After years of use, you are likely wondering what your car is worth. While this is a very common concern, you will find it extremely hard to find valid information. Given that this is an important piece of information to get hold of before you sell your car, it is vital to get it right. Here’s our guide to getting a fair idea of how much your car is worth and avoiding the pitfalls.
It is always a good idea to get an idea of market conditions before you sell your car. When you know more deeply about the prevailing market prices, it is easier to negotiate a fair deal. Additionally, you’ll be able to immediately know when you are being offered a poor deal.
You can do this through rudimentary research of websites listing similar models. It is also beneficial to conduct auto expert magazines to understand what models are in demand. You can also get a reading on the overall seller market. However, you must know that the listing price doesn’t always translate to the selling price and often goes through many iterations.
Before you go around scouting for how much your car is worth, it might be worthwhile to assess your car first. Take the time out to make note of the important details. Some factors are much too important to ignore when it comes to determining the price of the car.
– Age
Perhaps the most important factor when it comes to the price of your car is. Your car starts to lose its value as soon as it is driven off the parking lot. Cars are prone to depreciating the most between 3 to 5 years, post which it loses value the older it gets. While this is true for most cars, if your car falls under the classic category – the vintage-ness might fetch you a better price.
– Mileage
Mileage acts as a determiner of the overall condition of the car, so it’s important to note the mileage. Not just the mileage it helps to have relevant service records to prove that the car has been driven around responsibly. Realistically any car that is still under the 80,000km mark fetches a great price, over that the value is prone to depreciate.
– Engine Condition
Where you sell your car ultimately boils down to its overall condition. A car that has engine troubles automatically demands a lower price. Even minor cosmetic damage can be a deterrent to the price. So it helps to take a full assessment of the car’s condition to know the car’s worth. Weigh if the cosmetic repairs are worth the trouble and then make a decision.
– Vehicle History
As we mentioned before, the price you can command is largely dependent on the overall condition of the vehicle. A history of accidents, floods, fires, or any other damage will heavily impact the condition and price. It is also very likely that it is designated as a lemon, these details mean that the car will have very few takers to start with.
– Accessories
While the accessories might have added to your car driving experience, they might not be of use to the next driver. No matter how much you might have shelled out when you first bought it, this doesn’t always translate into extra earnings when you try to get an estimate of your car. However, some accessories might be valuable, so keep stock of them.
Most times it is hard to find a reliable assessment by yourself. At this point, you have to look at a third party to give you an accurate estimate. This is not quite an easy task as it might seem at the offset. It is always a good idea to get multiple pricing opinions so you can set a benchmark for the absolute lowest price you can go for with your vehicle.
Online Value Calculator: There are several different websites that you can consult to get an accurate valuation of your car. While you can put in the details and see similar listings to get a fair idea of the price, a full valuation report must be paid for.
Pre-Sales Inspection: Those looking to buy a used car usually arrange for a qualified car mechanic to take a look to distinguish between a good one and a bad one. This is a service you can avail too but this expert assessment might be expensive.
Car Buyer Service: Your local cash for car service like Cash for Car Buyer will most likely offer an estimation on your car. We would recommend you find a reliable car buying service for this purpose. They usually offer this service free of charge and if your car is in poor condition, this is the best option for you.
Knowing the market value of your car is a good start to increasing the market value of your car. As we have mentioned previously, it is best to get rid of your car before 5 years of sale. Doing your market research will further inform your estimation.
Take stock of the condition of your car and consider if it is worth spending on repairs to increase the value of your car. While it might be well worth it to indulge in some cosmetic repairs, if your car is a lemon, this is simply a waste of money.
Call 0487 000 600 to get an accurate valuation on your TODAY!
