Determining the accurate value of an automobile can be challenging as no two used cars are the same. It is also important to get an accurate valuation as this is crucial information for both the buyer and the seller. They will both want an accurate figure so that a fair sum can be agreed upon. In addition to this, owners of classic or luxury cars may want to know the value of their car simply for their own knowledge.
A car’s value is determined byand some of these have more of an impact than others. The main factors that influence value include brand, model, year, condition, mileage, rarity and service history. Other factors to consider include demand, history, previous owners, market value and specification.
So, how does one go about discovering an accurate valuation of a vehicle? There are a few ways in which this can be done and it is worth using a few different methods to come to a fair figure. If you are buying or selling, show evidence that you have researched the value of the car as this will give you a good starting point and a strong hand in the negotiating stage.
The most common method is to search the classifieds for people selling the same make, model and year. Ideally, it will be similar in condition and mileage. This used to be a time-consuming task flicking through the newspaper, but fortunately, it is much easier now as there are classified websites where you can search directly for the car. Whilst classifieds can be helpful, you also need to consider that your automobile is different to theirs, they may not be overly concerned about the figure and you do not know how they arrived at the listed price.
Many dealerships, such as, now offer a handy instant valuation tool on their websites. Typically, you will enter the Registration Number and a few other details and they will immediately come back with a valuation (this is not an offer to buy). This is helpful because it is instant, usually free and easy to use. This should provide a relatively accurate figure if you are asked to provide a lot of details, but be aware of the fact that people expect private sellers to be cheaper than what is charged at a dealership.
The motor trade industry use trusted industry professionals to determine the value of the automobile. There are a few services to choose from which you can use – these are a great method, but you may have to pay to use the service. As with dealerships, motorists may expect a slightly lower cost if you are selling the automobile privately.
These are the main methods to value an automobile. Each has their own benefits and drawbacks, so for the best results, it is worth using a combination and coming to an average figure. Whether buying or selling, this provides a good starting point but it is important to be somewhat flexible in negotiations.