Edmunds Answers

Answers

  • morin2 12/12/12 10:42 am PST

    Yes, the car is worth less. Put yourself in the shoes of any potential buyer. Would you pay as much for a repaired collision vehicle as for an accident-free example?

    How much the value is diminished is very hard to predict and it also depends on how skillfully the damage was repaired. If you are keeping the car, it is mostly irrelevant. But if you are selling, many buyers will not consider it - or will expect a large discount ("price solves all"). The best way to dispose of a repaired car is as a trade-in because the dealer is not emotionally invested in the transaction - its just business.

    The amount of "diminshed value" (DV) will decline with age. If you must sell the car, avoid misrepresenting it. Complete disclosure is the best policy (with receipts, records, etc.). When I've traded in such repaired cars, I've included photos and receipts to the dealer, so there is no surprise. And being so upfront may have worked better to my advantage as well.

  • isellhondas 12/12/12 11:30 am PST

    The 107,000 miles will hurt that car's value more than the accident.

    A properly repaired car can be just fine and a lot of potential buyers know that and don't care. Yes, it won't be worth as much as a car that is accident free.

    2000.00 is really a very minor accident given today's repair costs.

    The longer you keep the car and the older it get's, the less it'll matter.

  • MrShift@Edmunds 12/12/12 12:03 pm PST

    It is, in theory, worth less, but given the car's age and the relatively minor nature of the accident, I don't think the DV is worth the trouble to try and make a claim on it---maybe $750 to $1000??


    So if you keep a good record of the repair, and can assure a buyer that it wasn't all tha big a deal (as opposed to being smashed up in the front end for instance), you may suffer no DV at all when you sell it.

    Short answer: marginal DV.

  • andres3 12/12/12 5:18 pm PST

    I recently had my '06 when it had about 93K miles on it appraised, and the sales manager straight up said since the accident was on carfax he was offering 6K instead of 7K (even though it was a negligible damage accident ($667).

    So DV = $1,000 on a 7K value (trade-in) car for the "non-emotional" used car sales manager.

ADVERTISEMENT

Top Car Values Experts View More

Rank Leader Points
1. MrShift@Edmunds 1900
2. Stever@Edmunds 1175
3. morin2 925
4. karjunkie 890
5. texases 670
6. knowledgepower 625
7. zaken1 210
ADVERTISEMENT