Selling your car? Everyone wants to know what their car is worth so that they don’t lose out on value when it comes to the sale. Maybe you're just interested in the value on your driveway all the same - here's where you can turn.
Selling My Car: What's It Worth?
The simple answer is that there's no definitive valuation. A car's only worth what a potential buyer is willing to pay. Car dealers use things called price guides to establish your vehicle's value.
The clue to the usefulness of these publications is in their title, which includes the word 'guide'. An expert still needs to interpret the figures according to the circumstances.
It's possible to have a look at one of those price guides yourself, you can still get one at the newsagent, or even look online from the comfort of your armchair. They may have made adjustments for mileage and different specifications. Allow for and be realistic about any damage or problems with your vehicle, which will affect its value.
Which Car Selling Price Guide Is Best?
Often your very best price guide is online classified ads on websites like Auto Trader or CarGurus. Find a similar model and mileage and see what someone is selling it for. If there are several examples then you may be able to establish an average selling price. This will then give you the option of selling it privately at a better price, take around 20% off to arrive at the likely trade valuation. That's what a dealer could pay you for the car as a part exchange.
How Car Dealers Value - What's The Secret
Want to know a secret about how car dealers actually value your car? They may indicate a top-secret trade guide is used, but in reality all they do is go online and use one of the valuation services.
They do this, because the dealer knows you've probably done just that. As result they can bid a a bit more to get your business, or less so they don’t have the hassle of your old car.
A word of warning though, although the online valuation site may guarantee their price, when they actually see the vehicle they can mark it down for damage or any misdescription on your part.
Sold Your Car - What To Do Next?
You've shaken the hand of your dealer, you're ready to drive away the new car, but there are a few things to consider. Protect the investment you've just made with GAP Insurance for your car, it’s a sound investment to protect the money just spent against depreciation in the event of a write off.
If you've bought a used car, you might want to look into protecting it with an extended car warranty, even if the dealer has given you one. MotorEasy can offer dealer wrap warranties offering protection over and above this cover to ensure you're not at risk of high repair costs.
Didn't get a new car, just sold it and are still looking? Our first in the world leasing comparison tool compares the best deals close to you, so you can get the car of your dreams for less