16 Mar 2021
Buying a new car comes with a downside: selling your old one. Yes, selling your old car can be a tedious and time-consuming experience, with no guarantees you will get a good return on when all is said and done.
This being said, knowing what your car is truly worth will go a long way to ensuring you will get a good price for the vehicle.
Here is how to evaluate your car and its price so that will have a better bargaining hand with any private buyers.
What is the car’s make & model?
This should be the first thing you consider when evaluating your car. Even doing some quick online research will give you an idea of your make and model’s value. When searching similar vehicles, try to ensure your car’s history matches that of the ones you find online.
For example, you might be selling your 2014 Holden Colorado. You will then search for Colorado’s that are not only from the same year as your’s, but have done similar mileage and have a reasonably similar service history. Of course, it’s impossible to find two cars that are almost perfectly matched in terms of their history, but this should give you a ballpark idea of how much your car is worth.
How far has it travelled?
People often decide on a car’s “age” by how many kilometres it has travelled, as opposed to its year of manufacture. The more kilometres your car has done, the less valuable it will be. You can compare your make and model’s odometer with cars that have done similar amounts online.
Accident & repair history
Your car’s value could be severely affected by whether or not it has been in an accident. Furthermore, if your car has been in for any serious repairs, this could once again limit its value. If the car has any recurring problems that require a lot of mechanical attention then this will once again reduce the vehicle’s value. However, if your car has been well looked-after and hasn’t incurred too much damage throughout your ownership, this will maintain a higher asking price.
When was the last time your car got a service? If you answered ‘quite some time’, the car’s general condition may be lower than usual. You want to have it checked out by a reputable mechanic and include their report when advertising your vehicle.
Don’t want to do it yourself?
If you want to advertise your car for exactly what it is worth without the uncertainty of evaluating it yourself, there are companies that offer the service for a small fee. These evaluators have been working in the industry for some time and can provide your vehicle with a trusty, reliable evaluation and one that will give you the best idea of how much your car is worth.
RedBook, for example, is a renowned car evaluator who can tell you exactly how much your car is worth without you having to go to any effort.