Wondering if the value of a vehicle reduces after being in an accident? The one-word answer to the question is “Yes”. However, the depreciation of the vehicle’s value depends upon the collision’s severity. While in some cases, your car can be easily repaired, in case of a major car collision, the damage could be irreparable, resulting in diminishing the value of your vehicle significantly. In either case, it isn’t the end of the world. Here are five things that you can do to increase your vehicle’s value post-collision:
1. Make All Necessary Repairs
The first and foremost important thing you should do to increase your vehicle’s value is to take it to a skilled collision professional to repair all the damages. These include cosmetic and functional repairs. Doing so is important because after a car collision, an adjuster from the insurance company will most probably be visiting you for an inspection, and they need to know that you are taking care of your vehicle. Therefore, it is advised to get all the minor and major repairs made as soon as possible.
Tip: Work closely with your mechanic and start with the most-needed repairs, working your way backward. This will help you determine the amount of work you need to retain the most value for your vehicle.
2. Use OEM Parts to Replace the Defected Ones
No matter how pocket-friendly and tempting it may seem to use discounted or remanufactured parts to fix your car, don’t. Even though by opting for discounted parts, you will be saving money on reparation temporarily. In the long run, you will end up paying double.
A trusted mechanic understands the difference between quality and cheap parts. Therefore, they will save your time and money by making sure to use OEM (original equipment manufacturer) parts to repair your vehicle, making it as good as new. Investing in the right parts will not only enhance the curb appeal of your car but will boost its resale value.
3. Get a New Coat of Paint
Even something as basic as re-painting might increase your vehicle’s value post-collision. Most accidents can damage your car’s paintwork. When it comes to minor damage, all you need to do is apply the same paint color over the affected area. Whereas, in case of major paint damage, you have to get the whole car re-painted.
While applying the new coat of paint on the car’s body, a professional will ensure that everything matches precisely, and any old paint scratches or chips are covered. This will boost the car’s resale value as almost all prospective purchasers will notice when a vehicle has been freshly painted.
4. Consider a Diminished Value Claim
The diminished value claim helps you recover the value of your car post-collision. The amount of the value primarily depends on the terms of your insurance policy and the local laws of the area where the accident took place. Therefore, if the accident wasn’t your fault and your insurance policy includes complete auto coverage, talk to your insurer to help you in reimbursing the value of your car after an accident.
5. Keep Up with the Regular Maintenance
Keeping up with regular maintenance is one of the most undermined yet easiest solutions for how to increase vehicle value after an accident. Once all necessary repairs are made, and your vehicle has been repainted, it is time to focus on its maintenance and service. Remember that no one wants to invest in a vehicle requiring major repairs. Therefore, it is of utmost importance to check and change the fluids whenever needed and take the car out for routine servicing. Moreover, you can even talk to your mechanic about installing new upgrades in your car, as it will elevate the value of the vehicle in the long run.
Note that the insurance company will not be paying for any upgrades in most cases. Therefore, if you plan to add new performance parts or decals, you will have to pay for it out of pocket. However, modifications can increase your vehicle’s value even after it has been an accident.
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If your car has recently been involved in an accident, you need to do everything in your power to get as much value for your vehicle as possible. Investing in repairs and repainting is one of the best ways to increase your vehicle’s value. Take your car to a trusted professional to get the most out of your vehicle even after a collision. From using high-quality OEM parts to making all the necessary repairs, the best vehicle professionals will work closely with you to ensure that all the damages are taken care of. Whether you have a major or minor accident, make sure to follow the aforementioned tips and tricks in mind to boost its value.