Car accidents not only drain you out emotionally and physically; some even live a long-lasting impact on your pocket too. A car that once met with an accident has a high chance of getting a diminished value when you try to trade it off. However, that doesn’t mean your car will not get buyers – vehicles always sell in the market like hot cakes; the game changer is the price that you can manage for it! Say, your car is not totaled, and your insurance company will pay the maximum amount of your damage, in that case, we don’t think you will sell the car immediately. The challenge starts with a totaled car – a car who’s cost of repairs after an accident turns out to be more than the value of the vehicle itself. Relax! There are options, and your vehicle is always valuable to someone, even if not you – you need to find the correct source. Moreover, bodywork for a high-end car is exceptionally costly and at times, incurs a 50% price of the vehicle’s worth, and it can also be considered as totaled!
Get the best value for your car after it meets with an accident
1. Repair and sell
Sometimes, minor repairs can increase the value of your vehicle dramatically. If you know someone trusted, who has suffered from a car accident earlier, discuss with him, he might be able to help you. Or, walk to a local repair shop and discuss with him the pros and cons of repair. Selling the car is always a viable option – dealers understand the recyclable value of a vehicle, and they are always ready to buy from you. But, you may have to compromise on the price you receive from them for a damaged car. So, before you walk up to a dealer, talk a mechanic, take a budget for repairs, and then do a cost analysis.
2. Exchange the car
Renowned manufacturing companies are becoming environment-friendly and trying to reduce their carbon footprints. As a process, they encourage customers to exchange their old vehicles for their new vehicles. And they either give a flat discount on the new car or decide a rebate depending on the condition of your car.
3. Sell to a Wrecking Yard
A car that looks completely damaged to you is also of value to the wrecking yard in Sydney. They see money in every part starting from the oil to the leathers used for seats, and the metal used for the body. The dismantle the car, sort the parts. While they sell some of the parts to other companies for reuse, others like the metal, they sell to manufacturers, for producing materials such as cans, utensils, etc.
4. Dismantle and sell the parts
Since every part of a vehicle holds value in the market – why don’t you try selling the parts individually before thinking of taking the car to wreck yard? The latter gives easy and quick cash, but it doesn’t consider the value for each part separately. If you a knack of vehicles and understand that certain parts of your car are still in good condition, then you must try dismantling it and selling the parts individually. You can take the help of an expert because you should end up causing more damage to the car or yourself. Models with high demand in the market can fetch you a substantial price. And vintage cars, with restricted availability in the market, also can bring you good money.
4. Repair and use
If your car model is old and you know the insurance company will not pay you sufficiently, you can take it to your local mechanics and get it repaired for your use. A car meeting a minor accident need not be either sold off or discarded. In case you don’t want to use it, donate it to a charitable trust, and earn some blessings and tax benefits.
5. Put on your creative hat
If not anything, your vehicle can be used for advertising your business or raise awareness through campaigns and posters painted on it.