How Much Value Does a Car Lose After an Accident?

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Some claim that the car loses as much as 33% of its value if it has required repair work after an accident. However, this percentage does not take into consideration the mileage of the car, specific features installed in the vehicle, or other factors that can affect a vehicle’s overall value. After an accident, your vehicle experiences something known as diminished value. This means that if your car is damaged in an accident and has to get repaired, it will have some sort of damage history. 

When you go to sell your car, the new buyer often checks out your car’s history, so the diminished value can unfortunately affect your resale value.  As a result, the buyer might not be willing to pay your asking price, and in some circumstances, they won’t even consider purchasing a car that has been involved in an accident. 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 call Gordon McKernan Injury Attorneys at 318.443.8888 as soon as possible. By doing so, we will have time to prepare your claim and get you the compensation you deserve from the people who are to blame for your injuries.