How Vehicle History Reports Influence Used Vehicle Pricing
When you’re shopping for a used vehicle, paying attention to the vehicle’s history report can be very wise. Past collision history not only affects how much a used vehicle can be sold for, but also acts as an alert to potential repairs and maintenance work that might be needed down the line. If possible, always consult a vehicle’s history report, such as CARFAX, to get all of the details you need about the vehicle’s history, especially to understand what kind of service history and repair work has been done previously on the vehicle.
Read on as our team at Stouffville Toyota fills you in on how a vehicle’s history report influences the overall price of a used vehicle!
5 Key Impacts from a Vehicle’s History Report
The main ways a vehicle’s history report can affect a used vehicle’s pricing include the following:
- Accident History Impact: Typically, minor damages such as scratches reduce the overall value of a vehicle by 5-10%, while more severe damages like airbag deployment or frame damage can reduce the value by 25% or more.
- Title Status: When a vehicle has what’s known as a branded title (either “salvage” or “rebuilt”), which is when it is declared a total loss by an insurance company (due to major damage or flooding), the vehicle’s resale value drops.
- Ownership and Usage: Single-owner vehicles tend to fetch higher prices than vehicles that have had multiple owners or commercial use, such as for rideshare or delivery service.
- Record of Maintenance: The service history of the vehicle shows how well it has been maintained in the past. If there is missing upkeep, the price can drop.
- Odometer Accuracy: If there is any rollbacks on the odometer, the vehicle history report will indicate it, which can also reduce the vehicle’s worth.