Difference between revisions of "Calculate Diminished Value"
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If your car has been damaged in a wreck, this "evidence of repairs" can negatively affect the value of your car should you ever decide to sell or refinance it in the future. This reduction in worth is known as diminished value. Diminished value is an insurance concept that was developed initially to estimate the loss of value of an auto following an accident. Even if your car displays no obvious damages it may still experience inherent diminished value since you may have a legal obligation to disclose to any potential purchaser of the vehicle that it has previously been involved in an accident. Calculating diminished value can be done several ways, depending on who is doing the calculating. | If your car has been damaged in a wreck, this "evidence of repairs" can negatively affect the value of your car should you ever decide to sell or refinance it in the future. This reduction in worth is known as diminished value. Diminished value is an insurance concept that was developed initially to estimate the loss of value of an auto following an accident. Even if your car displays no obvious damages it may still experience inherent diminished value since you may have a legal obligation to disclose to any potential purchaser of the vehicle that it has previously been involved in an accident. Calculating diminished value can be done several ways, depending on who is doing the calculating. | ||
| − | [[Category:Used Cars]] | + | [[Category: Used Cars]] |
==Steps== | ==Steps== | ||
