A tool designed to estimate the loss in resale value a vehicle experiences after an accident, even with repairs, is available. This estimation process considers factors such as the vehicle’s year, make, model, mileage, and the severity of the damage. For example, a relatively new car with low mileage involved in a significant collision might experience a substantial reduction in resale value compared to a similar vehicle with no accident history.
Accurately assessing this loss is crucial for vehicle owners seeking fair compensation from insurance companies or at-fault parties. Historically, determining this value has been subjective and often contentious. Such tools provide a more objective and transparent method for estimating the financial impact of collision damage, empowering vehicle owners to negotiate more effectively. This can help ensure they receive proper compensation for the true cost of the accident, beyond just the repair expenses.