Accidents & Resale Value
What can you do to recoup your investment in bad situations
The value of your vehicle drops after it’s been in an accident. This can be the case with minor damage as well, if the repairs are done improperly. If you want to sell of trade in your car after it has been in an accident, it’s important to get a qualified shop to handle the repairs to get your vehicle as close to it’s pre-accident state as possible.
How Do Dealerships Know You’ve Had an Accident?
Access to any Vehicle History Report is available on ICBC’s website. Even if you’ve erased all visible signs of your vehicle’s damage by having it repaired, auto dealerships will be able to see if you have claimed any damage through ICBC insurance by running through the vehicle’s history.
There are several companies that specialize in providing vehicle history reports, and if your car has had repairs done in the past, this will affect the amount the dealership is willing to offer you for a trade-in.
Type of Damage
A car with obvious damage is almost impossible for a dealer to sell, and the dealer is left with the option to offload to an auction or put money into repairing the vehicle to hopefully sell at a higher rate. That’s why if your vehicle has dents, misalignments, or problems with the paint, you will run into difficulty trading it. If your vehicle was totalled then rebuilt, this status reflects on the title as a “rebuild” making it more of a risk to the buyer as they will worry that the accident caused structural damage that may not be evident now, but could cause costly problems later on.
Quality of Repairs
When auto dealerships are considering your vehicle on trade, they factor in what they will get when they sell it, and how long it will take to sell. Harder to sell cars take up valuable real-estate in their lot. Shoppers at dealerships are first attracted by vehicles that appear to be in good repair, clean and in good condition. If you’ve invested in high-quality repairs that restored the car as close as possible to its original condition, you’ll get a fair value at trade-in.
Age and Make of Your Vehicle
Damage impacts the trade-in value of newer cars more than older vehicles that already have minor wear and tear due to their age. The make of your car also plays a role, because some cars are in such great demand that dealerships are willing to take them because they know it will sell.
How We Can Help
If you have had a major accident, you definitely need to go through ICBC to help shoulder the cost of major repairs. However, if your vehicle has a beat up bumper, scrapes on the rims or fenders, dented rocker panels, or other small issues, this is where we can save you a ton of cash and increase your resale value.
Since we are able to get most small paint jobs done for less than your deductible, you will actually save money going with Island Color. The side benefit is that since these will not be claimed through ICBC, they will not show up in a vehicle history report. Check out our portfolio to see the quality of the work, you will be blow away by what you see.
If you need a bumper repair, rim repair, fenders, or rocker repair, just click through to see how to take the next step in making an appointment. As always, if you are sure to get all repairs done by a qualified professional, your car can get back on the road safely and no one will ever know. Let’s keep that between you and me 🙂