What to Know if Your are Trading-in Your Damaged Car
According to an ABC News article, vehicles lost an average 33 percent of their value after an accident. If you’re in the market for a car trade-in yet have just gotten out of an unfortunate road incident, get to know a few things before you see a dealer.
Remember firstly that you will likely get the deal you’re envisioning if there had not been an accident. A vehicle’s value drops permanently if it sustained damage in an accident, even if the vehicle in question is still in very good condition.
Know that auto dealerships are keen on vehicle history reports. These reports will include accidents, insurance claims and everything about a vehicle’s past life. The reports can ascertain fair market value, the price adjusted accordingly.
Significant damage to your car can affect your trade-in value proportionately. If the damage – dents, misalignment, paint work, etc – is obvious, the more difficult it is for the dealer to resell it. Some cars have to be rebuilt entirely, in which case it will be labelled ‘totaled’ by the insurance company and that will earn it a ‘salvage title.’
Even after repairs or improvements, it is going to be still be unattractive to buyers or dealers. Who knows what issues with structure will crop up later.
Another factor to consider is the quality of repairs. If the vehicle went through high-quality repair and restoration, using top materials, paint job, or good refurbishing and accessories while looking as good as the original version, then dealers will not so much depreciate its value.
Finally, the age and model of your vehicle are also price determinants for trade-ins. You can expect a certain degree of depreciation even for newer models that had been damaged, much so if your vehicle is older. Some models or brands may be popular and sought-after, in which case dealers will have an easier time selling your trade-in, even if it has been damaged.
Hence, should you own a old model and make of a car that has been in an accident and was damaged, you may have to expect a much lower trade-in or buying price.
Damaged Cars Like New Again in Seattle
Repair and restoration services are our specialty at Greenwood Collision auto body shop in Seattle. Trust your car to experts and experienced specialists for a transformation job you will surely be happy about.