Can I Trade in a Damaged Car? How to Get a Fair Price for Your Damaged Car
Quick Answer:
If you’ve been involved in any sort of collision with your vehicle you might be a bit anxious about what this means for the future value of a trade-in. Many car buyers who are hoping to trade in their used vehicle wonder, can I trade in my car after an accident? The answer to this question is, yes, you absolutely can trade in a car that has been involved in a collision. However, there are some things you’ll want to keep in mind.
At Ontario Chrysler, we are the Jeep, Dodge, Chrysler and Ram dealership Toronto residents count on. We have had countless customers ask us, can you trade in a car after an accident? Though we are happy to say that you can, we want you to feel well-informed about the process. In this post, we dive into the question, can I trade in a damaged car and help you know what to expect.
Can You Trade in a Damaged Car?
Anyone who owns a dinged-up car will want to know, can you trade in a car with body damage? Though you certainly can, you should expect that the car may be somewhat reduced in value.
When car dealerships accept a trade-in, they do so knowing that they will need to sell the car again, and will want to make a profit. Having to fix body damage on a vehicle will increase the resources a dealership will need to put into a vehicle before selling, and as such, will impact the price you will get for your trade in.
So, if you’ve been wondering, will dealerships trade in damaged cars, the answer is yes. Keep in mind that most dealerships do not have a body shop on site and may not be able to appraise the damage to your vehicle accurately. At Ontario Chrysler, we remove this barrier by having a body shop at the dealership to help give you a more accurate assessment of your trade-in.
Can You Trade in a Financed Car with Damage?
Can you trade in a damaged financed car? Yes, you absolutely can. When trading in a car that you are still financing, you’ll want to be aware of the possibility of negative equity. Damage to a vehicle can lower what you will get for your trade-in so understand that this may increase the chance that your car loan is underwater.
See our post, What You Need to Know About Trading a Car You Are Still Financing?, for more information on trading in a car you are still making payments towards.
What Appraisal Tool Does Ontario Chrysler Use?
At Ontario Chrysler, use the best Automotive appraisal tool in the market called VAuto. It compares your vehicle Year, Make, Model, Trim, KMs, & Options to every single vehicle listed online and gives us a real time fair & accurate value of your vehicle. We want and we Need your Vehicle! Please Visit us for a quick, no pressure appraisal of your car, truck, SUV or Minivan.
Why Does vAuto Help You Get a Fair Price for Your Trade-In?
When you are looking to get the best possible price for your trade-in, you’ll want to turn to a dealership that uses vAuto to appraise your vehicle. vAuto takes all factors into consideration giving you a fair and transparent, real time evaluation of your vehicles worth. vAuto also adds dealer profit to the evaluation and offers a more transparent way to help you negotiate the process of trading in your used vehicle.
At Ontario Chrysler, we are committed to helping you navigate the process of trading in your used vehicle. If your car, truck, or SUV has damage and you want to trade it in, our in-house body shop is the place you’ll want to be. Dealers from around the GTA turn to us as a resource for evaluating damage and repairs and we will give you our expert evaluation when you bring your trade-in to use.
Video Transcript
“Can I trade in my vehicle if it has been in an accident?” That’s a really good question. Many people wonder if their vehicle can be traded in after an accident, and the simple answer is yes. However, it’s important to remember that as a buyer, if the vehicle you were interested in had an accident, you would likely hesitate to purchase it. This hesitation can be overcome if the price is more attractive.
Yes, you can trade in your vehicle even if it has had an accident, but the accident may impact its resale value. For example, if the Carfax report shows damage ranging from $800 to $2,500, this is usually quite negligible, especially if the notes in the Carfax indicate it was a minor incident, such as a rear bumper hit. On the contrary, if your vehicle was involved in a major accident, like rolling off the highway with a $115,000 claim, you cannot expect the vehicle to retain the same resale value as one with a clean title.
However, this does not mean you cannot trade it in. At Ontario Chrysler, while we strive to ensure our vehicles are as pristine as possible—usually meaning they come with a clean Carfax—from time to time, we do bring in vehicles that do not have a clean Carfax and we manage very well with them. We still offer our clients close to market value, ensuring that the buyer sees some incentive to purchase a vehicle with a potential Carfax.
Keep in mind, if you are currently financing a vehicle and it gets into a collision resulting in a Carfax report, you can definitely still trade it in. We will provide you with excellent trade-in value. We have some of the best wholesalers, and it depends on whether you are trading it into a dealer and what the dealership’s resources are in terms of coming up with a value for your vehicle despite the Carfax. We have those resources, so you don’t need to worry. We take in vehicles with Carfax reports all the time, whether they stay here or are exported or go somewhere else. It depends on where we get the best value.
Feel free to give us a call to find out what your vehicle would be worth. I can assure you that it’s a conversation you will probably leave quite impressed with. Thank you very much.