Ready to buy a new ride? Then you must be thinking about selling the old one. In such a case, you need to reflect on your car’s worth and understand what factors affect your car’s value. Only when you know what you are sitting on could you quote a reasonable price to find potential buyers.
Also, if you own cheap car insurance, remember that when you buy a new vehicle you need to update your vehicle details on the car insurance online portal. The entire process of transferring your existing insurance policy to the new car should be hassle-free. With a good insurer, you can log in and swap the details in a few moments.
Now you know this, below we tell you how to assess your car’s worth before selling.
Should you rely on online car value estimators?
One option is that there are many online car value estimators; use them to get a valuation. It gives you the value estimate based on your car brand, model, and year of manufacturing.
However, things like the location where you sell your ride don’t factor in when you use online calculators. These tools consider your vehicle’s mileage, and it gives you the pricing based on the total distance travelled so far, i.e., the number of kilometres. It also doesn’t consider the extra features in your car, like leather seating and GPS tracking. So all that it gives you is a rough estimate of the private selling price you will most likely fetch on trading your vehicle in the market.
The ultimate sale price depends on the below factors.
Your car’s age is crucial in deciding the sale value. For regular cars, the price depreciates with time. However, if you consider vintage cars, their value may rise with time.
A top brand car retains its value and is a strong seller in the pre-owned cars markets. Nonetheless, nobody can assure 100% that you may move your car quickly if it is a popular make. Sometimes, the more commonly used cars sell faster.
More mileage means your car is more susceptible to wear and tear because of excessive use. So, expect lower returns from it.
Regular coloured cars sell like hotcakes. If you own a vehicle that is bold in colour, you may end up finding it more difficult to sell. Or, if it’s a fairly unique one, like a premium paint job, it may fetch you a higher price but it could be difficult for you to find a buyer.
Check your car’s interiors, exteriors, and components before producing it before a potential buyer. Any degradation, dents, corrosion, scratches, faded paint, etc., reduces your car value. Also, keep your logbook updated.
If your vehicle has additional security features, GPS tracking, auto headlights, heated seats, etc., then the presence of these components may raise the value of your car.
Chrome wheels, superchargers, spoilers, and other things may not elevate your car sale value. Some people may find it attractive, others may not. Plus, it may make your car more difficult to insure, or may make your car insurance more expensive – which is not a positive for many buyers.
If your vehicle has undergone several repairs in the past, then you may have to dispose of your car for a reduced value. So, make sure you take the best care of your vehicle if you want to sell it for a good price.
We have covered the most important factors that decide how much you may make for your old car, And remember – once you sell up and buy a new car, inquire about best car insurance and purchase a policy just before your new car arrives home. That way you’re covered right from the start.