Selling Damaged Cars: How to Deal with Diminished Value after Accident

Selling your damaged car is the better option than spending time and money on its costly repairs. Accidents happen suddenly and in a second you have a broken glass, crunching metals, and deflating airbags. Accidents leave you with a broken car whose value has been diminished instantly. Even if you get your car repaired, the diminished value won’t be regained.
If you want to realize some of your car’s worth, you should sell your damaged car for cash. 

When you get insurance on a car, you never go through the papers before signing them. There is one section in the documents that tell you all about the diminished value.
Ø What is Diminished Value?
The diminished value is the inherent diminished value of a vehicle after damage. If your car meets an accident and is repaired to its original shape, you may think its value will be the same again. But on your car’s history report, the damages will be mentioned without ever disappearing. So whenever, you will sell your car even if it looks new, you will get a lower price. The diminished value is not the actual value but the lost value of the damaged car after repairs.
Ø The Diminished Value Assessment
It is very difficult to calculate an accurate diminished value of your damaged car. The reason being diminished value is based on the current market prices and the accident damage variable. 
The diminished value calculated by the insurance might be less than the value you can get privately. Therefore, you should compare the two prices before taking the final decision.

Ø Comparison between Diminished Value and Depreciated Value
You might misunderstand diminished value for the depreciated value of your damaged car. However, these two values are not the same. The depreciated value is the value against the actual value of the damaged car. The depreciated value is the change in value due to the normal wear and tear of the vehicle over a period of time. Whereas, diminished value is the sudden change in the value of your car due to the accident. If you want to get the diminished value of your car, you can access NADA car value online. NADA publishes calculated used car values along with average selling price every month.
Ø The Loss of Value after an Accident
You would be surprised to know that the diminished value for newer cars is more than older cars. The insurance companies consider a car’s value before the accident and certain factors to calculate the value. Your car’s insurer will have its own calculations to get a diminished value. It will be difficult to get a fair diminished value for your damaged car if you do not negotiate properly. 

Instead of compromising with the insurance company’s diminished value, you can opt the easier way. You can choose to junk your damaged car for cash to authorized junk car dealers. All you need to do is provide the relevant detail about the condition of your damaged car. You will shortly receive an offer for your broken car. If you agree to the unbiased price offered by junk car buyers, your car will be picked up at the earliest.
Enjoy fast, free, and safe junk car removal services at www.junkthecar.com