How to Calculate the Value of a Wrecked Car
Determine the value of your vehicle before the damage. Use resources such as Kelley Blue Book, NADA and Edmunds.com. Make sure you correctly input your vehicle options and mileage; they can have a large impact on vehicle values. Determine the average value quoted between the sources. It is recommended to use at least three sources for vehicle values. Use the trade value if you are looking to trade it in or sell it to a dealer. Use the retail value if you are looking to privately sell it.
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Instructions
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Bring your vehicle to three to five auto body repair shops to get an estimate on the damage. Have the vehicle towed in if it is inoperable. Make sure all of your quotes are based upon similar repairs. Using aftermarket or used replacement parts are your choice; but if you choose to use them, make sure all of the estimates are based upon them as well. Take the estimates and determine the average between them.
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Determine the value of your vehicle before the damage. Use resources such as Kelley Blue Book, NADA and Edmunds.com. Make sure you correctly input your vehicle options and mileage; they can have a large impact on vehicle values. Determine the average value quoted between the sources. It is recommended to use at least three sources for vehicle values. Use the trade value if you are looking to trade it in or sell it to a dealer. Use the retail value if you are looking to privately sell it.
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Subtract the average cost of damage repair from the vehicle value. If the average vehicle value is $12,000 and the average damage repair cost is $2,000, the approximate diminished value of your wrecked car is $10,000.
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Tips & Warnings
If one of your damage estimates seems ridiculously low or high, disregard it and get another. Repair estimates will vary between shops, depending on their labor cost and parts markup, but the estimates shouldn't be off more than 20 percent.
The diminished value of a wrecked car is only an approximation. The value of all vehicles is in the eye of the beholder. You may find a buyer willing to give you more for your wrecked vehicle or you may find one that wants to give you much less. Knowing the diminished value will give you a good starting point for pricing.
