When your collector vehicle is in an accident or is damaged in some other way, its value immediately declines, and it declines significantly. That means that you investment in all of the restoration and customization just took a hard hit. What do you do when you’re not the at-fault party ? Is there a way to get the best car diminished value Winnetka CA can provide?
Yes, there is, and the answer involves getting an appraisal. You might wonder why you would want to get an appraisal done on a vehicle that is damaged. Well, you should get an appraisal to determine what the vehicle’s original value was and what it is now that it has been damaged. The reason for this is to have official documentation of the vehicle’s diminished value: the difference between what you could sell it for prior to the damage occurring and what you could get for it after.
The next step is to file a diminished value claim with the at-fault party’s insurance company. This can help you recoup the loss in your investment and perhaps pay for any necessary repairs. While this doesn’t completely restore the value of your car, it compensates you for the amount of money you have lost in your investment.
A diminished value appraisal can come in handy in other situations, too. If you’re thinking about buying a car, you want to get an appraisal done on it to make sure it hasn’t been in a wreck. While this falls more under the pre-purchase inspection category, you will be able to tell what the car is really worth if it has, indeed been in an accident, and what the real worth is of the vehicle. You don’t just have to take the seller’s word for it.
If you’re a seller, you definitely want to know what the diminished value of the vehicle is. That is because you don’t want to try to sell it at a price that is higher than what the car could reasonably fetch on the market. The car is less likely to sell, and sharing an appraisal of all of the problems with the car helps increase your transparency to potential buyers.
When you’re ready to find the best car diminished value Winnetka CA can offer, give us a call. We will be happy to help you by doing a thorough inspection of your vehicle and carefully documenting its original and current values.