What Is the Value of My Car? And Factors That Affects It

The year of manufacture and mileage are not the only ones affecting a car’s value. Read the following article if you want to know the answer to “what is the value of my car?”

“What is the value of my car” is a good question that you should ask if you are planning on selling your car. Or are you planning on buying a second-hand car? Before planning to sell or buy it, you should know about how much your car worth. You don’t want your car is sold less or more than its actual value, right?

Why Car Valuation Matters

Why Car Valuation Matters
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By knowing the value of your car, you are in a strong position in a negotiation.

For Seller

If you are a seller, knowing car valuation helps you get the price that your car deserves. You will not be easily affected by your potential buyer who usually wants to pay less. It is also good to build trust. Your potential buyer will likely to buy from you if you mention that the price comes from an objective valuation.

For Buyer

If you are a buyer, knowing car valuation saves you from being tricked by the seller. You will know if the buyer set the price too high or just about the actual value of the car. From there, you can decide whether or not you accept the price.

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Factors That Affect a Car’s Value

Factors That Affect a Car’s Value
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You know that the year of manufacture and its mileage affect a car’s value. But, some extra unique factors can either increase or decrease its value. We hope you consider the following after knowing the answer to “what is the value of my car?”

Factors Increasing a Car’s Value

Factors Increasing a Car’s Value
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Full-Service History

There is no doubt that full-service history can increase a car’s value. A fully serviced car is worth two cars that rarely got service.

Extra Features

A car with extra features is worth a catch. If your car has extra practical accessories that can increase driving experience, it can increase the car’s selling price. The accessories can be a multimedia system and a rear-facing camera for parking.

Desirable Colour

Some colours are more desirable than others. Black colour, for instance, is popular among businesspeople and those who favour dignity and prestige. The red colour, meanwhile, is popular among those who love fancy and flamboyant stuff.

No Damage

It is hard to find a car with no damage at all. But if such a thing exists, it is worth higher than all secondary prices. No damage allows small stains or scratches.

Factors Decreasing a Car’s Value

Factors Decreasing a Car’s Value
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Parts not working

If there is anything from the car that needs fixing, like an electric window cannot work, it will drop the car’s value.

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Significant Wear and Tear

As previously stated, small stains or scratches are accepted. If the damage is more significant than those, it will reduce the value. Because the potential owner has to make an extra payment to change those.

No Current MOT and Gaps in the Service History

A long gap in service history or no current MOT harms the value of a car. You know how a car’s condition that is rarely received any service.

Lots of Previous Owners

The number of owners always arises suspects like, “is the car so bad that lots of people keep selling it?” The more owners, the lesser the car’s value will be.

After learning those all above, we hope that you can get a clear picture of the answer to “what is the value of my car?” After knowing the year of manufacture and mileage adds or reduces it with factors affecting a car’s value.

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