What is Auto Diminished Value?
When navigating the car market, envision this scenario: Two nearly identical cars emerge, boasting the same year, make, model, and mileage. Yet, a crucial difference surfaces – one has a history of an accident. The decision becomes evident as nobody desires to invest in damaged goods. The only instance where considering the previously wrecked car might be plausible is if it comes with a lower cost.
A shared sentiment prevails among many individuals regarding this matter. A significant majority shies away from the thought of acquiring a vehicle with a prior accident history. Should they entertain the idea, an expectation of a considerably reduced price arises. This underscores why the value of your vehicle diminishes post-accident. The contrast in worth between a vehicle with an accident history and its accident-free counterpart is commonly known as Auto Diminished Value
Auto Diminished Value Example:
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Before a regrettable accident, your vehicle held a value of $23,000. Post-incident, an auto body shop performed repairs, incurring costs of $3,750. Despite the repairs meeting the highest standards, a post-repair appraisal discloses a diminished value, bringing the vehicle’s worth down to $18,500. This reflects a significant $4,500 reduction in value. Even with top-notch repairs, if the fixes are less than optimal, further reductions in the vehicle’s value may occur.
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