If your car is involved in an accident, there’s a likely chance it may lose some of its value. In fact, some claim that a car can lose up to 33% of its value if it needs repair work after an accident. Overall, the total amount of damage determines the amount of value lost after an accident.
The first 3 factors that can contribute to how much your car loses in value after an accident include:
- Type of vehicle: For example, luxury cars and sports cars may lose more value after an accident compared to a standard car or SUV.
- The severity of the accident: Although a minor accident may only cause cosmetic damage, a major accident can result in major repairs.
- Cost of repairs: The total cost of repairs can definitely impact your car’s value. For example, damage to the frame or suspension can be more costly to repair and may result in a larger loss of value.
More Factors that Can Influence Your Car’s Value After an Accident
After a car accident, a common question asked is, “How much will an accident devalue a car?” As mentioned above, the value a car loses after an accident depends on the type of vehicle, the severity of the accident, and the cost of repairs.
However, there are some additional factors that can influence how much a car loses in value after an accident, such as:
- The age of the vehicle: Older cars may lose more value after an accident than newer cars, because the cost of repairs may be higher relative to the car’s overall value.
- Mileage: The number of miles on your car can influence its value after an accident as well. For instance, a car with high mileage may already be worth less than a similar car with low mileage, so an accident may further decrease its value.
- Previous damage: If your car has been in an accident before, there is a chance it may lose more value after another accident.
Remember, location is also important to consider when asking, “How much does an accident devalue a vehicle?” In other words, since the car now has a history of damage, buyers may be hesitant to purchase a car with multiple accidents on its record.
How to Estimate How Much Your Car Has Lost in Value after an Accident
How much value does your car lose after an accident? To determine the exact amount, you may need to do the following:
- Check online listings: Look up the value of your car before and after the accident by checking online listings for similar vehicles in your area. By doing this, you may get an idea of how much the accident has impacted the car’s value.
- Get a repair estimate: If you haven’t already, you should get an estimate for the cost of repairs. This can help you estimate how much the repairs will affect your car’s value.
FYI: Although you’re not required to have legal representation to pursue damages, a car accident attorney can evaluate your case and provide some guidance that may be beneficial.
Call Gordon Mckernan, for a FREE Car Accident Consultation
While it’s impossible to prevent a car’s value from decreasing after an accident, a skilled car accident lawyer may be able to get you the compensation you deserve if you’ve been injured and you’re not at fault. Louisiana law defines a one-year statute of limitations for personal injury cases, so you should get in touch with one of our car accident attorneys at 318.443.8888 as soon as possible. By doing so, we’ll have time to prepare your claim and get you the compensation you deserve from the people who are to blame for your injuries.
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