Accident Values and the Cost of Minor Damage

July 31st, 2019 by

Accident Values and the Cost of Minor Damage

When you are selling a car that has been in an accident, you may feel like that accident will greatly diminish the resale value of your vehicle. A record of the damage doesn’t always mean that you’ll take a hit for the full amount when you want to sell.

Something as small as an accidental scrape on a pillar in a parking lot has an average of $1800 damage. If you take your vehicle to a reputable body shop and have it fixed properly, after the work is done and your vehicle looks good as new, there is no reason for that damage to reduce the value of your vehicle by the full $1800.

A vehicle history report from CarProof will show the date of the incident, the cost estimated and/or paid for the repairs or other costs, the city and province of the incident and details of the nature of the damage/incident. The reports will indicate when the damage is structural. There can be differing data on the reports depending on if it is police reported. The best way to protect yourself is to have a CarProof done plus get an inspection done. Be sure to take it to a trusted mechanic or body shop to make sure it was repaired properly before attempting to trade it in.

Even if the damage from a small accident is fixed perfectly, someone who is considering buying your vehicle may see this as a way to lower the price you are asking. The loss in your vehicle’s value is called diminished value, and there are diminished value calculations available. If there is no structural damage to the vehicle, it could be zero.

Before you bring your vehicle to Abbotsford Volkswagen to trade in, have all your paperwork from the body shop with you. If you have photos of the damage before it was repaired, that is ideal. Its easier to show us the photos of the damage so we can give you the most accurate appraisal value possible.

Provide us with the report and this could help in the negotiations. If you have any questions about the process, don’t hesitate to call us at Abbotsford Volkswagen and we would love to answer them for you!

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