Monday, August 16, 2010

What do accidents do the the value of your car?

I have a 2002 Ford explorer XLT that I own outright. The car is a magnet for bad drivers. I have been hit in it about 5 times now. Always been noting more then body damage. However with carfax reports now available to the public, I am wondering what these fender benders will do to the over all value of my car. They are always fixed by reputable body shops, but because the car has been hit numerous times, I question how this will effect the resale value if and when i decide to sell the vehicle. Any thoughts on this?What do accidents do the the value of your car?
To prove to potential buyers that the accidents were minor, it would be best if you keep all receipts for work done, and what the original costs for repairs were. It would seem it hasn't been damaged enough to have a salvage/rebuilt brand. If this does happen, you will see your value drop considerably, most people don't want rebuilt cars, however, some care only about how it looks, if it looks good, they think they look good, so there is always a buyer out there. Your accidents will be on record with the DMV, if the accidents were reported by insurance agencies, or if law enforcement was involved, and police reports were filed. The accidents are not broken down by the seriousness of it, it merely states an accident occurred with that VIN, on a certain date. Another thing you might be interested in is, some states are very far behind in their getting the accident data entered into the system. I was hired by a state to do just that, I entered accident info, then went on to the driver records, and added the info to those records. This state was two years behind in their reporting! 30,000 accidents per day happened, adding to the load already far behind. It took us six months to get caught up, at that point, you can imagine the ire of people upset that their driver licenses are being pulled for accidents that happened two yrs back. So, when you talk CarFax, Vehix.com and the other online services, they get their info from the public records held by the state. As you can see, if the state is behind with reporting, the services offered cannot be fully guarenteed.What do accidents do the the value of your car?
get the report for yourself, then you decide how much you'd want to spend on the vehicle...maby some of the accidents didn't make it on the report...
Any time your car has paint work done to it an appraiser at a dealer will now and it will affect the value. Now for some bad news because you have a ford explorer the value has been dropping dramatically so the over all value is not what it once was. So good luck and I hope you buy American when you get ready.

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