Car Valuations – How Much is Yours Worth?
This question is forever on the lips of motorists looking to sell who don’t know whether to trust expensive online valuations, free car price calculators or dealer quotes. You must do your research to know how much it is really worth. Here are some tips to ensure that you are getting the most for your used car.
If you’re selling your car years after purchase then you are aware of its inevitable depreciation. A general rule follows that a mainstream production car loses around 60 percent of its new price over three years with average mileage. The AA rates average mileage at around 10,000 miles per year. The first three to five years see the most rapid depreciation and the AA suggests that after eight years this levels to a flat line as depreciation slowly halts.
However, some makes fair better than others with premium brands preserving their price the best. Car valuation service, Glass, recently published a chart listing the models of cars by depreciation value. Land Rover performed the best with an annual depreciation rate of 20.3 percent. The MINI sat at the middle of the table with an annual rate of depreciation marked at 31.3 percent. Mitsubishi and Mazda brought up the rear with rates of 34 percent and 34.2 percent. Make has a huge influence on the resale worth of your car and it is worth remembering this when you buy your next model.
The factors of age and make are somewhat out of your control; however a change you can make is with the condition of your vehicle. How much you drive and how you drive can make the crucial difference to your engine. Mileage is a huge determinant of price and reducing it as much as possible will improve the re-sale value.
Another aspect to consider is the condition of the exterior and interior. Clean and preserved vehicles are sought after, so evaluate carefully the price of any repairs to the aesthetics. Fixing the odd scratch or dent can be worth it, as the shell of the car is the first thing that buyers see. It’s simple; the newer the car looks, the better the price. Also, remember this while the car is still yours; prevention is better than cure, after all.
When looking to sell, take a look out of the window first, as weather can be a contributing factor to the re-sale price of your vehicle. Seasonal change affects sales, as convertibles are favoured in spring and summer, whilst 4x4s and SUVs are in demand in the winter.
Your Next Steps
Once the repairs are complete and you’ve forked out so much at the car wash, you can get a quick valuation estimate on a classified website. By popping in all relevant details this should churn out a ballpark figure. More extensive car valuation websites, such as Glass and CAP, provide a paid-for service to improve accuracy. This is worth it if you can’t find the right value in your own research. Alternatively, a dealership can provide a figure based on their knowledge and expertise in the field.
Lastly, always remember to be optimistic with the price of your vehicle, as this gives you the ability to lower the figure if the car is not selling.
Call us today to arrange a visit and we can assist you in valuing your car. We can even help you pick out your next one whilst you’re here.