Saturday, April 29, 2017

5 Ways To Figure Out How Much Your Car Is Worth

Image by Blackboy Photography via Flickr

When it comes to selling your car, figuring out the right value may seem a bit like an art form, blending research and intuition. If you get it wrong, you could land up waiting for weeks for a buyer. That’s why we have put together a guide on how to find out your car’s value.

First, a Few Basics

Picking the right price for your car will help you to sell it quicker and ensure you and the buyer benefit from the deal. The value of your car is made up of a few components, including:

·         mileage
·         car age
·         equipment
·         condition

1.    Assess the Marketplace

Before you assess your car’s value, consider the current marketplace conditions. To do this, ask yourself a few questions:

·         Is my class of vehicle in high demand? Family cars, particularly, are always in high demand.
·         Is it the right time of year to sell your kind of car? A convertible can be hard to sell in winter.
·         What is the current economic situation? If it’s a recession and fuel prices are high, it may be harder to find buyers.

2.    Look at listings of similar cars

Unless you’re selling a collector’s car, chances are, other people are selling a similar car to yours. Check out local listings in newspapers and online to get a good idea of your car’s value. If you want a thorough assessment and valuation, you may want to consider asking cash for cars by who will give you an honest valuation and take the hassle out of trying to sell your car privately.

3.    Consider the mileage

Not all vehicles from the same model, make, and year are the same. Comparing mileage to other similar cars is also a good way to determine the value of your car.

4.    Car condition and added extras

Mileage isn’t the only element that can make or break the value of your car. Added extras like a better sound system, GPS navigation, air conditioning, heated seated, convertible tops, and sun roofs, can all play a role in increasing the value of your car. You also need to consider the condition of your car. If you have looked after it and it has never been involved in an accident, this will benefit you greatly.

5.    Offer a full-service history report

Did you keep up with the car’s regular services and keep track of anything that broke and was replaced? If you want to get the best price for your car, you need to be able to show a buyer why your car is worth the amount you want for it. Promoting excellent fuel economy and added extras as well as low mileage are all good ways to pique a buyer’s interest, but many buyers try to find what is wrong with the car to negotiate a lower price. In order to build trust and show that there is nothing to hide, you need to be able to provide a service history report. The report should also include:

·         Ownership records
·         Service and maintenance history
·         Mileage consistency
·         Vehicle usage
·         Accident check

It can be daunting figuring out used car prices, but the above points should help you arrive at a reasonable price.

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