How is Vehicle Depreciation Calculated? 2024 Updated Guide

What is Vehicle Depreciation?

Vehicle depreciation is the financial loss that occurs when a vehicle that has been in a traffic accident sells at a lower price in the second-hand market due to its accident history, even if it has been fully repaired.

Factors Affecting Depreciation

1. Vehicle Age and Mileage

The depreciation rate is higher for newer vehicles with low mileage. Depreciation claims are stronger for vehicles under 5 years old.

2. Damage Location and Extent

• Front and rear bumper damage: Generally 5-10% depreciation
• Door and fender damage: 10-15% depreciation
• Chassis and structural damage: 20-30% or more depreciation

3. Vehicle Brand and Model

Depreciation amounts may be higher for premium brands because the vehicle value is higher.

Depreciation Calculation Methods

Expert Evaluation

The most reliable method is for an authorized expert to examine the vehicle and prepare a depreciation report.

Market Comparison

The market values of accident vehicles are compared with undamaged vehicles with similar features.

Compensation Process

1. Get an accident report
2. Have an expert report prepared
3. Apply to the insurance company
4. File a lawsuit if no agreement is reached

Statute of Limitations

The statute of limitations for depreciation claims is 2 years. This period starts from the date of the accident.

Conclusion

Vehicle depreciation is a compensation you deserve. You can protect your rights by getting professional legal support.