If a car is in an accident, and the repair shop restored it to new condition (no bent frame, new parts, paint, airbag, etc.), why does it still lose value in as a trade in, if it is otherwise in great condition, with low miles?
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Thank you all! I have a 2017 Honda CRV, bought new from the dealership (my FIRST brand new car!). Two months later, some asshole, running a red light, T-boned me. It was entirely his fault, and his insurance had to restore my car. If my car was older, they would have totaled it.
So, we’ve been getting emails from the dealership about great trade in deals, and we decided to see if it was worth a trade in. Now, we love our car, runs great, looks great, everything works, so we weren’t desperate for a new car. Dealership says the trade in value was $14k, but took off for a lot because the air bag deployed (new air bag installed with the repair), and over $5k for the accident. All in all, they offered around a $9k trade in value. We passed on it. Still love the car, but really wanted to know why the $9k + devaluation. I think I understand it better now. Thank you again.
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