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What is Diminished Value

Imagine you are looking to buy a car. You find two cars that are almost identical (same year, make, model and mileage). However, you find out that one of the cars has been involved in a prior accident. Which one would you buy? That’s an easy decision, after all nobody wants to buy damaged goods. The only way you would consider buying the car that was previously wrecked is if it costs less. Most people think the same way you do. In fact, most people would not even consider buying a car that has previously been wrecked.

And if they did, they would expect to pay much less for it. This is why a vehicle loses value after it has been involved in an accident. The difference in value between a vehicle with an accident history and the same vehicle without an accident history is known as diminished value. If your vehicle was damaged in an accident, call The Collision Law Center to find out how we can help you recover money owed to you for the loss of value to your vehicle.

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