Depreciation value after my car was involved in an accident
If your car is involved in an accident it is inevitable that the value of your car will depreciate.
This is because a vehicle that has been in an accident has less resale value than the same vehicle in a pre-crash condition. Even if the car repairs meet the highest quality standards, potential buyers are unwilling to pay as much for a car they know has been previously damaged.
The value of your car before the accident, less the value of your car after repairs have been complete is the “depreciation value” and this is a loss that you are entitled to claim from the at-fault party.
In accordance with the Motor Trade, it is accepted that a deduction in the region of 5% – 20% could be made under the heading of depreciation. To calculate diminution, the following must be considered: the make and model, age, mileage and condition of the vehicle at the time of the accident and the extent of repairs required.
If you are involved in a road traffic accident, it is imperative that you act quickly and contact your solicitor. The sooner your solicitor is involved, the greater your chances of success. At P.A Duffy & Co Solicitors we have helped numerous clients calculate and recover their depreciation claims against the at-fault party.