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Let’s talk numbers for a minute, shall we?
When you purchased your new car, you undoubtedly considered it an investment that you took seriously. Either you had boo-ku cash to spend or you’ve got a lien holder that you had to convince the vehicle was worth what you were paying for it. In either case, you weighed the financial options and had to consider your budget and all the associated fees before handing over the dough. Now that you’re looking into upgrading the new digs with paint protection film (PPF), you are likely finding yourself, once again, weighing the financial perspectives of such an investment.
It’s a well-known fact that PPF is one of the most expensive aesthetic upgrades one can make to a vehicle, and it is equally as well-known that it is well worth the cost. To better understand its value, let’s side-step into a quick history lesson.
Paint protection film was invented for military vehicles —namely helicopters — in World War II. Due to “military-grade” being synonymous with “the least expensive (*cheap*)” bulk option, military vehicles were easily being shredded by enemy shrapnel and debris. To mitigate the damage and prevent recalling all the vehicles, the government sought out other viable solutions, and the prototype of what would evolve into the PPF of today was created. A thin, yet incredibly durable film placed on the surface of vehicles shielded them from damage and kept them looking less than battle-hardened.
The PPF of today functions in a very similar fashion, as a near-second skin. While it can’t protect your vehicle from damage in traumas like collisions, it thwarts most other surface damage including paint scratches, dings, and reactions to pollution, moisture, and chemicals.
Back to the numbers.
To better understand the financial aspects of whether or not PPF is with the upfront cost, you’ll need to calculate your return on investment(ROI). ROI is a measurement used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments. ROI attempts to directly measure the amount of return on a particular investment, relative to the investment’s cost. What does that mean in layman’s terms? ROI is essentially a calculation of whether an investment is worth it or not. In cases where there is no potential for profit, it helps determine if the investment would be a wash, a loss, or provide value.
To calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment. The result is expressed as a percentage or a ratio.
ROI= (Current Value of Investment−Cost of Investment) / Cost of Investment
This same theory is applied when considering insurance coverage and total loss. For instance, if you drive a beater, it probably isn’t worth it to invest in full coverage options because the annual policy premium will likely be more than your car’s worth. However, if you purchased the newest Tesla model, a full coverage policy is likely to pay for itself in the first fender bender.
To determine the ROI of paint protection film (PPF) for your car, plug in the values, which will vary based on the situation. For instance, if you paid $56,000 for your Model T and are looking at investing $6700 in PPF to protect it, the upfront cost may be an initial turn-off. But, let’s crunch the numbers.
The average rust repair runs vehicle owners about $350-$1,500 depending on how much of the auto body is affected. Removing key scratches costs $1,500+ and may result in a $5,000 paint job. The average door ding repair runs about $650. So, will a single incident make the initial cost of PPF worth it? Likely not. However, over the lifetime of the vehicle, paint protection film will prevent dozens of these repairs, in addition to avoiding the need for a new paint job — which on the Model T is about $7,000.
As cars age, they begin to lose their value, partially because of the mechanics, but equally as related to the aesthetics. Let’s face it, we all prefer to create our own imperfections rather than purchase someone else’s. Removable PPF not only enhances curb appeal, helping your vehicle retain its value, but it also slows depreciation two-fold. Because your paint is sure to be in pristine shape when you do decide to trade or sell, you’ll be rewarded with higher offers. And, because buyers know the value of properly-installed PPF, you may get higher offers if the paint protection film is included in the sale.
So, is PPF worth it? Is the ROI high enough to offset the initial cost of the investment? We believe there are very few cases in which the answer is ‘no.’ For instance, if a vehicle’s value is less than the cost of PPF installation, it may be worth it to use the PPF money as a down-payment on a new ride instead.
Think about it like a security system for your home. Sure, the install and all the equipment may cost a pretty penny. However, catching a single porch-pirate will make you realize the further-reaching and long-lasting value of the product.
With all this talk about ROI and how the benefits should outweigh the cost to make it worth it, the seemingly obvious answer may appear to be to purchase the cheapest PPF option and save as much as you can upfront. However, poorly installed and/or cheap product can cost you more in the long run and negate all the benefits we just mentioned. Stear clear of deals that sound too good to be true.
To help you feel more secure in your choice to invest in expertly-installed paint protection film at Jet Black Tint and Glass, when you purchase a PPF package, we’ll throw in a full-car window tint at no additional charge. Check out our Tesla PPF packages and book your installation appointment today.