Calculate Vehicle Depreciation From Damage
5. Hire a professional to appraise the diminished value of the vehicle post accident and repair. This subjective depreciation is called diminished market price. Diminished assessment can be approximated in several ways.
Instructions
1. Determine the pre-accident value of the vehicle. This can be done using a car value resource, such as the Kelley Blue Book.
2. Hire a professional to repair the damaged vehicle. Ask the professional for an estimate of the effect of the damage on the value of the car.
3. Consider factors that determine the extent of the diminished value of a repaired vehicle. These include the year, make, model, pre-accident condition, type of accident, and the extent of the damage to the vehicle. The pre-accident value can be diminished by as much as 18 percent.
4. Take the vehicle to a dealership to determine its trade-in value. Keep in mind that the trade-in value will be lower than the secondary market value of the vehicle.
A vehivle accident can hog many burdened consequences, if you are rear-ended by a Chauffeur using his cell ring or at inaccuracy in a head-on collision. Still after insurance claims and bills for automobile repair, you can expect another longer durable financial consequence: the payment of your machine Testament depreciate. In opinion, a vehicle can be brought back to its first bazaar reward with Correct repairs. Nevertheless the detail is, much with expert repairs, a automobile is not payment what it was before it was crashed.
