity of the damages.
If you’re looking for more of an exact value, we suggest you click here to learn more about the 17c calculation method.
Now that we’ve shocked you with the answer to the question, “How much does a car depreciate after an accident?” let’s talk about realistic solutions.
As tempting as it may be to some, resist the urge to lie to a potential buyer about a past accident. This could land you in serious legal hot water.
Instead, be upfront about the accident and list your car for a fair price if you’re selling it on your own. You can get a new paint job, replace the radio, and upgrade the interiors if you want to get more bang for your buck.
However, the best option when it comes to selling a car that’s been in a wreck is to guy with a cash for cars buyer that will accept your car in any condition.
Learn more about how they can help you to get the best possible offer.
While dealing with diminished value after a wreck is certainly irritating, the truth is that by going with a cash for cars company, you can still get a good deal.
Have questions other than “How much does a car depreciate after an accident?”
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