No one starts the day with the intent to be involved in an auto accident. When you end up being part of one, prepare yourself for some changes. You are about to encounter what is known as wrecked car value Medford Oregon and learn how it will affect your vehicle. Here are four basic facts that you need to understand.
Excellent Repairs Don’t Restore the Full Pre-Accident Value
Depending on the extent of the damage, it may be possible to repair the car and ensure it’s safe for use on the road again. While it is possible to fully restore the function, even the best of repairs can’t return the market value that’s lost as a result of the event.
You already know that cars depreciate over time. An accident tends to accelerate that loss in value. There is nothing that you can do to change that. From the moment that the accident takes place, your car will lose market value that it would have retained for a time otherwise.
The Exact Loss of Value is Determined by Multiple Factors
The amount of loss in market value will vary from one vehicle to the next. Generally speaking, cars may lose anywhere between 10% and 25% of their pre-accident value. There are several factors that will come into play.
One has to do with the age of the vehicle. Older ones are likely to lose less value, simply because they have already experienced a greater amount of depreciation. At the same time, a car that rolled off the showroom floor a year ago is likely to lose more market value. Keep in mind that an inspection by a certified appraiser will help you understand how much value is lost.
The Accident Will Impact How Much You Can Get for the Car in the Future
That new wrecked car value Medford Oregon may not interfere with the ability to drive the car once repairs are made, but it will make a difference when it’s time to sell the vehicle. Since the accident and the repairs will become part of the car’s history, there will be no doubt about what has happened in the past. You will need to factor in that appraised post-accident value when setting your asking price.
Even if you plan on using the car as a trade-in for a new one, it’s not unusual for car dealers to run car histories before they decide how much they will offer you. Once they see the report, they will adjust the trade-in value accordingly.
It May Also Impact the Amount of Insurance Protection That You Can Secure
If you’ve carried guaranteed value auto insurance in the past, there’s a good chance that the provider will want to negotiate the scope of coverage when it’s time for a new term. That’s because the accident has had a negative impact on the market value.
As far as the types of coverage that are included in the policy, those are likely to remain intact. What will change is how much coverage you have for different events. Those totals will likely be lower than what you enjoyed in the past.
There’s more that you can learn about the value of your car after it’s been involved in an accident. Do talk with your agent, but don’t overlook the idea of having the car inspected and appraised. Doing so will help you adjust to the new circumstances and make any changes to your coverage that may be necessary.