Ready to sell your car? Well the first question you need to answer is: how much is it worth?
Valuing your car can be useful for all sorts of reasons. As a seller, it helps you set the right price and get the right value. As a buyer it can help you decide whether you're getting value for money.
It also helps to have an accurate idea of the value if you're insuring a car. An accurate quote can ensure you get the best price.
The value of a used car can change based on a number of factors. Private sellers, for example, normally get more than dealer trade-ins. The age, mileage, service history and condition can also affect value. Here are some key things to look out for:
As cars get older they lose their value. Depreciation is one of the most important factors to look at. As a rule, you can expect to lose 60% of your car's value within the first three years. So if you paid £25,000 for a brand new car, it would be worth £10,000 three years later.
The good news is that most of a car's depreciation happens in those early years. After that it slows down a little. However, the rate depends on a number of factors including the make and model of a car, colour and the service history you have. You can find more information on these by visiting the ‘what's the value of my car' tab. For example, Land Rovers and Teslas have been shown to hold their value much better than other makes.
Mileage and condition
The more miles you drive, the more your car will depreciate. Equally, small scratches and marks can knock money off. It may be worth getting those repaired to push the price up a little.
For that you'll need a free car valuation. This helps you decide whether the increase in value can be worth more than the repair cost.
How to do a car valuation
RAC provides a car valuation tool which is a handy guide for your car's value. You can back this information up yourself by doing research.
● Scour the classified ads for similar makes and models to see what they are being advertised for.
● Consider the age and mileage of your car and how it compares to those on sale.
● Think about where you're selling. If you plan to sell to a dealer, you may get a lower price.
Equally, don't value your car as a private seller by looking at the dealership. They command a premium because they will normally be able to offer warranties.
RAC Vehicle Check
Our RAC Vehicle Check can provide you even more knowledge around a specific cars' value. It gives you information about the history of a specific car to check it's not been stolen and the mileage is genuine. You'll also get a good idea of the running costs as well as independent What Car? reviews.
Give your buyers all of this information and you'll find that selling your car will be a much easier process.
Here at RAC Cars, we offer a fantastic range of vehicles at the best prices. To help further, we also have a FREE car valuation tool so you'll have an up-tothe-minute price for the market value of your car.