diminished value
Asked by Raymond May 02, 2017 at 07:54 AM about the 2015 Mazda MAZDA3 i Grand Touring Hatchback
Question type: Shopping & Pricing
Do you have a way for me to estimate the value of a car with clean CarFax
report to one that does not as it was involved in a crash? Is there a tool to
automatically sort through car listings?
Even if the car is repaired, its value is diminished. The person who was not
at fault should not have to absorb the loss in value.
The difference in value is called "Diminished Value". In many states a
person who is hit can file a claim against the person who caused the crash
1 Answer
Tom answered 3 months ago
Ray, there is no automated tool to determine prices. Sadly though, if the Carfax has an accident on it, no matter how severe the damage or who's fault, it's a hit to the value. Dealers use this to get the vehicles for a reduced rate and increase their profits. The price difference does not change much when buying a vehicle with an accident, but selling or trading one in, the price is significantly lower.
Your Answer
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