Whether you want to buy or sell a car, knowing its value puts you in a better position to negotiate its price with the potential buyer or seller.
The question is how to find out the true worth of a car?
There are two simple ways:
1. Consider factors like car’s year of manufacturing, its mileage, its market value, etc.
2. Use an authentic car valuation tool online
Factors Affecting a Car’s Value
- The first factor in finding the worth of your car is its age. The older it becomes, the lesser is its value. Newer cars depreciate faster in the first 3 to 4 years of their existence, so pay close attention to the market value.
- The second most significant factor is its mileage. If your car has recorded below average miles in the UK, it will worth a lot more than the vehicle with above annual UK average.
- The third factor is the condition of the vehicle; the mint condition will fetch you more price than the car that has sustained physical or mechanical damage.
- A car with complete service history records from an approved workshop is worth a lot more than the vehicle that doesn’t have complete MOT documentation.
- Another critical factor is the number of previous owners; the more owners a car has, the less valuable it becomes. Any vehicle that has four or more previous owners is a tough sell in the UK market, so always check the V5C registration to find the number of prior owners.
- Apart from these, many other factors affect the resale value of a car. If you think you can determine these features to know your car’s worth, we greet you. However, if you believe that’s too hard to resolve, we suggest you take a car valuation check, which has its own benefits for both buyers and sellers.
An excellent car valuation tool will tell you an accurate value of the vehicle you want to buy. It should provide ‘a dealer price as well as ‘a private sale price’, so you can evaluate if the asking price is worth the condition of the vehicle.
Being a seller, knowing your car’s worth, puts you in a great position to negotiate the price with the buyer. The buyer will definitely try to drive the price down by giving you hints on its shortcomings. However, when you would know the ‘private sale price’ and the ‘part-exchange price’ through an accurate car valuation report, you can quickly dispel their claims.
Which Tool is the Best?
Although many online platforms offer free car valuation reports, not every tool is authentic. Therefore, choose a tool that combines data from car advertisements, dealer websites, auction sites as well as takes into account ex-fleet and leasing vehicle values.