Car worth

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Posted: Mon Aug 09, 2010 11:30 pm Post subject: Car worth

If my car is worth 10,000, according to the adjuster, how much is it worth after being completely fixed, but still being marked by carfax as having flood damage?

difcan

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Joined: 09 Aug 2010
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Posted: Tue Aug 10, 2010 7:01 am Post subject:

I'm sure you're aware of the fact that your car will undergo a loss in terms of value following a damage. I guess the difference in it's worth is called a diminished value. It might even lose it's worth by as much as 18% after a damage has been caused. But in the end it's all about the extent of damage caused and the way it got repaired.

steven

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Joined: 02 Feb 2006
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Posted: Tue Aug 10, 2010 7:05 am Post subject:

Its worth the amount someone is willing to pay for it.

tcope

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Joined: 22 Nov 2006
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Location: Salt Lake City, UT
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Posted: Sat Sep 11, 2010 12:08 pm Post subject:

Quote:

If my car is worth 10,000, according to the adjuster, how much is it worth after being completely fixed, but still being marked by carfax as having flood damage?

You must understand that a car is never the same after suffering serious damages. You can't really do anything about the carfax thing. tcope is right in saying that it's now up to the person who's willing to buy it.

simon

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Posted: Sun Sep 12, 2010 1:44 pm Post subject:

Carfax doesn't determine the value, they just report the insurance losses. It's a function of caveat emptor. A car can appear in most respects to be in cherry condition, cosmetically. But there could be corrosion or other "blemishes" hiding under the carpets following a flood loss. _________________ CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers.