Why Car Valuation Is Important?

Valuating a car is the foremost thing to consider before buying a used car. We should be wary while dealing with rates. It is best to have a full vehicle history check to have an ultimate satisfaction regarding the valuation.

By knowing the key aspects of the vehicle, you can decide between buying a vehicle or not. It puts you in a strong position from the point of purchase, to negotiate.

What Is A Car Valuation and How Is It Done?

A car valuation answers the simple question “How much is a car’s worth?”. Valuation reports confirm your vehicle’s value and are of two types: Private Valuation and Trade Valuation. The first one considers the market value of a vehicle to a private individual while the second one is the price of a vehicle offered by a dealer. A reliable trade and private car valuation check service use accurate, up-to-date data to work out a certain vehicle’s value. They typically compare the particular make and model with the most recent market price and factor in other elements such as mileage and depreciation. This results in a realistic, accurate estimate of a car’s actual worth.

When Should I Get a Car Valuation?

You should get a car valuation every time you are selling or buying a used car. In both cases, knowing the vehicle’s actual value can help you get the best deal. When you’re buying, you can determine easily if the asking price is appropriate. It puts you in a good negotiating position. On the other hand, when you’re selling a vehicle it’s important to set an accurate price. It would help you sell the car faster and give you more room for negotiation. After you confirm the exact value of a vehicle, you will understand if the buyer is requesting a fair price or not.

Moreover, when you take a trade and private valuation check, it puts you in a better position to decide if you should buy from or sell to a private individual or a vehicle dealership.

What Information Do I Need for a Valuation?

A car valuation may require your car’s registration number, postcode, and mileage. The registration number will allow the service provider to identify the car’s details. This way you do not have to provide the car’s details by filling a lengthy form. The postcode allows the ‘trade and private valuation service’ to seek out local dealers in the area. They will search for part-exchange services and dealerships near you to get a good comparison. Vehicle mileage is useful for calculating a more up-to-date, accurate valuation. These requirements can vary depending on the type of valuation service you opt for.

Which Factors Will Give Me the Best Car Valuation?

If you’re selling a used car, its value will hinge on several factors ranging from physical attributes to its overall condition. The most prominent factors affecting car valuation are probably the vehicle’s make and model. Brands more sought-after than others will have more worth. Similarly, some very popular colors are worth more than the others are.

Mileage also plays a significant role, with lower mileage cars giving you a better valuation than older, high mileage vehicles.

Your car’s condition is another important factor affecting car appraisal. A car in excellent condition without any sign of damage will be worth more than the one with scratches on the body.

Keeping a complete service history can also lead to a higher valuation. The service history is a crucial document that records maintenance jobs necessary for keeping your car in great condition. A history that depicts regular servicing, either every year or within appropriate mileage intervals, will improve your car’s worth.

The number of owners your car has had influences car value as well. If you bought the car brand new, you’re more likely to get a higher price than if it had several previous owners.

Some other features also increase a car’s value by making it stand out from the rest. The features like built-in navigation, multimedia systems, and reversing cameras will help increase your car’s worth.

What Things Can Lower My Car Value?

Some factors that lower your car’s price include faulty parts, an incomplete service history, a high number of previous owners, substantial wear and tear, and so on. Parts that do not work properly − for example, an electric window or multimedia button − negatively influence your car’s worth. We suggest you undertake car inspection and fixes before carrying out a valuation for the best quote.

In case your service history shows some gaps, it will put a dent on your car’s value. A car without an MOT certificate won’t fetch you a good price.

Furthermore, a car with multiple previous owners will also have less value than a vehicle you bought as new. If your car has undergone significant damage, it will likely drop its value, as well.

How Does Depreciation Influence My Car’s Worth?

Depreciation affects every single car sold because as soon as a brand new car leaves the dealership, its value significantly drops. Cars with an expensive price tag tend to depreciate at a faster rate than cheaper vehicles. Regardless of the original value of the car, each time it is sold, it suffers depreciation.

Even if you are the first owner of a brand new car, overtime, its value is bound to depreciate. This is because buyer preferences continuously change. For example, a vehicle colour that was once highly desirable might not be as popular now. So, a generic car colour will be less affected by depreciation than an unusual color.