Should You Repair or Sell Your Damaged Car?
During the course of car ownership, it’s not uncommon for a vehicle to sustain some damage, whether it’s light scratches and fender benders to more serious damage such as a compromised frame. It’s important to understand that while most damage can be repaired if the mechanic is skilled enough, car owners need to have the foresight to determine whether a car is worth repairing.
Serious car damage can mean that your car may be in the shop more than it’s on the road, which can cost you a significant amount of money. It may not be worth it to keep a damaged car due to the recurring and accumulative cost and disruption to your daily routine. On the other hand, you may also opt to replace your car, which is also a significant investment, but with a reliable result. The following are some factors to consider when determining whether you should repair or replace your car.
Estimated Market Value
The first thing to do is to check the estimated market value of your car. This will serve as your basis for its sale and trade-in values. By determining your car’s value, you’d have a point of cost comparison with repair costs to help you determine whether your car is actually worth repairing.
If your car’s repairs cost more than half the value of your car, you might be better off trading your car off if your car isn’t worth much to begin with. However, for high-value cars, you might have to give it more thought. If it’s going to be a one-time repair, you’d be better off repairing your car to get most of its value back. However, if the repair is likely to recur, it’s better to trade your car in. If the repairs cost more than the estimated market value of your car, it’s far easier to replace your car.
Cars differ in durability and reliability. High-value cars aren’t only expensive to repair, they are also expensive to maintain. Cars that are less durable and less reliable are more likely to experience problems, and will also spend more time in repair shops, even without significant damage. It’s important to account for maintenance costs and whether you’re able to sustain them.
A good way to determine the maintenance costs of a car is to check its owner’s manual, as well as its maintenance and repair history. This will not only reveal any hidden costs, but it can also give insight into any probable repairs that you should expect later on (as is the case when there’s a record of a crash). If maintenance costs are too high or unsustainable, you need to replace your car.
If you do decide to have your car repaired, it’s also very important to get the best quality repair that you possibly can. A good repair will fix the problems your car currently has, while minimizing the risk of the same damage recurring. Always get the best repair technicians you have access to, whether it’s the collision repair experts at Crash Champions and other experts from other fields.