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Right, that's what I was talking about in the post, I saw it only increased the base price, but I was unsure if it was working correctly, because the sell back price is not at all worth it by the end.
Buy price: $24.000
Buy upgrades: $401.000
Total: $425.000.
Sell price: $12000 (50%)
Sell upgrades: $380.950 (95%)
Total: $392.950.
If it was an extra 20%, you would end up selling the Blacktail for $470.460, even though you spent $425.000 in total. You WIN money (almost 45k), which you could exploit for infinite money since you can just rebuy the weapon and do it again. This is also why the merchant charm is only -5%, because you always get back 95% of the money you spend in upgrades.