Looking to sell your old car to buy a better one? How can you determine the value of your used vehicle to avoid undervaluing and selling for less than its worth?
If you’ve ever had reason to or intend to sell off an old car, add some money, and buy a better one, this would be the first question to cross your mind… especially when you are trying to fix a sale price before listing it for sale.
Truth is that the value of used cars has increased greatly since the start of the COVID-19 pandemic as semi and full lockdowns in different countries and reduced travel has led to less reason to drive a car or change cars. As a result, used car auctions have reduced inventories with the same or higher demand, leading to higher purchase prices.
So you decided to sell off an old car…. What should you know or keep in mind? What questions should you ask before setting a purchase price? How can you get the top dollar for your car?
Determining the value of your vehicle is crucial if you want to resale with maximum profit. You need to have a clear understanding of what your vehicle is worth in order not to lose money during resale.
Also, the pricing placed so high will make it difficult to sell your vehicle. When you price your vehicle correctly, you will maximize profit. We all know that Used cars are cheaper to get than brand new cars.
So how can you accurately determine your car’s value in order to be able to fix the right sale price? We’ve put together 5 factors to help you answer this question.
Factors to Determine the Value of your Used Vehicle
1. Car Value Calculator
There are a lot of sites that offer a car value calculator online but they may not be totally accurate. The calculation is an estimate and may not show the true value of your vehicle. There are reputable sites in the automotive industry that can give you an accurate estimate. Sites like Edmunds and Kelley Blue Book can provide reliable and up-to-date information.
Searching these sites places you on the same page as potential customers in terms of the asking price. Using a reputable site like other sellers ensures your price is within range as other used car prices. This means your price will not be lower or higher than your vehicle’s price.
2. Brand – Model – Year
Some car brands have a higher value than others. If you want to determine the value of your vehicle, the brand, model, the year is important factors to look out for. Used sports cars with manual transmission have a higher value than automatic because of the buyer’s preference.
3. Vehicle Mileage
One of the largest impacts on determining the value of your used vehicle is the mileage. The mileage/odometer reading of a vehicle will determine the value of the vehicle and the price. A potential buyer is likely to purchase a vehicle with lower mileage than higher counterparts.
Your vehicle’s mileage should be documented overtime and documented in the vehicle history report.
4. Physical Condition of the Vehicle
The value of a used vehicle is generally determined by the physical condition of the car. Buyers are concerned about the physical condition of a vehicle they want to purchase. If the vehicle is accident-free with minor damage the value may likely have a higher value than a vehicle that was in an accident.
Vehicles with a history of regular maintenance also have an impact on the value of your vehicle. With the Vehicle History Report, your vehicle’s maintenance history and damage history will be recorded.
You may also check the condition of your vehicle’s seats, lighting, transmission, and other components.
5. Look and Feel
The vehicle’s color and accessories impact the value of your used vehicle. Dark colors such as black, blue, gray, silver tend to sell faster than bright-colored vehicles.
Car accessories also play a part in improving the value of your used vehicle. If you have accessories that improve performance and functionality then your vehicle value has just topped. Some car accessories protect your vehicle such as car covers, specialized rims, and may also add to the value of your vehicle.
A lot of factors are involved when determining the value of your used vehicle. There is no fixed rule in determining the true value of your vehicle, but these factors can influence how your vehicle is valued.
Determining your vehicle’s worth is important if you plan to sell or trade for a new vehicle. You can negotiate a better asking price if you know the value of your vehicle.
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Don’t forget that when that old car is gone and you’re looking to get a replacement it is also important to try to get a good deal and save money. Used car wholesale auctions like Auto Auction Mall, are able to give you access to an inventory of over 150,000 vehicles to buy your preferred car at a fraction of the local dealership cost.
Contact us and a representative will be available to guide you through the process.
You can also start by signing up here and looking through our inventory for your choice of vehicle.