Does a USED car also lose value after you drive off the lot.?

I wreaked a used car and my insurance is suppose to pay me the value of my car, but when I when to receive my check they wouldn't give me the full amount because they said it lost value after I road off with it. I knew that was the concept with new cars, but I thought used ones remained at their apprised values.|||Well, yes. "driving it off the lot" means you bought it at a dealership, which means you paid RETAIL blue book.





Used cars have a wholesale and a retail price. The average value for private-party transfers is about in the middle. If you buy a car from a dealership, it will be practically impossible to get that value out of it ever again because they naturally have a profit markup, so the price will always be a disadvantage when buying from a dealership or even a used car lot. You are instead looking to get an advantage in selection and hopefully a guarantee or even a warranty from a reputable place.





When purchasing insurance, it is always a good idea to make sure what KIND of coverage it is. Replacement-value insurance is available, but will of course be more expensive.|||Facts of Life...





All vehicles continue to depreciate in value over the lifetime of the vehicle. While the biggest hit is when a new car is first sold, the value will continue to reduce, based on age, miles driven and the condition of the car





When an insurance company "totals" a car, they pay the 'Fair Market Value' of the car, which is usually equivalent to the dealer's wholesale price. When you buy a car, you pay the retail price, which could be several thousand dollars more than wholesale.|||That's insurance companies for you they rip everybody off, but on the other hand the car dealers may have charged too much for the car, see if you can find out the value of your car from the red book or whatever is used in your area. I knew that new ones lost value but have not heard that one for used cars|||Of course a car loses value as it gets older. Did you really think that a six-month-old used car that is on the lot with 5000 miles will be worth the same amount after 20 years and 200,000 miles?|||Yes. It's not as steep as it is with new cars, but all cars lose value through depreciation. What you paid is not necessarily fair market value.|||They do retain their value, meaning "Blue Book" which may or may not be the amount one paid.|||All cars lose value once driven off lot. Why would you think a used care would be any different?|||You're rarely ever lucky enough to pay just what a used car is worth.