When you acquire a new vehicle, it immediately begins to depreciate. In fact, your beloved asset may be worth half of its initial value within only a few years. And if your car is involved in an accident, the depreciation will only accelerate. You’ll be asked to describe any incidents your car has been in when you sell it. So, if your car is considered totalled or total loss, you may still be able to get money for its worth, and we’ll show you how.
Understand The Severity of Car Accidental Damage
It’s very important to know how your insurance company has classified the damage. Most car insurance contracts in Australia allow the insurer to choose whether or not:
- They repair your car
- Pay you to fix the damage
- Declare your car a total loss and “written off.”
Each state in Australia has regulations that specify when a car must be “written off.”
Written-off vehicles (WOV) are commonly classified into two categories:
- Non-Repairable Written off or Statutory Written off – In this condition, a car is unrepairable because of the severe damage.
- Repairable Written off – In this situation, cars are repairable but are not cost-effective to fix.
If your car is ruled a repairable write-off, you can apply to the state government to have it repaired so it can be re-registered and driven on the road. However, your car will have the title of “repaired written off”. So, if you want to sell the car in the future, and this may have an impact on its value.
If this is the case, your car’s value will be drastically reduced. And keep in mind that salvaged or repaired car is one that has been damaged to the point that repairing it would have cost more than the car was worth.
What if you don’t want to repair the car?
If the damage is not severe and you choose not to repair your car, then the value depends on what things are damaged and if your car is working fine after an accident.
You will be asked by a buyer if your car has been in an accident, and you surely don’t want to lie. However, buyers do not want to take the chance of discovering that there are more issues with the vehicle for cash QLD and having to pay more money to fix it.
Is It Possible To Sell My Car After It Has Been In An Accident?
Selling your car after it has been in an accident How you can get rid of damaged and accident car will be similar to selling any other car, but you will have one additional concern to consider. If it is fixed and is running perfectly fine. You can sell it privately or to a dealer, but be honest about the car being in an accident. Because if you hide your accidental history, you will be held accountable for some legal issues.
How Much is My Car Worth After An Accident?
As discussed earlier, the value of your car depends totally on the severity of the damage. The value of your new car starts depreciating the minute you drive it off the lot. And there is 10% depreciation each year. And after an accident, your car’s value decreases further down to 20%. It all depends on the current market value of your car, age, mileage and severity of the damage.
What Are My Options To Sell My Accidental Damaged Car?
Vehicles that have been damaged in an accident might be difficult to sell privately or to a dealership since there is little interest in purchasing repaired cars.
If selling your damaged car sounds like too much bother, we can spare you the headache. We are top cash for car Brisbane Company who purchase cars, vans, trucks, 4×4 regardless of the condition, mileage, make, and model. For a free car estimate, call 0466 324 324 or fill out our online form to get cash for cars Beenleigh service without any hassle.