How to Determine a Used Car Value?

Are you an owner of a used car and plan to sell it? Or thinking of it but still do not know when is the perfect time to do that? Before putting your vehicle on the market, it is important to understand its worth and ensure you price it competitively and attract buyers. Second-hand cars are currently in high demand in Australia, and it might be great timing to assess your car’s resale value. 

Why is it Important to Know Your Car’s Worth

Knowing the market and your car’s value will allow you to make informed decision, whether you are selling privately or trading in. Your car’s age, mileage, condition and brand will be crucial factors impacting your car’s resale price. The knowledge of current trends, prices and understanding of your car’s worth will help you to position your car better to appeal to the potential buyers.

Online Valuation 

We recommend starting with online valuation with popular car selling websites like Redbook, Carsales and Drive. With tools that use market data, these websites will help you estimate your car’s value, based on its make, model, year and condition. But before doing that, it is necessary to write down your car’s exact mileage and recent services, to get a reliable estimate. Also remember that these tools will only give you a general estimate and may not fully reflect your car’s unique conditions or features.

Your Car’s Condition

The first thing a potential buyer will do when buying a used car will be a visual inspection. Dents, scratches, or worn interiors can lower your car’s worth, while a well-maintained vehicle can attract higher offers. Make sure you prepare your car well before putting it on a market, regular maintenance, detailed service records, clean and well-maintained or repaired interior and exterior will make your potential buyers feel that the vehicle has been cared for, and you will be able to sell your car for a higher price.

Checking Recent Sales

Another important step is that you research similar cars for sale around you. One some websites you can even compare prices for vehicles of the same make, model, and condition. The price of your vehicle will also depend on the area you are living at, in some cities it will be higher, while in others lower, make sure you research that before selling your car and set a competitive price. Remember also that the price you set for your vehicle will not be final, always leave some room for negotiation. 

Options and Accessories

Finally, if your car has any additional features, make sure you include them in your car’s description. Some of the upgrades like leather seats, better navigation system, reversing cameras are very demanded on the market and will justify a higher price. However, some of the less popular upgrades, like oversized wheels or custom paint, might limit the pool of buyers. We recommend you include all the popular and desirable features of your car in your listing to get better offers and sell your car at a satisfying price.

So how to determine a used car’s value? It will all depend on your car’s make, model, age, mileage and all the other features like your car’s history, options and accessories. The market demand also plays a big role in how much your car would be worth, so make sure you research it well before putting your listing.