How taking care of minor damage can raise resale value when it’s time to trade in your vehicle.
One of the often-forgotten ways to maximize your vehicle’s pre-owned or trade-in value is to fix minor damage that could improve the rated condition of your vehicle. In today’s current market, pre-owned values are at an all-time high, but when your vehicle has dings and dents, the value you get back can decrease quickly. This is especially the case with online purchasers like Carvana and others.
At the moment, some vehicles in immaculate condition are selling for 20-30% higher than their Kelly Blue Book Fair Market Value. Depending on the extent of your damages, you may be able to get more value for your pre-owned vehicle than you spend on repairs. And with tax return season coming soon, it just might be a good investment.
If you turn to a shop like Reliable Collision for any damage, they can make sure your vehicle is in top shape which can help you maximize your pre-owned value.
We heard a similar story from one of our customers who brought their 2015 Toyota Highlander to us to repair some marks, pocket dents, and scratches before trading their vehicle in. At a local Toyota dealer, that same customer received $24,000 for the Highlander when the Kelly Blue Book Fair Market Value was rated at around $20,000. For perspective, the vehicle was purchased for $37,700 when it was bought 7 years ago. All in all, that is a tremendous value made even better by the decision to repair those dings and dents before trade-in.
Today, the market value of vehicles is high due to some parts shortages, but as inventory starts to catch back up, values may drop. If that does happen, it will become very important to sell sooner rather than later.
As a note, these value increases will not be the same for all vehicles and it is no guarantee. But, if you give us a call at (401) 823-4770, we would be happy to speak with you about whether this approach is a good fit for your vehicle and situation.