If your vehicle has been involved in a major accident and was repaired to the point of being considered a total loss by your insurance company, you may be required by law to tell prospective buyers about it. While this is not an absolute requirement, it could make the difference between a sale and a walkaway.
Besides, it may help you secure a better trade-in price for your old ride. Especially since dealerships specialize in taking trade-ins that can be quickly repurposed for resale, you may want to make the most of your situation.
A total loss accident is a big deal in the eyes of insurance companies and prospective buyers. In many states, a total loss will be reported to the National Motor Vehicle Title Information System or NMVTS, which is a government database that provides a wealth of information about a vehicle’s history. This includes any accidents the car has been in and any repairs made to it.
Not only is this a big deal to your insurance company, but it can also affect the car’s value. A damaged car’s fair market value will be significantly lower than a comparable model that has been accident-free.
The best part is that you won’t be charged with a crime! If you’re lucky, the buyer may even give you a hefty discount on your car’s actual cost of ownership.
The best thing about a total loss accident is that it may allow you to rebuild your old car and sell it off for an even higher price. However, it is important to be aware of the car’s true cost of ownership so that you can make an informed decision on whether it is worth your time and effort to repair the car or get a brand-new one. As such, it’s well worth a few hours of your time to do your homework before you decide on your next move.
Montag Law Office 4151 E Street, Suite 200 Omaha, NE 68107 (402) 334-2200