CENTERVILLE, Va., February 23, 2021 / PRNewswire / – Americans have been driving less since COVID restrictions were put in place, and the number of accidents has also decreased. CARFAX data shows that the number of accidents in the second half of 2020 decreased by 24% compared to the same period last year. Since this is the season of car buying and Americans are starting to get their tax refunds, it is important for car buyers to check accident history. Damage can reduce the value of a vehicle by thousands of dollars and even put your family’s safety at risk if not properly repaired.
CARFAX estimates that up to 40% of vehicles on US roads were damaged in their lifetime. That’s about 110 million cars. CARFAX data also shows that every fourth car is sold within a year of the incident. Because of this, accident history is the number 1 used car buyers look for in a vehicle’s history, and for good reason. The average impact on the retail price is around $ 500, but this average influence on the value jumps to more than $ 1,700 for a vehicle with severe damage in the past. CARFAX has a free evaluation tool, History-Based Value, which takes vehicle-specific information such as accidents into account when calculating prices.
Used car buyers should remember that not all damaging events are created equal. Just because a vehicle has had an accident or damage in its history doesn’t mean it’s a bad buy. Doing homework can pay off: Buyers can save themselves money by investigating the severity of the damage. Not only can a CARFAX vehicle history report show you accidents, but most reports will also tell you where the impact was and how severe the damage was. In addition to a CARFAX report, we recommend having any used car you consider for a test drive checked by a trained and independent mechanic. You can spot signs of repairs and make sure they were done properly, and mechanics can see places most buyers can’t.
Additional coverage: https://www.carfax.com/blog/buying-a-used-car-that-has-been-in-an-accident
For information on reading accident and damage information in a CARFAX vehicle history report: https://www.carfax.com/blog/how-to-read-accident-information-on-a-carfax-vehicle-history-report
How to check used cars for damage: https://www.carfax.com/blog/how-to-check-for-accident-damage-on-a-used-car
CARFAX, part of IHS Markit (NYSE: INFO), helps millions of people every day safely shop, buy, maintain, and sell used cars with innovative solutions based on CARFAX vehicle history information. CARFAX has been an expert in vehicle history since 1984 and offers consumers and the automotive industry exclusive services such as CARFAX used vehicle lists, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX® Vehicle History Report ™. CARFAX has the world’s largest vehicle history database and is recognized as a top place to work by the Washington Post and Glassdoor.com nationwide. Shop, buy, service, sell – show me the CARFAX ™. Based in LondonIHS Markit is a leading global provider of critical information, analysis and solutions.