How to Determine a Fair Car Valuation

When selling a car, everybody wants to make sure that they are getting a fair valuation; it is only human nature to not want to get shortchanged on something that is worth a lot more and also cost a lot more at the time of purchase.

There are plenty of ways to determine if a car has been valued fairly, and you can use these methods without needing to consult a mechanic or an expert in the field.

Look Around

Go online and look at adverts for cars that are the same as yours with the same spec; seeing what price other people have their cars listed at will give you a fair idea as to what yours is also worth. Some may come in cheaper and some may come in higher, but as a rule of thumb, average everything out; many buyers often overvalue their car, and others may want a quick sale.

Ask an Expert Who Has Nothing to Gain

Another simple method is to ask a mechanic that you already know, what they think the car is worth; make sure it’s not a professional who is looking to purchase the car, but just somebody who is willing to value the vehicle as a friendly favour.

Educate Yourself

Price valuations on cars differ depending on what outlet they are sold from; a car sold as a private sale won’t be worth as much as a car sold on a used car dealerships’ forecourt; know your competitor and what they are charging. A clever car buyer will never pay dealership prices to a private seller for obvious reasons; a dealership is more reliable in terms of having the car checked over before the sale, meaning the buyer will be willing to pay more for peace of mind.

After a private sale, most buyers will then take the car to the garage independently to give it the once over, and the price they are willing to pay will reflect that.

Be Honest

Many private sellers of used cars have a massive sentimental attachment to their cars, therefore placing more value on them than what they are actually worth; be honest with yourself from the beginning in order not to be disappointed if your valuation is lower than what you initially expected. If your car has a bump, it has a bump; if the interior is ripped, it’s ripped. You may love your car despite its indiscretions, but buyers who are going for a second-hand car still want it to feel good quality and as new and looked after as possible, even if it’s not.

Use Online Valuation Websites

There are many resources available online that help to determine the overall value of a car. Hopping from one to the other is sure to give a good gauge on what your car is actually worth vs. What you think it’s worth.