What is Diminished Value?
Have you been in an accident and had your car repaired?
Guess what, your car is not worth as much as it was before the accident. If you had two equivalent vehicles of the same year, make, model, mileage and even condition, if one of those vehicles had been in an accident and been repaired, it is worth less.
That’s a fact. Services like Carfax and AutoCheck will notify a dealer or buyer of the accident repair and sometimes even tell how much less to offer for your vehicle.
Wikipedia defines Diminished Value as:
Inherent Diminished Value – Assumes optimal repair quality has been achieved
and is defined as the amount by which the resale value of a repaired vehicle has been reduced simply because the subject vehicle now has a significant damage history.
How to Calculate the Diminished Value of your Vehicle
So, the next question is, how do I know what the Diminished Value of my vehicle is? Am I eligible? Does someone owe me money?
As you begin to research Diminished Values, you will come across the 17C Formula, or just “17C”. There are several websites out there that will explain how this and even other formulas work. As you dive into it, things seems to get a little more complicated. That’s why we built Wreckcheck.