How to Discover the Value of your Old Vehicle
One of the first steps of selling an automobile of any type is to decide on a good price for it. One that reflects the car’s worth as accurately as possible. This can be a difficult challenge for anyone not well versed in these matters. This is why it is always well advised that anyone new to this is cautious. You don’t want to scare buyers off with a price that is too high, but you also wish to avoid ripping yourself off by underselling the vehicle in question.
Often times it can be handy to know how much your vehicle is worth even if you aren’t selling it. And many people share this sentiment. Perhaps you come across a situation in the future where you need to use your automobile as collateral for a loan. Or your car may suffer some damage, in which case having the vehicle’s full worth before the accident that caused the damage would be of great use. Whatever your reason is, finding out how much a vehicle is worth is no laughing matter. So here are some tips to help anyone setting out on the car selling journey for the first time.
Do Research on Similar Car Models Being Sold
This is easier than ever thanks to the internet. All you have to do is go to online auto trading sites and find a car the same as yours, and ascertain how much it is being sold for. It is advised that you don’t do this for one vehicle. Find a few different sales of vehicles that are the same model as yours. See how similar the asking prices are. You can’t go wrong by visiting actual car valuation sites such as Redbook.
Take into Account the Condition of your Vehicle
There are a few different things that can influence the value of your automobile. One of them is the condition that it is in. Take two cars that are the same age, make, model, and have travelled the same amount of KM’s. But one of them has suffered catastrophic engine failure. They are going to be worth vastly different amounts of money.
The same goes for the amount of KM’s that are on the vehicle’s odometer. A vehicle with 80,000 KM will have taken on much less wear and tear than a car that has 250,000 KM on the odometer. Considering that wear and tear is what shortens the life of a car, a vehicle with less distance travelled will be worth less than one that is closer to breaking down for good.
This is why some unscrupulous second-hand car sellers tamper with the odometer reading on the vehicle’s they are selling.
Add-Ons
If there is a fancy sound system in your car, this can be added to the value. An identical vehicle that doesn’t that add-on won’t necessarily be worth less. All cars have varying attributes that can impact the value of said vehicle.
Bonus tip – Contact car wreckers in your area, they will tell you the top price for your old vehicle and even offer you free car removal service.