As we discussed previously in The Ultimate Car Valuation Guide, if you want to sell your car, it’s important to find its market value so you know a reasonable price to charge and sell quickly.
Before starting the process of finding out your car’s market value, it’s a good idea to make sure your car is up to date with service and is in the best possible condition, as this will instantly add value to your car.
So when it comes to how you can find the market value of your car, this article should steer you in the right direction.
Comparison
One way you can find the market value of your car is by comparing it to others being sold online.
However, with this method you have to be pedantic with your research because even minor differences between cars of the same make and model can affect the market value.
While searching, you’ll want to search for cars with the same make and model, age, kilometres travelled and for other features like transmission and engine make up.
If your car has modifications, keep in mind that this could affect the car’s market value and cause it to appreciate or depreciate depending on the modification.
Although the owners set the prices of the cars, they’re likely to be pretty similar to each other so this way you can get an approximate market value.
What’s even more accurate is looking at the price that cars similar to yours have been sold for, rather than what they are selling at, as this is proof of the going market value, rather than a hopeful or naive seller.
Online Tools
Through your search online, it’s very likely you’ve by now seen many options in the way of online valuation tools.
While these are most free and are very convenient, they are often automated and give an indicative estimate only, without considering other factors that may be relevant to your vehicle.
At CarBuyers, we also have an online valuation tool you can use, and while it is as free and as convenient as any, we make sure we provide you with the most accurate valuation possible, short of coming out to see your car in person.
Professional Valuation
Speaking of having an expert come out to complete a valuation of your car, this is a great option, and probably the most effective, for an accurate and thorough assessment.
This way, someone is evaluating your car independently, and not just generic features and information.
And, because we come to you, be it at home, work, or elsewhere, and take roughly 15 minutes of your time, it rivals the convenience of online methods while providing the most accurate valuation possible.
On top of this, if you are looking to sell your car, it meets our conditions, and you agree on the price, you could go from valuation to being paid and the car sold within 24 hours.
Contact us today for a professional valuation.
Calculating the Depreciation Rate
Cars tend to depreciate over time due to many factors, age, condition, even your car’s brand can affect its depreciation rate.
Therefore, if you’re planning on selling a car in the future it’s important to calculate your cars depreciation rate so you can work out the decrease in market value that just occurs over time, this can be done with a simple formula:
- Find the value of your car when new.
- Use your valuation as the approximate value of your car today.
- Take these two values and find the difference between them.
- Divide this number with the new car value and multiply it by 100.
For example, $40,500 (new car) – $23,600 (car today) = $16,900
Then $16,900 / $40,500 x 100 = 41.73%
If you’re looking at selling your car, you’re already at the mercy of whatever depreciation factors are relevant to your vehicle.
But depreciation is an important element in the value of a car and may play a part in your asking price and length of sale.
Find out the market value of your car
Finding out the market value of your car shouldn’t be a hassle.
Contact CarBuyers today and get an accurate and convenient valuation of your vehicle.
