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Deciding to Sell Your Car After an Accident
A GarageFly.com Feature Article
Shopping for a used vehicle is complicated enough, and trying to sell your car after a collision is even more difficult. When purchasing a used vehicle, car buyers seek out warning signs through suggestions from friends, mechanics and the Internet. Seeing the mention of an accident causes buyers to lose interest very quickly. The mystery of the vehicle’s condition, the quality of repair and its current state of safety all contribute to the hesitation of purchasing a used vehicle that has been in an accident.
If a buyer does decide to purchase a vehicle that had been wrecked, it is typically for a lower price than what Kelley Blue Book suggests. Depending on the vehicle make and model, it often incurs a diminished value, which represents the amount of money a vehicle’s value has declined due to its involvement in an accident.
The question people often ask is; “Should I sell my car, or is it worth keeping?” Here are some things to consider.
How new is your vehicle? Typically, newer vehicles have a higher amount of diminished value. Older cars are already going down in value, so the diminished value is likely a small percentage of the car’s present value.
How much damage was inflicted? Whether you were involved in a small fender-bender or a serious accident can be a determining factor in whether your car can be repaired or if it ends up in the junk yard. Minor accidents tend to have little effect on a car’s overall performance because the collision impact is generally small.
Consider the value of your vehicle, pre- and post-collision. If you just drove that cherry-red convertible off the showroom floor and into a pole, the accident will definitely decrease the value. It’s best to fix and keep the car at that point because it lost value just by being taken off the lot, and it lost even more by hitting that pole.
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Do you feel safe driving your car? Safety should be one of your top priorities when driving your car. If you feel uncomfortable driving it, it may be a good idea to look into selling or trading it.
Does you car have sentimental value? Maybe it was your dream 1960 convertible Corvette, a loved-one’s car, or the car that took you on a cross-country road trip. Whatever the case, keep your car if it holds sentimental value. A few bumps and scratches are easily repaired.
Auto accidents are tough, but the aftermath doesn’t have to be. Deciding whether or not to sell your vehicle can be mind-boggling, but these tips offer a more objective approach to help you arrive at the best choice for your situation.
