There are times when it’s necessary to look beyond what you think your vehicle is worth and focus more on what it’s worth in the marketplace. One of the best ways to find out is to locate a reputable professional who conducts car value estimates Southern Oregon on a regular basis. The results of that estimate can help you in several different ways. Here are some examples to consider.
Identifying the Value of Your Vehicle after a Serious Accident
You already understand that a serious accident that leads to a lot of damage to the vehicle will mean a drop in market value. The question is how severe the drop happens to be. A lot of factors go into determining what’s known as the diminished value, including the type of replacement parts used to make the repairs.
Generally speaking, don’t expect the vehicle to have more than 25% of the pre-accident value. That’s the best case scenario, since the diminished value could be considerably less. Knowing what the current estimated value happens to be can provide the foundation for making future decisions about that vehicle.
Preparing to Sell Your Vehicle
Perhaps you’re thinking of selling the vehicle as is or maybe making some repairs and then offering it for sale. How will you determine how much to ask for it? Book value may or may not be the best guide in this instance. Opting for an estimate that aims to determine the current market value is likely to be more accurate.
Armed with this information, you can set an asking price that’s likely to attract some attention. It may also allow you to determine the minimum offer that you’re willing to accept even as you seek to secure more.
Deciding How Much and What Kind of Insurance To Maintain
There’s also the matter of insurance protection if you plan on keeping the vehicle after an accident takes place. Even with the repairs, the market value will be lower than before the event. What you need is some way of determining how much insurance coverage needs to be maintained.
You can bet that car value estimates Southern Oregon can be helpful with this particular issue. Having an idea of the current market value will go a long way in determining if you need to maintain the same benefits as before, or if you can drop down to the minimum requirements for insurance coverage that apply in your jurisdiction.
Deciding How Long to Keep the Vehicle
Your present circumstances may mean that it’s best to hang on to the vehicle for a while longer. Perhaps you need time to improve your credit score or set aside more money for a down payment to use in conjunction with trading in your older car or truck. In this case, the estimate can provide some idea of what sort of compensation to expect when you do finally decide to sell.
Keep in mind the car is likely to continue depreciating in terms of the market price. Even so, it should be close to the worth of the estimate if you decide to let it go in a year to 18 months from now.
There are other ways that an estimate can provide useful information. If there’s been an accident recently, do have an expert inspect the car and provide an estimate. Once you have it in hand, it will be easier to decide what to do next.