A tool designed to estimate the reduction in a vehicle’s market worth following an accident, even after repairs have been completed. This reduction stems from the vehicle’s now-damaged history, which can make it less appealing to potential buyers compared to a similar, undamaged vehicle. For example, a car involved in a major collision, subsequently repaired to factory standards, might still fetch a lower price than a comparable car with no accident record.
The significance of such valuation tools lies in their capacity to provide vehicle owners with an estimated financial loss resulting from a diminished market value. Understanding this loss can be crucial for insurance claim negotiations, facilitating a more equitable settlement. Historically, determining this value required extensive professional appraisals, often involving considerable expense and time. These digital aids provide a readily accessible, albeit preliminary, assessment.
