So you have finally decided to sell your car but are absolutely clueless about its value is. Evaluating your car is an important decision, which involves both research and intuition. Even the slightest of miscalculation can put your car on hold for weeks. It becomes quite challenging to find a potential buyer for a car that’s not valued right.
We at WeBuyCarsToday has put up a guide to help you find out the worth of your car. Not only these tips will assist you in determining the car’s value, but we also offer a free car valuation tool to help you estimate the best possible price to sell.
Car prices and value – what’s the difference?
Setting the right price is not only crucial for the seller but also for the buyer. Both the parties involved in the deal should feel like they are benefitting. An amount that’s too high or not worth what you are offering can make the buyer feel cheated. This could be the most ideal situation for a seller, but it doesn’t always work.
Various components help to determine the value of your car, including vehicle make, age, mileage, condition, features, model, brand, optional equipment, etc. While there are certain factors you can control, others will remain constant.
For instance, if the marketplace for cars is flooded with similar vehicles like the one you are selling, you might have to make a compromise when it comes to negotiations. Since the buyers will have more options, it is easier for them to turn down the deal. Such factors can affect the value of your car and force you to reduce your asking price.
In an ideal situation, the deal will finalize somewhere between the price you are demanding and the price the buyer is willing to pay. That’s a sweet spot you don’t want to miss. And if that’s what you are looking for, we have some amazing information for you here.
Explore the market
Before you even ponder over your car or its value, explore the marketplace for used cars. The following factors will further help you in this regard:
- The demand for your car: while you are visiting the marketplace or checking out your online options, check for a similar car like yours and see how reactive the market is to that car. Family sedans are usually the most desirable cars all year long.
- Time of the year: not every season is for every car. If you are selling an off-roof jeep or a convertible during winter, the demand for such type of a vehicle at this time of the year will be low. Instead of keeping your vehicle waiting for long in the market by putting it up for sale, which further deteriorates its value, wait for the right time.
- Ponder over the economic state: selling a luxury used car in an economic recession can be a bad idea. People are usually not willing to pay a high price, and you don’t want to get into a compromised deal.
Look at the listing for similar cars
There’s always a chance to find similar vehicles to yours in the marketplace – unless you have a vintage or unique model. Keeping a check on the listings for such cars will give you a general idea of your car’s value. This will allow you to readjust your asking price in case you were totally off-track.
Learn the effect of mileage
Now that you have a price range in mind by checking the listing for similar cars, factors like mileage will help you make further adjustments to it. Just because two cars have the same model, make, and are pretty much similar in all regards, doesn’t really mean they will have the equal worth if their mileage is different.
Two similar cars can be identically equipped. Thus, it’s essential to bring back your focus on your own vehicle. Check out your vehicle’s mileage to determine a fair price. For instance, an automobile that has 75,000km mileage will have a much higher value as compared to a car that has crossed 200,000km.
Don’t forget to incorporate this factor into your calculation.
The condition of the vehicle
This factor is understandable. A car in mint condition, without any history of accidents, is likely to grab a better deal than a car in poor shape. This particular factor can significantly affect your car’s worth.
Other than this, added extras can also help you lock a better deal. For instance, features like a sound system, GPS navigation, air conditioning, leather seats, convertible tops, and sunroofs can play a vital role in increasing your car’s worth. These factors can also sometimes balance out the loss you were making in the mileage.
Get a history report
Satisfying your prospect buyer on the worth of your car is more important than satisfying yourself. If you are asking for a higher price as compared to other similar vehicles in the marketplace, you should be able to tell the buyer why your car is worth more.
Highlight all the positive aspects of your car – like added extras, mint condition, low mileage, excellent fuel economy, and more to entice the buyer. Whatever you say should be backed up with proper documentation.
Make sure you have:
- Ownership documents and records
- Mileage consistency records
- Service history
- Vehicle usage
- Accident check
- And everything you believe will be valuable to the buyer.
The free valuation tool
To make this process easier and to ensure you have estimated the right price, try out the free valuation tools available with different car buying companies. You can search up the best and most reliable car buying company and go to its website and compare your options.
The most common information you will be asked to put in for a free valuation of your car will include:
- Your car’s registration number
- Mileage details
- Details about your area – such as your region or postal code
- Your contact number and/or email address
By providing this information, you can get a close-to-accurate quote that you can set as your asking price.
This is how you can sell your car at the best possible price. Use the strategies mentioned above and conduct a successful sale of your vehicle. We have a car valuation tool on our website to help you with the same.