It’s surprising to me just how many customers don’t have any idea of the value of their core or mid-time engine that they are looking to trade in. You’d be amazed at how many calls I take, as a sales professional, from customers who really don’t know what their core engine is worth. Don’t get me wrong; I’m not complaining. After all, I have three children in college. However, it seems that a little education could help the trade-in process go more smoothly for both of us. That’s the purpose of this blog post.
How to gauge the value of your core engine
There are several things we (and most every buyer) look at to determine the value of your core. Just a few of which are detailed below:
1. How accurate are the log books? While many of us dislike paperwork, the value of a core engine hinges on how accurately the engine maintenance logs have been kept over the years. Just as poor curb appeal will make a potential buyer think that your house may not have been well maintained, poorly-kept log books make a buyer (including us) question how well the engine has been kept up.
2. Who has performed the maintenance? It’s not simply enough to have the engine regularly maintained and the proper records kept. The reputation of the mechanic or the company that handled the maintenance also affects the value. Ideally, you want a single person or a single firm to have handled all of the engine’s maintenance. A log book that shows many different mechanics working on the engine will adversely affect its value.
3. What is the service bulletin status of the engine? The service bulletin (SB) status should also be noted in the log book. This refers to how closely the maintenance performed on the engine complies with the maintenance recommended by the manufacturer. Obviously, the more closely the two coincide, the greater the value of the engine. If the SB information is missing entirely, it can make a dramatic difference in the value of the core, sometimes in the tens of thousands of dollars.
4. What’s the engine’s accident and incident history? Unexpected things occur. However, the records detailing what occurred, what steps were taken and what maintenance was performed after an accident or incident are crucial to the engine holding its value after such an event. We will also generally follow up with the company that did any repairs and verify the work order and/or other paper trail leading from the incident.
Having a good idea of the value of your engine can help streamline the negotiation process when you go to trade in your engine. In addition, this knowledge can help make you a more educated consumer when it comes time to purchase a new or used engine.