Posted on: 10 August 2021
Anyone with accident experience knows that an accident can impact the long-term value of a vehicle. Unfortunately, your car's resale value may take a hit even if you repair the damage it suffered during the accident. Working with a professional auto collision repair shop is the best way to minimize your car's reduced value, but it can pay to understand why this is the case.
If you're concerned about your resale value following an accident, keep reading. These three tips will help you work with your repair shop to ensure you maintain as much of your car's value as possible.
1. Keep Records
Diminished value often results from insurance company reporting, which you have little or no control over. When a buyer searches for your VIN and looks at your vehicle history report, they may see anything from a brief mention of an accident to an estimated value in damages. The information can also indicate if your car suffered any structural damage in the accident.
If this is all a buyer or a dealer has to work with, it can have a significant impact on your resale value. To counter this, always keep detailed records following an accident. Your auto body shop should provide you with a written estimate as well as a final itemized bill. This documentation can help you prove to potential buyers that you thoroughly repaired your vehicle.
2. Use Genuine Parts
When possible, request that your auto body shop use genuine parts to repair your vehicle. Most collision repair shops are happy to oblige, but you may face an uphill battle with your insurance company. However, since collision shops often work directly with your insurer, they may be able to help you negotiate for better parts.
If you can't use genuine parts, your shop will work with you to select reliable aftermarket alternatives. You should make sure you keep information about the components used in your records so you can answer any questions future buyers might have.
3. Finish the Job
If you don't have a loan on your car, then you're generally free to use your insurance money as you see fit. In other words, you can choose only to do the bare minimum amount of work, such as replacing a damaged bumper and leaving it unpainted. Unless money is extremely tight or you aren't worried about resale, taking this approach is almost always a mistake.
To ensure the best possible recovery of value for your car, always use your insurance money to complete repairs to the highest standard possible. Sticking to factory specifications and using high-quality parts that are installed by a skilled shop is the best way to minimize diminished value for your car.Share