An Introduction to Car Valuation
If you are either buying or selling a used car, understanding and knowing the true value of the car will determine if the deal is fair or not. But, valuing a car for an everyday individual can be a tough, scary process that inevitably can make the entire process more stressful than it needs to be.
If you happen to be buying a car – a car valuation check can help you to determine what fair value is for that car. You can then match it up when inspecting the vehicle to see what type of condition it is in.
If you are selling a car – you can see what a fair value for your car is, setting a firm low-end offer. Getting a vehicle valued provides you with an easy way to ensure the buyer is not trying to push the limits.
How much is my car worth?
The easiest way to find this out would be to spend time on used car websites and trying to figure out where your car fits in to determine the best price. This is quite time-consuming so in most cases, it’s recommended to use a 3rd party provider to run a car valuation check. These are instant, provide you with multiple valuation options that range from trade, private, quick sell and part-exchange. All of this is incredibly handy information to have when you are trying to buy or sell a used car.
What can affect a car’s value?
The general basics of car valuation includes the age and mileage and condition of mechanics and bodywork. To help you really understand what will affect a car’s value we will look at what increase’s and decrease’s a car’s value so you can run an instant check and go through this basic checklist too.
What can increase a car’s value
No damage – Seems obvious but the fewer scratches and bumps, the higher the value of the car. Immaculate condition vehicle’s command top range valuations.
Complete service history – Full history of all servicing that has taken place on the car provides full clarity for the work that has been completed. You know when, what and who completed the work so you can get in touch if needed. Complete service history pushes a car’s value higher.
Car colour – It is quite clear when checking a make and model of similar specification that the colour does play a big part in the car’s valuation. Therefore have a highly desired colour – black and white for example – will push the value of the car higher.
Features – If the car comes with a well-specified trim you can be certain that the value of the car is going to be higher. Generally speaking a car with lots of features would have cost brand new so unless the car has serious problems you can assume that the car will retain the high-value ticket price.
How the car gets sold – Depending on how you sell the car, the price you get will vary. As per the car valuation report you will be provided a number of car values which will help you determine the fair value and price of the car.
What can decrease a car’s value
Modifications – Generally speaking cars without any modifications are more sought after than cars with aftermarket parts added to them. If you plan on making modifications remember that they could push the cars value down due to insurance premiums or general lack of trust in the modifications too.
Wear and tear – A used car has been used so general daily use marks and grazes are expected when buying a used car. But the more scratches, dents and dings there are, the lesser the value of your car. Buffing marks out, replacing broken parts and keeping the bodywork inside and outside the car are important for the higher valuations.
Broken parts – Most people are not looking for a project car and would ideally be looking at a complete runner. Ensuring that you are replacing parts and getting these things fixed, the car’s value will improve.
Keeper’s History – Alarm bells will ring when there are a high number of keepers of a car. Short ownership with lots of changing can only point to problems with the car. More owners = less value.
Documents Missing & Outdated – The crucial documents which are the MOT and Tax are vital for being road legal and being allowed to drive on the street. If either are missing the car cannot be kept on public roads or driven on them either which increases the cost on getting it transported, the MOT passed and road tax in place.
Why should I get a car valuation?
There are a number of key reasons for getting a car valued all of which focuses on not getting scammed or less than you should have gotten for your car.
When you are buying a used car you need to ensure that you are not paying over the odds, the easiest way to do this would be to get your car valued and then set a fair value price based on mechanical and external conditions.
Selling the car can be time consuming to get the price right. Get it wrong and no one is interested, go too low and you would have left the deal unhappy.
Another option is to part-exchange your vehicle for another, but part-ex prices are also hard to find out. Being offered a price by a dealer can make you feel trapped and unable to determine if the value is far or not. Avoid this by getting an instant car valuation.