How much will a car depreciate once it has been wrecked? Is there a rule-of-thumb to apply?

Question

My 2007 vehicle was rear-ended by someone with no insurance and caused $7400 worth of damage. Before it was wrecked, the blue book value was $21,000. I still owe close to $20,000. I'm trying to figure out if I am now upside-down on my loan or if I can get what I owe on a trade-in once it is repaired.

Answer 1

You can file a diminution in value claim with the at fault parties insurance.  They will do an evaluation and come up with a figure.  

Each insurance company has their own way to do the evaluation so I would start there.  Without knowing specifics as to year, make, model and the damages then it's hard to say as all this has an impact on the depreciation.  You need to discuss this with an adjuster as there is no real number anyone could give you here with any part of accuracy

Answer 2

you are upside down very few times will you get book value on a trade in after a wreck

Answer 3

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