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Understand Your Options: Should You Sell Or Repair Your Financed Accident-Damaged Car?
As if the stress of a car accident isn’t enough, you now have to worry about the aftermath. You’re left with an accident-damaged car, transportation difficulties, battles with your insurers (if you have one), and outstanding loans at financial institutions. What will your next steps be? Do you opt to repair it, keep it or sell your accident-damaged car (voetstoots)?
Here are a few of the points to consider in order to make the best decision for your unique situation:
1. Assess the damage
You first need to have your car assessed, preferably by a trusted mechanic, to determine the extent of the damage.
Perhaps it’s a straightforward decision (this is especially true if your accident-damaged car is uninsured, and you do not have the funds to finance the repairs yourself), or maybe you need to read the next few points to inform your future steps.
2. Financial implications
Once there is a rand-value attached to repairs, you should consider the following points:
- Are the repair costs within your reach?
- If insured, what are the insurance deductibles, and how will a claim impact your monthly premiums?
- Compare the resale value of the car if repaired, versus the value of selling the accident-damaged car as is.
3. Loan balance
If your financed, accident-damaged car’s value is less than the loan balance, investing money in repairing the vehicle may be considered counterintuitive. Selling the accident-damaged car without repairing it may be the most beneficial option, allowing you to make a payment toward the loan, and relieving some of your stress.
4. Time and convenience
Depending on the extent of the damage, repairing your financed, accident-damaged car may take up a lot of time. This will most likely impact your daily life, as well as your finances, as making alternative transportation arrangements (such as lift clubs, Uber or taxis) could prove to be cumbersome and costly.
5. Should you opt to sell your accident-damaged car?
If you choose to sell your financed, accident-damaged car to SellYourDamagedCar, we will negotiate with your financial institution on your behalf (relieving you of much of the stress on your shoulders).
We also offer free towing, handle all the paperwork involved in deregistering your car and offer instant cash (whether it goes to you or your financial institution).
After considering the above pointers, the decision to sell your financed accident-damaged car may become an obvious choice.
Whether you still owe money, are in arrears or are under debt review, SYDC is here to help.
Visit SellYourDamagedCar’s website, complete an online contact form, and wait for a consultant to contact you with an offer to sell your accident-damaged car. It’s that simple.