Is there anything I can do regarding depreciation of an almost new car after an accident?

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Is there anything I can do regarding depreciation of an almost new car after an accident?

I recently bought a $28,000 car for cash from a dealer. I had the car for 4 months and was hit by another driver. My car received $15,000 and change damage which was repaired. I also recieved $1,500 pain and suffering money. Now, I have sold the car for $16,000 because that’s all I could get with the Carfax report. I feel I should not have to take such a loss. Is there anything that I can do?

Asked on August 14, 2011 Connecticut

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Unfortunately in your situation, automobiles are a depreciating asset in general due to the fact that the more miles one places on a car, the more wear and tear it receives declining its value.

The law is that when any item is damaged by a third person, the measure of damages is the cost of repair up to the item's then exiting fair market value. If the costs of repair exceed the item's fair market value, the damages are the item's then exisitng fair market value at the time of the accident.

In the automobile accident's settlement, you were able to have the car repaired for $15,000. You sold it for $16,000 after buying it for $28,000. You used the car from the time you bought it until sold. During that time period its value depreciated as like most vehicles and the accident that it was involved in which it received extensive repairs most likely did not help its resale value.

The is nothing you can do regarding the depreciation that your former automobile received in your situation.


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