Things to remember before you assess your car’s value
Before choosing how you are going to sell your car, it can help to know the different things that can affect its value. Here are three things that will assist you in assessing your vehicle’s value.
1) Research the market
Begin to research other cars on the market that are similar to yours to assess where you fit in. Go online and check out car sale websites and search for similar models to compare your car with others that are listed for sale. It’s important to note that cars listed on classified websites have not been sold yet, so it may not necessarily be an accurate indication of how much your car is worth.
2) Estimate its value
There are many car value estimator tools available that offer instant, free online valuations. You can try ours here. (Valuation Tool) These tools will give you a free estimation based on your car’s make, model and year. These should be used as a rough guide as they are not able to assess your car on other contributing factors such as added extras, mileage and location of the vehicle.
3) Get Personal
Using the two points above will assist you in forming a general idea of your car’s value. However, it’s important to keep in mind that there are a variety of factors that contribute to your vehicle’s overall value. So get personal with your vehicle and consider the following:
The age of your vehicle will make the biggest difference to its overall value. The only cars that increase in value after purchasing are vintage and specialty cars. Generally speaking, age will decrease your cars value.
The more mileage on your vehicle, the lower the value. A greater car mileage equates to a greater potential for wear and tear. The average vehicle travels 14,000kms per year, so if your car has travelled more than this then its value may be lower than the average. Likewise if you have travelled fewer kilometres, the value may be increased.
Condition refers to your vehicle’s exterior, interior and mechanics. The overall condition of your vehicle plays a large role in determining its market value. The best way to do this is to maintain the logbook and book in for a regular service – this will let potential buyers know your car has been cared for. The aesthetics of the car are equally important, if the interior is in a poor state from smoking, pets and food stains then the value will decrease. Likewise for the exterior – dents, scratches and rusting generally decrease the value.
In built technology and add-ons such as in-built GPS, bull bars and heated seats should all be considered when assessing the value of your car (particularly if they weren’t offered in the standard model).
By following one or more of the steps outlined above, you should be able to form a good idea of how much your car is worth. It only takes a small amount of research to get a good pay off in the end. You can also try our car valuation tool to get an idea of how much we would pay for your vehicle. Get an online estimate here.
Sellmycar.com.au is a vehicle buying service backed by Cox Enterprises, a global business with over 50 years experience in the automotive industry.