Diminished Value Appraisal
What is Diminished Value Appraisal?
There are a number of factors that affect the value of your vehicle. Diminished value is one of the more confusing factors for car owners in the Cape Coral, FL area. What is diminished value appraisal, and what benefits does it offer to car owners?
In short, diminished value is the amount your car's value suffers after an accident. For example, you have a car for sale for $20,000. After finding out that the vehicle was in a previous accident, the buyer decides they won't pay any more than $15,000. The car's diminished value equals $5000 in this scenario.
After an accident, your car insurance company will calculate your vehicle's diminished value. Knowing this value offers a number of benefits for you.
You get a realistic sense of your potential resale price.
You can approach potential buyers with full disclosure.
You can decide the best way to dispose of your vehicle for your highest financial benefit.
Learn more about how a diminished value appraisal can benefit you by contacting the experts at Ultimate Unlimited LLC today.