Your car’s value decreases from the time you bought it. Say you bought it for $30,000. Some car experts state it will be valued at less than $20,000 in three years. That’s 14% depreciation! If you’re thinking about selling, you should know the market value of your car.
Even though the depreciation rate is high, you can still make your car more attractive to potential buyers. Preparation is key to making the vehicle as appealing as possible. If you’re interested in knowing “How much is my car worth?” along with tips on how you can get the most money when selling your car, you’ll find the answers in this blog.
What is the Market Value of My Car?
There are different ways to sell a car, from trading it in at a dealership to selling it yourself. You can also get an instant cash offer when you sell it online. But before you decide, it makes sense to know its value first. So, how much is my car worth, you ask? The easiest method is through car valuation tools.
You can go to websites that offer car valuation services where you simply provide details of your vehicle, including its make and model, mileage, and condition. These services do all the legwork for you, so you will have to pay a fee if you want near-accurate results. Many valuation sites are free, and you can get a rough price range for your car. Remember to get as many values as you can and compare them later. A quick Google search for “How much is my car worth?” will give you websites where you can get a valuation.
An alternative is to scour the Internet to find similar cars for sale. Remember that the prices fluctuate and vary depending on several reasons. However, one important thing to look at is the location. Don’t look at prices in Sydney and Melbourne if you’re selling in Perth.
Unfortunately, if you want to get an accurate valuation, that’s difficult to achieve. The ultimate market value of your car will depend on many factors, including the demand for the exact vehicle model and type in your local area and the current market conditions.
Tips to Increase Your Car’s Value
“I just got an estimate of the market value of my car, and I’m unhappy.” You likely expected a higher price for your vehicle, but car valuation tools say otherwise. Don’t fret; there are ways to increase its value.
Here are our tips:
1. Know Which Factors Influence Car Value
In an unstable market, it’s almost difficult to pinpoint what affects car prices. However, some things remain and will always have an impact on the vehicle values. You should, therefore, focus on these items, which are:
- Market Conditions: Negative news, such as the pandemic, will cause prices to drop. When the world is in turmoil, likely, you will not get as much money as you want out of the transaction. Before you sell, make sure that you check the economic activities, not only in Australia but the rest of the world.
- Distance Travelled: As a usable product, cars’ values deteriorate over time. So, while it may be a good idea to wait when market conditions are suitable for selling, it is not a good idea to wait too long. Some cars will decrease in value faster, especially if the distance travelled is high. Go ahead and check the odometer, which is a good indication of the market value of my car. More mileage means a lower price because you drive the car a lot.
- Age: As a physical asset, age influences the car value. That’s why good car valuation tools will ask for the vehicle’s age. Mileage and age go hand in hand. So, when both have high values, you will surely get paid less for the car on sale.
- Car Type: Consumer tastes change all the time. For a while, SUVs and manual cars were a hit. But sedans and automatic vehicles are selling more these days. See if the car type is attractive in your location, which can tell you where buyers’ interests lie. More demand always means higher pricing possibilities.
- Vehicle Condition: If the car is in poor condition, you cannot sell it for a high price.
- Your Location: Where are you selling? It will dictate a considerable portion of the car sale, particularly the pricing.
Once again, it is helpful to seek valuation services. However, make sure that you are honest and use factual information with no intentions of inflating the cost.
2. Clean, Service, and Repair the Car
No one wants to buy a dirty car unless you are offering it at a bargain. First impressions matter, so you should show your vehicle to a potential buyer when it’s clean and shiny. The better the car looks, the more money you will get from the sale. This is guaranteed, especially if you plan to sell it to a private buyer.
If there are issues, make sure that you have them repaired before you show the car off. Even minor dents will affect the price and the interest of the buyer. If they spot any damage, they might deduct the amount they are willing to pay.
Finally, have the car serviced to find other problems that you may not even know about. Taking it to the service station is a sensible investment that will pay back on its own.
3. Find Out When to Sell
The time you sell the car is essential. As mentioned above, you should try selling when the market demand is high. Otherwise, you have to compensate for the quickness of the sale with the price.
Demand changes almost every month, so it helps to keep an eye on the market. For example, low fuel prices mean more people may be interested in purchasing a car rather than when prices are high.
Meanwhile, if you plan to take your car to a dealership, it’s best to head there when it’s not busy. That way, you have a dealer who will be willing to listen to your offer and give you a more attractive deal.
4. Sell It to the Right Buyer
You can list your car to appeal to a private buyer, or you can head to a dealership. You can also join an auction to put up the vehicle for sale. If you advertise the car online, be sure that you know specific facts, including the “market value of my car.” It will help you provide a fair price for potential buyers. Also, don’t forget good photos and an accurate description of the car.
Next time you wonder, “How much is my car worth?” be sure to look at the variables that impact the car’s price. If you would like to skip all the steps when listing or haggling with a dealer, you can contact us instead. Here at We Want Your Car WA, we buy used cars at the top price possible. Give us a call or fill out our form, and we will provide you with a quick estimate.