Protecting the Value of Your Vehicle After Damage or Repairs
Car repairs are a hassle for vehicle owners, and they also can cost a substantial amount of money. Unfortunately, not only do you face potential financial loss when you need to pay for your vehicle to be fixed, but you could also take a long-term hit to your pocketbook as well. The problem: your car could lose value because of the repairs that are made.
If your car is a new one and you're facing repeated repairs, you should reach out to an attorney to find out how the car lemon laws in California could help to protect you from financial loss. For most car owners, however, it is up to you to try to make sure that the repairs your vehicle needs do not end up diminishing the value of the car substantially.
How to Protect Your Vehicle's Value if You Need Repairs
When your vehicle needs routine repairs, the best way to protect the value of the car is to make sure you take your vehicle to a trusted repair shop and make sure that only original manufacturer parts are used. After-market or third-party car parts may not undergo the same quality control testing and may not meet the same standards as the manufacturer parts.
These after-market products sometimes don't work effectively with your car, thus putting you in danger and increasing the chances of an accident that damages your vehicle. And, if you go to sell your car and an inspection turns up after-market parts or shoddy repairs, this could cause you to lose the sale on the car or could cause the value of the vehicle to be lowered dramatically.
Unfortunately, while protecting your car's value is usually possible if you just need routine repairs and use the proper parts, it can be difficult or impossible to protect your car's value after an accident happens. As Bankrate explains, even when a car is fully and professionally repaired, the car isn't considered to be in as good of condition as a vehicle that has never been in an auto accident. The record of the collision will show up on your vehicle's history report and will be seen by future buyers, thus reducing the amount that your car is worth when you go to re-sell the vehicle.
If your car is in a serious accident and you need to get repairs made to the vehicle, you should determine if you can obtain compensation for diminished value. Your own auto insurer typically will no reimburse you for this if you were the one who was at fault for the crash. But, if the other driver was to blame for causing an accident, you should request that you be reimbursed for the diminished value of your vehicle.
Although you may be able to protect the value of your car when you get routine repairs made, this doesn't mean it's not costly and a hassle to get your car fixed. If you buy a new vehicle and have repeated problems with the car, you should talk with an Orange County lemon law attorney to find out what legal remedies are available to you.