Value after wreck
Hi all. It has been a couple of months since I have been on the site (since just after 11/5 when my car was wrecked). In the meantime it has gone through preliminary and secondary appraisals and the estimate now stands at $19K. The body shop predicts that there will probably be another $1,000 in parts on top of that. They are still waiting for parts (estimate another 3-4 weeks) and then there is a 4-6 week time estimate. Also, the car hasn't had a thorough mechanical check to see if there was any transmission or other drive train damage.
In Florida the threshold for totalling a car is 80%. I have yet to get a straight answer from the insurance company as to how much they are valuing the car. Moreover, I am afraid that the value after being in a wreck has plummeted so if I try to sell it after being repaired I will be taking a significant hit. Does anyone know of a formula or resource to determine just how much a severe accident reduces the value of a car? Blue Book and NADA do not seem to take that into consideration. Thanks and I wish everyone a very happy and healthy new year!
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