Determining the value of your car before selling it off is crucial. If you set the value low, you will end up losing money. But if you sell your car at a high price, hardly anyone will buy it. Therefore the art of fixing an accurate value of the used car is important to learn.
1- See the value of the car on authentic websites
There are numerous websites which utilize a car value calculator. These calculators have different methodologies in the websites. You should trust a website which is known well in the cars industry.
Usually these platforms observe transactions related to rental fleets, independent dealers, private party transactions and wholesale auctions. Considering the data of these transactions, a specific range is calculated.
2- Which market factors influence the car’s value?
As the market fluctuates, so does the value of used cars. Moreover, the amount of your car’s models available in the market affects the value too. The best practice is to select the value between the figures determined by the car value calculator.
The value range as given by these calculators have an influence on the price. However, nothing can influence more than the market itself. In some cases, the market value becomes a contrast to the calculator price.
If additional parts are found easily for your car in the market, the value will be lowered and vice versa. In this case, you will be unable to sell the car at a high price. This is due to the law of supply and demand. But if you are fortunate enough, this law can aid you in setting up a high price. Another thing to remember is the rental fleets.
The law of supply and demand has a connection with rental fleet cars. It is the job of these rental companies to sell old cars in order to replace them which is why you should check them out too.
3- Check the condition of your car
If you have maintained your car in an excellent condition, you can demand a high price. If not, you will have to compromise with the price. It is advised that you should be honest about the state of the car.
You shouldn’t overvalue or undervalue the car. Even if you have to wait for months for the best possible price or struggle, still be honest to the potential buyers. To assess the car’s condition, check the mileage and age of the vehicle.
If the car was involved in an accident, that will have an impact. Service history and the type of driving which you experienced with the car should be checked too. Driving in the city and near the ocean are often destructive to the car and it’s condition.
Other factors include the checking of interior (air conditioner, infotainment, doors, lights), exterior (paint, seams, wipers and blades) and mechanical components (corrosion, oil, leaks,).
4- Surf the local market
The value of the car differs from city to city. For example, a convertible can not be worth much in cities which have a cold climate. Surf the internet for certified car websites and type in the model, trim and year of your car. Search which cars similar to yours are being selled near your vicinity. Keep an estimate of 50 miles from your city. Normally you can find at least 5 cars.
But if you can’t get searches, expand the radius of the searching process. After getting five searches, compare the prices and place the car in between the price range. Remember that your car’s price should be in the middle. Write the price next to the car calculator price.
5- Comparison of calculator and market value
At this stage, you will be informed of two asking prices; one from the car calculator and one from the market. Oftentimes these prices are dissimilar. It is best to follow the value provided by the market because it’s a close estimate of what you can get for the car. Following the market is a faster approach as well. In case you want to sell your car in UAE, you can follow the car calculator price but do not wait for a buyer for more than 10 days.