You’ve just been in a fender bender and need to get your car repaired. You’re not sure if you should go through with it, though, because you’re worried about how it will impact the resale value of your car.
It’s a valid concern. After all, no one wants to take a hit on the money they’ve invested in their vehicle. But what does the research say? Does a collision repair really lower a car’s worth?
We spoke to the experts to get to the bottom of this question—and to find out what you can do to minimize any potential impact on your car’s resale value. Keep reading for our findings.
Understanding Your Vehicle’s Normal Resale Value
All cars lose value when they’re involved in a collision—that’s just a fact of life. But the extent to which your car’s value decreases will depend on a variety of factors, including the severity of the damage, the type of repair that’s needed, and even the age and make of your vehicle.
That being said, most collision repairs won’t cause your car to lose more than 50% of its pre-collision value. So if you’re thinking about selling your car in the near future, a collision repair may not have as big an impact on its resale value as you think.
Factors That Impact Resale Value
When it comes time to sell your car, a variety of factors will impact how much money you get for it.
One of those factors is collision repairs. If your car has been in a collision and needs repairs, that will affect its resale value. How much it’s affected will depend on the severity of the collision, the quality of the repairs, and how long the car has been off the road.
If you’re thinking about selling your car, it’s important to factor in the potential impact of collision repairs on its resale value. Talk to your insurance company and repair shop to get an estimate on how much damage the repairs will do to your car’s value.
Assessing the Damage of a Collision Repair
When you take your car in for collision repair, the technicians will do a full assessment of the damage. They’ll need to know what needs to be fixed in order to give you an accurate estimate.
There are a few things that can affect the resale value of your car:
-The make and model of your car
-The age of your car
-The severity of the collision
-The quality of the repair work
Your car’s resale value will also depend on how popular that particular model is and how many are on the market. Generally speaking, a well-repaired car will retain more of its value than one that’s been severely damaged.
What Should I Do After a Collision Repair?
When you’ve had a collision repair done to your car, it’s important to keep up with regular maintenance and repairs. Make sure to stick to the schedule recommended by your manufacturer in order to preserve the life of your car. Not only will this help make sure that everything is running as it should be, it will also help you protect the value of your vehicle.
It’s also a good idea to get a few opinions on what kind of repairs are needed and when. This will give you some insight into the current condition of your car, and can help you determine when something needs to be fixed or replaced. You might even consider getting an independent appraisal from a mechanic who can tell you if there has been any structural damage that wasn’t previously known.
These steps can be key in helping ensure that your car retains its value after a collision repair. They’ll also give you peace of mind knowing that you did all you could to preserve the overall condition of your vehicle.
How to Maximize the Resale Value of Your Vehicle
If you’re concerned that repairing collision damage could affect the resale value of your car, there are a few things you can do. First and foremost, make sure to choose a reputable repair shop that is certified by the National Institute for Automotive Service Excellence (ASE). These certified repair shops should always use manufacturer-recommended parts and paint materials to ensure your car stays as close to original condition as possible.
Even if you do choose an ASE certified shop, it’s still important to ask for the shop’s warranty on the repaired parts before any work is done. It’s also smart to ask for detailed records of all repairs done on your vehicle, so that you can present them when it comes time to sell it.
Finally, if your vehicle does receive significant bodywork repairs or a painted finish, consider having an independent technician perform a post-repair inspection. This will give you valuable insight into how well the repairs were completed and provide potential buyers with peace of mind that they’re getting what they paid for.
FAQs About Collision Repairs and Resale Value
You might still have some questions when it comes to collision repairs and their impact on a car’s resale value. We’ve answered a few of the most commonly asked ones below:
– Will collision repairs decrease the resale value of my car? Not necessarily. As long as the repair work was professionally done, it shouldn’t make much of a difference.
– Are there any benefits to repairing the damages? Yes! It not only protects the structure of your car, but can also help you avoid expensive problems down the road.
– Is collision repair covered by insurance? Yes, in most cases. Your insurer should be able to provide details about what coverage is available for collision damage and what parts are covered.
In the end, it’s important to remember that a collision repair will likely impact your car’s resale value. How much it impacts it, however, will depend on a few factors, including the severity of the repair, the type of repair, and the make and model of your car.
If you’re thinking about getting your car repaired, be sure to weigh the costs and benefits of doing so. Collision repairs can be expensive, and if your car is totaled, you may not be able to get the same level of payout from your insurance company. If your car is still in relatively good condition, a collision repair may be worth doing in order to increase your car’s resale value.
Contact us here with any questions you might have!
