ANSWERS: 1
  • <h4 class="dechead">On One Hand: Determining Value

    A damaged vehicle's value is going to be dependent on age, make and model, mileage and the severity of the damage. An older car or truck with excessive miles would ordinarily be worth less because its major components such as engine, transmission and other large systems will have little useful life remaining. In a situation such as this, perhaps the best option is to contact an auto recycler and get a bid for what it would offer.

    On the Other: Light Damage

    If the damage to a vehicle is less substantial and not considered "totaled" by an insurance company, it will not have a salvage title assigned to it. In this case, it would be reasonable to try to determine its value based on what it might ordinarily retail for, less the costs of repair. Keep in mind, however, that a car that has repaired damage will likely have that damage reported to a reporting agency such as Carfax if an insurance claim has been made. This will negatively affect value.

    Bottom Line

    If the car has a salvage title (being considered a total loss by the insurer) and you have retained the car, it may only be worth the value of its parts. If it is repairable, be prepared to accept a greatly reduced price from someone who is willing to make the repairs. As an indicator, Kelley Blue Book won't project a value on a car with substantial damage (rated in "poor" condition).

    Source:

    Edmunds.com: The Downsides Of Buying A Salvage Title Vehicle

    Kelley Blue Book: Values

Copyright 2018, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy