Before your car gets damaged by constant wear and tear or an unfortunate accident, have its value determined. You can refer to valuable resources such as the NADA Guides, the Kelley Blue Book, and the Edmunds websites. Key in your entire vehicle’s important information, these include mileage, measurements, and performance history. These play a vital role in the vehicle pricing procedure and negotiation. With the given resources, you will be provided with accurate price value ranges, compare them and decide on an average price; this will become your benchmark for pricing a wrecked car. Most car dealers and experts recommend that you use at least three sources and those that are mentioned above are some of the most trusted ones.
If you are planning to sell your car to a dealer or make a trade-in transaction, make use of the trade value. Otherwise, if you want to sell it privately, get the retail value. Have your vehicle checked by several trusted auto shops in your locality so you can be sure that it is still safely serviceable. Auto shops will also give you a good estimate of the car’s damage. If your car is inoperable, splurge a little n a towing service. Try not to expose it to further potential damage by dragging it yourself. Try to make sure that all your quotes are derived from similar repairs. You can use secondhand replacement parts if you want, but make sure that all your expenses are included in your estimated selling prices. After your field day with auto shops, get their estimates and compute the average.
To get the value of a wrecked car, you must deduct the average cost of your expense for damage repair from the overall value of the vehicle. Since you derive estimates from a number of auto shops, if you observe that one of them gives a ridiculously high or low estimate, cross it off from the list and get another expert to do an estimate. Bear in mind that charges for repair estimates vary from shop to shop, but it shouldn’t be above 20% of the total markup and labor cost. Take note that a wrecked car’s diminished value is an approximation; it’s not a final computation. Your buyer will still determine whether your price is right, provided of course that you strike a good negotiation. If you are well aware of the projected diminished value of a car, you’ll have a better edge at selling it on a good price.