Is It Worth Fixing Your Car After an Accident?
If you’ve ever been in a car accident, you may be left wondering what to do with your damaged vehicle. Once the dust has settled and you’ve recovered from the experience, you must start making important decisions about your car, as failure to act quickly could leave you without adequate means of transportation.
How to Determine the Value of Your Vehicle
Before deciding whether to repair or scrap your car, it’s a good idea to determine its value. This task isn’t easy, particularly if the car is several years old or severely damaged. To estimate the value of your vehicle, you’ll need to take many factors into account, such as:
- Its make and model
- Its age
- Its current mileage
- The number of accidents you’ve experienced
- Any relevant certifications and warranties
- Your location
Once you have this information, browse local sales guides to ascertain how much similar cars are selling for. It’s also a good idea to speak to dealerships and utilize online valuation calculators such as Edmunds and Kelly Blue Book.
How Much Will It Cost to Repair Your Car?
The cost of repairs can vary widely depending on the severity of the accident and how much money you can claim via insurance. When you file a claim with your provider, they will investigate whether or not the accident was your fault. If you’re found to have played a role in the accident, your payout may be significantly reduced, or even voided. The amount you can claim will also depend on the type of coverage you’re paying for, with some packages offering much more generous payouts than others. It’s important to investigate what your current package offers.
In terms of the actual cost of repairs, we recommend visiting a local repair shop to obtain an accurate estimate. If the accident was relatively minor, you may only need to pay a couple hundred dollars. If the accident was severe, you may then need to pay thousands of dollars, or simply accept that the car is a write-off. Remember to take a note of every part that requires repairing, including parts that may sound more technical than you’re used to. Collecting this kind of information will help you compare quotes and make an informed decision about what to do with your vehicle.
To What Extent Does a Car Depreciate After an Accident?
Most cars will depreciate significantly after an accident. Even if you’ve never been involved in a collision, you can expect your car to depreciate by around 15% to 25% per year after the first year. For cars involved in any type of accident, the figures are 10% to 25% higher, with more severe collisions having a greater impact on value. As such, it may be very difficult to find a buyer after an accident, particularly if you want to sell the vehicle before making repairs. Most people want to purchase vehicles they can use immediately and that won’t require costly, time-consuming mechanical fixes.
The extent to which your car depreciates will very much depend on the type of accident you experienced and the degree of damage sustained. If your car was left with minor cosmetic issues, it may still be worth a substantial sum. If, on the other hand, you were in a serious collision and the car is deemed beyond fixing, it should be scrapped. In some cases, you may be able to resell parts of the car after it has been broken down.
Will Your Car Ever Be the Same?
If your accident was relatively minor, you may be able to restore your vehicle to its original condition. For the most part, however, your car is likely to be less attractive, and less easy to drive. If your car is covered by insurance, your providers may only pay for basic repairs that ensure it will be safe on the road. Insurance providers are incentivized to cut costs and maximize profits, meaning you may not receive the kind of high-quality services you expect.
When Is It Not Worth Repairing a Car?
Ultimately, it’s up to you to decide whether or not your car is worth repairing. If it’s of sentimental value or if you find the car particularly desirable, you may be willing to pay higher repair costs to get it up and running again. However, there are several key factors to consider before committing to a repair, including:
The make and model: Some cars have shorter lifespans than others. You can find out your car’s potential longevity using reliability indexes such as Dashboard Light.
The age of the car: If your car is relatively new, it may still be notably valuable, and if the damage is not too severe, may still be worth saving.
The kinds of repairs required: Some repairs can be very costly. If costs outweigh the value of the car, you may be better off scrapping it.
Should I Scrap My Car?
Still unsure about whether or not to scrap your car? While the final decision is yours to make, the following signs can strongly indicate that scrapping is a good idea:
The repairs cost more than the car: If your repair quote is large, it will likely be more cost-effective to invest in a new vehicle.
You want to avoid the hassle of selling: Selling a car takes a lot of time and effort, particularly if you’ve been in an accident. If you want to avoid tasks such as negotiating with buyers, arranging viewers, contacting dealers, listing the car, and valeting the vehicle, we recommend simply scrapping the vehicle instead.
You don’t need the car: If you own multiple cars or have moved somewhere with a robust public transit system, you may be better off selling your car for scrap. As well as saving you the stress of selling the vehicle, you’ll free up space in your garage.
Your car isn’t fuel-efficient: Cars tend to become less fuel-efficient over time, particularly after an accident. If you want to avoid paying extortionate gas prices, it may be a good idea to scrap your vehicle and invest in a newer electric or hybrid car.
Contact Auto Scrappers Today
If you’ve experienced an accident and have decided to scrap your vehicle, we’re here to help. Our services are quick and hassle-free. To find out more, get in touch with a member of our team at Auto Scrappers.