Why Should I Know How Much Is My Car Worth?

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Do you know the current value of your car? No? Well, this is something you should know. Many people believe that a car valuation is only necessary when you are sealing the deal regarding the sale of your vehicle. This is not true; there are various other reasons to know My Car Worth.

Here are the main reasons why you should know the worth of your vehicle.

It helps in setting realistic goals when selling your car

Let’s start with the most apparent reason. One of the most common times when car valuation is sought is when you are selling off your car to upgrade to a new one. Each year, hundreds of people do so. Whether it be due to the poor conditions of your current vehicle or because you wish for a change, the chances are sooner or later you will opt for purchasing a new car.

However, without knowing the worth of your old car, you can’t really succeed in negotiating a fair deal with car dealers. Remember, every car dealer is trained to get the best deal- for them. To ensure that you aren’t ripped off, you need to set realistic goals about the value of your car. Moreover, at the other end of the spectrum, you can’t go around asking a price that isn’t justified. This will hamper the transaction process, and you will be stuck with your old car.

Therefore, you must know the worth of your car to ensure that you are able to demand the right price for it. The money you get from your old vehicle can then be used for paying the down payment for your new ride. Or, you can just use the money to satisfy your current cash flow needs.

Dealing with insurance agencies

Accidents occur. Cars get crashed and totaled. In most cases, you don’t have to bear the expenses on your own. Your insurance company will do it for you. However, if the value of the car is too less compared to the cost of repairing it, your insurer might deny paying up for its repair and instead write it off. Knowing the worth of your car, after such accidents have occurred, is much better than taking your insurer’s word for it.

Once you know the worth of your car after damage, you are at a much better position to gauge whether your car is worth being repaired or not. It also allows you to negotiate better with your insurer and hence get more money out of them.  In case that they are refusing to repair it at all, you can persuade them that your car is worth more than the cost of repairs. You have a better chance of being heard when you have evidence proving your stance if the car valuation does show this to be the case.

When your car gets stolen

It is always good to know what the worth of your vehicle is so that you know what to demand in case your car gets stolen. The US alone lost 5.9 billion USD due to motor vehicle theft in 2016. If you think your car is safe from such incidents, think again. Rather than taking the risk and living in a bubble, it is better to be ready for the worst-case scenario.

Let’s say your car gets stolen; here you will be faced with a total loss situation. You will need to make a claim with your insurance company to give you money to get back on the road. The money they give you will be dependent on the value of your car. Already having your car evaluated will provide you with a rough standard about what price to demand from your insurer. In case they don’t pay you the amount, you can negotiate with them. Also, you will be mentally ready to bear the extra expense of buying a new car when you know the approximate amount your insurer will pay you. While the process may take a while, already knowing the value of your vehicle will give you a rough idea about how much extra money you have to arrange.

Ensuring that you are getting a fair price

It doesn’t matter whether you are replacing your current car or merely selling off your old one, you deserve to get a fair price for your vehicle. You can’t expect dealers to give you one if you go unprepared. The lesser information you have about the worth of your car, the more the chances are that you will accept a lower price. Compared to this, knowing the value of your car ensures that you are not exploited.

How to get my car valued?

Are you now ready to know the worth of your car? Are you wondering how to do so? Well, there are various approaches you can take. Either you can go and visit a dealer for a quote. Or, you can use online car valuation services. We Buy Cars Today offers a free car valuation. All we ask for is the model, mileage, and car condition. We then deliver an estimate of the value of your vehicle. If you decide to sell it off to us, you will get the price as quoted.

Conclusion

It doesn’t matter where you get your car evaluated from. Just remember, you need to know the worth of your car even if you don’t plan on selling it anytime soon. It doesn’t hurt to be prepared for the rainy days. Having a sound idea about the worth of your asset always pays when you are in trouble.

Know the worth of your vehicle. Use any car valuation service to do so.

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