Understanding Car Valuations

When you decide to sell your car, you need to determine the right price. If you do it wrong, you might end up selling the car at a loss or on the other hand wait for a call or email from a potential buyer for weeks on end. This is why Auto Bookie has decided to come up with a guide on how they perform the valuation so that you understand what you are paying for.

Understanding Car Prices and Value

Setting the right price for your vehicle will not only help your car sell faster, but it also allows you and the buyer to feel you are getting the right deal. You as the seller will feel you are getting the best deal while the buyer won’t feel as if he is getting ripped off.

The value of your car depends on a broad range of components including the mileage, condition, its age, accessories and more. Some factors are within your control, while others are totally out of your control. For example, if the area you want to sell the vehicle has hundreds of other similar models, buyers might walk away from the deal and get a better deal from another person. This fact can have a big impact on the value of your car, reducing the prices.

The role of valuation by Auto Bookie is to get to the point where the potential buyer will be very willing to pay the price you ask, and you are willing to sell the car. Here are the various aspects of valuation.

Market Assessment

One of the tasks that the valuation experts handle is assessing the prevailing used car market situation. The first consideration is to check whether your vehicle model is in demand or not. While some people are simply seeking for a way to get from point A to point B, others are in for some luxury.

Another aspect of assessment focuses on the time of the year to sell the car. The company checks whether you get the best price at this time or you get more if you wait a little bit longer. If you sell the car at the wrong time, your vehicle might sit on the market for a long time. For instance, you won’t have much luck selling your convertible in winter.

The economic situation also comes into focus during the assessment. If people are in a position where they prefer to spend more than save, then the price will get affected. Another factor affecting the possibility of selling your vehicle is the fuel consumption rate. If you try to sell a car that has a high fuel consumption rate when the fuel prices are high, you will have to wait a little bit longer before you get the price you want.

What Are Similar Cars Selling For?

The valuation expert has access to a database that shows the prices for similar and different models. The expert will use the database and various trusted online sites to get a general idea of how much your car might cost. The expert will determine whether the price you expect is too high or too low.

Mileage

You shouldn’t forget that not all the vehicles of the same year, make and model are equal in performance and price. One of the main differences that make this a reality is the mileage. You might get a better price for a car with a lower mileage than one with higher mileage.

The valuation expert checks out various factors to determine the mileage and how it affects the price. If you are selling a vehicle that is one year old and has done 40,000 miles, people will assume you have driven it so hard. This is different from a car that is ten years old and has 70,000 miles on the odometer.

Added Extras

Mileage isn’t the only element that can reduce or add the value of your car. If you added some extras such as better air conditioning, GPS navigation, better stereo systems, sunroofs and more, your car would sell faster. Using these extras cancels out anything that might reduce the price of the car. You also need to consider the vehicle condition as well. If you maintained the car properly and you have never been in an accident, you can get a better price on it.

Get a Competitive Price

Your goal as a seller is to get a price that will give a chance for the buyer to negotiate and still get a good price. The best thing to do is come up with your proposed price. From here, you need to visit a valuation expert to get the ultimate price.