Valuing a car consists of conscientiously analyzing the value of all its elements, from the most fundamental to the most expendable accessories. Only if you do it at a reasonable price can you sell your car. In order not to have it on sale for too long or lose excessive money for it, you should know its value well. Only then will you be able to haggle with the buyer without the risk of asking for too much money or accepting less money. But, to know how much value your car can have, you must take into account a few specific characteristics.
The value of the car
The car is one of the objects that loses the most value over time. With the simple fact of using it after its purchase, your car will have lost value compared to a new one. And with each year that passes since you bought it, your car will progressively lose value. Apart from this, used cars tend to have small failures, which can lower their value by a few hundred euros. For example, if the car has traveled many kilometers or has had a breakdown, it will drop a lot.
On the other hand, the value of a car can also be something very subjective. It may be the case that the seller’s objective is to earn money from the sale, and therefore ask for an exaggerated amount of money. However, it can also be that he seeks to sell the vehicle as soon as possible and “get it off his back” and ends up selling it for little money. The sale price can vary greatly between the two cases.
For these aspects it is so important that you know in advance how much your car is worth. It is not an easy task, but if you pay attention to certain characteristics, you will be able to really know its approximate value in order to sell it at a good price.
What do you need to appraise a car?
Precisely those characteristics to take into account are the ones that will mark how much money you can ask for your car, without going overboard or falling short. You will also be able to understand if the money that the appraiser offers you is a lot or a little. These aspects are the following:
- Know the market: this will be the first step that you will have to carry out. In order to adjust the price, it is best to take a look at various buying and selling websites. Pay particular attention to the make, model, trim, engine, age, and mileage of the vehicle.
- Never stay with the first offer: although it may be the case that you are in a hurry to sell your car, there are many companies that are dedicated to its appraisal. The difference between the price of one and the other can be quite significant, so it is best to compare several.
- Take into account what an appraiser looks at: if you opt for a professional appraiser to try to find out the value of your car, they will look at the following sections:
- Model, make and version of the vehicle.
- Number of kilometers traveled and date of first registration.
- Fuel type.
- Engine operation and condition.
- Bodywork, windows and mirror.
- Car interior: steering wheel, seats, gear stick…
- Tire wear level (vehicle depth should never be less than 1.6 millimeters).
- Car documentation, ITV reports and maintenance book.
- In the case of classic cars, special attention is also paid to:
- Seniority (must be a minimum of 25 years).
- Presence or not of original accessories.
- Renewal of the engine, radiator and water pump.
- State of the bodywork and upholstery.
- Highlight the appearance of the car: this section is purely psychological, but very important. If your car is well cared for on the outside, that will make the appraiser think that you are just as scrupulous about driving as you are about cleaning it.
- Provide all the documentation: if you carry your maintenance book with all the revisions sealed with your car, this will increase the value of the appraisal. Another document that is recommended to present are all favorable reports from the ITV.
Methods to appraise your car
Now that you know all the aspects and knowledge that you must take into account to appraise your car, you must also know the possible methods to do so. These methods are varied, from the most traditional to the most current. They also cover both the private and professional spheres.
Professional appraisal
- Professional Appraiser: In the past, this was the most accurate way to appraise a vehicle. This required that either you go to see the appraiser, or that he go to where you had your car. Depending on his experience and the money he had, he would give you an approximate price. However, that price was the maximum you could aspire to if you decided to sell your car at that time. If the appraiser was a good professional, he used to come up with a price that was beneficial to both, but the operation required quite a long total time. Currently, companies dedicated to buying and selling are more common than independent appraisers.
- Dealers: Even if you are not going to buy a car of the same make, most car dealers will be willing to appraise yours. Like the buying and selling companies, the value that they will offer you will always be lower than that of the private market. This is because they normally take the market value of the car as a starting point.
- Scrap yards: like dealers, almost all scrap yards have an appraisal service. Even if your car is not found, it is not damaged or in poor condition, you can take it and try your luck. Of course, the price they offer you will possibly be ridiculous compared to your expectations. The reason for this is that they will only use the car to sell the parts that can be used.
- Online appraisal tools or applications: this is the simplest option and the most widespread today. Most vehicle appraisal companies have a website or mobile application. While it is the fastest option, it is not the most accurate. In addition to being based only on theoretical data (make, model, mileage…), it leaves out other important data, such as the condition of the vehicle, extras…
Private appraisal
- Using Magazine Appraisals: During that time, this was the popular alternative to going to a professional appraiser. Get bundles and bundles of car magazines, and buy newspapers to read the motor section. For many years, it was the only way to thoroughly study the used car market. If you found the specific model of your car, you could establish an approximate price to put it up for sale.
- Appraise the car yourself: this was the other way par excellence to appraise a car in a private way. On the other hand, with the help of the Internet an easier task is made nowadays. In this case there is a key element: your own judgment will be what leads you to establish a final price for the appraisal. But this mode carries a particular big drawback. If you are not an expert in the motor world, and especially if you are too fond of your car, you will not be able to establish a realistic price in the appraisal.
