I was sitting in my 2015 Scion xb at Costco waiting for my wife. A man was backing out of his parking spot and crashed into the back drivers side of my cars bumper. I took it in to get an estimate for the repair the cost for repair will be $935.05 I would like to know what my diminished value will be. My 2015 Scion xb has 5.800 miles on it, this car was in showroom perfect condition. Thank you, Michael
My car has 5800 miles.
My car has an automatic transmission.
The value of your car is diminished by the amount of the cost of the repair, until the repair is done. When a repair is done, the repair should restore the car to the original state. The estimate should reflect a repair of this quality. If a substandard repair is done, then the value of the car will be reduced by the amount it would take to repair the vehicle to its original state.
As long as the car is repaired to a standard of new, the car will not suffer any loss in value once it has been repaired. There are some that will argue that any damage, even when fixed still diminishes the value of the car. The truth is, a quality repair in no way will reduce the car to any less than it was originally. Assuming the repair is done correctly. The only time the value ends up being less is if the vehicle is totaled. The term totaled is a term used by insurance company’s. They based this on the amount of the repair in comparison to the value of the car. Even with a totaled car, if repaired correctly, it is no difference than new. Most people could not tell the difference.
I personally will buy a totaled car that has been repaired correctly before I purchase the equivalent car. I save a lot of money when doing so. The trick is making sure the car has been repaired correctly. Of course, I am a technician skilled to notice such details.
Long story short, once you car is repaired, it will not loose any value. It only looses value if the repair isn’t done.
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