Whether you are looking to sell your car, claim insurance or even purchase the same model, knowing simple details such as calculating how much is my car worth ie. the market price of the car will come in handy. After all, you wouldn’t appreciate being short changed when your car is being evaluated.
More is always better when it comes to evaluating your car’s worth, who doesn’t like extra cash in their pocket? Let’s start by targeting the low hanging fruit to reap the maximal return for your car’s market value. Find out which features you should be focusing on to move the needle on your car’s value, this could mean the difference of a few thousands dollars with just a few quick and clever decisions.
Research the Value of Similar Cars
Finding out the market value of similar cars in your area is one of the easiest ways of extracting a reasonable idea of what your car may be worth. You can check out car listings, and car magazines to find out the value of other similar cars to answer your ‘what is my car worth’ question.
Keep in mind that similar cars are those that were manufactured in the same year and of the same model as your car eg. You have various models of Toyota Corolla’s – Ascent, Sport, Levin and so on. Different models will offer different features, most likely upgrades and therefore incur a more premium price tag. Checking car listings will also help you find out what the general clientele is looking for. This information will come in handy when you are negotiating when looking to sell your car.
For instance, if you realize that the value of your car is $15,000, you can decide to value yours at $14,000 to seem more attractive to prospective buyers. Knowing the year and make of your car is also important in finding out the value of similar cars in the market.
Let’s say your car is a 2015 model, and you see that the 2017 model is slightly more expensive. You should value your car at a slightly lesser value but also highlight the more favorable features. Also take into consideration transmission (manual vs auto) and even your location as these are commonly overlooked and influence the market price of your car especially on websites such as carsales.
Calculate Your Car’s Mileage
Knowing your car’s mileage is also very important in determining the market value. If your car’s mileage is more than the average 10,000-15,000 kilometers per year, this will lower the value of the car due to wear and tear. But if you have stored the car very well and you don’t usually drive it, then the value will be more in that the condition should somewhat be newer.
Figure out your average by recording the total amount of kilometers registered and dividing this by the age of the vehicle in years, then have this compared against the national average kms traveled. This will give you an indication of how your car would compare with others, mileage is a huge factor when it comes to figuring how much is my car worth.
Research & Value Calculators
When trying to determine the value of your car, don’t be shy to ask the all-important question, how much is my car worth? Do a lot of research and visit multiple car platforms to help you determine the value of the car, at least get multiple pricing points from a variety and perhaps average it out to gauge your benchmark. Remember that dealerships tend to offer a higher price than private sellers, so remember to take that into consideration.
For instance, you can use Redbook’s Used Car Guide for additional referencing. These tools will help determine how much my car is worth? All you need to do is provide a few details about your car such as model, accident history, and state of the vehicle. Of course, these calculations are not gospel and be used as a guide.
Market Value Of My Car: The Inner Salesperson
As one who has been in many car negotiations, in the past, the market value of my car would depend on several factors but the main one is how good of a salesman I am or could be. If I promoted all the favorable features of my car, I could mark up the value of the car to find a buyer who was willing to pay that amount. Could you find your inner salesperson and pitch the sale?
Perhaps start by knowing what your clientele wants. What features appeal to them, why they are buying a new car eg larger car for a growing family, then you would know to highlight features such as baby seat anchors, possible option for an additional row of seats, safety and so on. Whereas someone focused on performance, would more likely appeal to a car with modifications to the engine, weight, torque and other technical aspects.
Before meeting or showing the client the car, make sure you have properly detailed and serviced it. This will ensure that it won’t disappoint you if the client decides to take it for a test drive. You should also get rid of any scratches and dings using a mobile car detailing service as well as leakages in the engine bay and so on.
Arrange a Pre Purchase Car Inspection
With the shortage of brand new cars in production and being manufactured, there has been a huge surge in demand for second hand and used cars, you may have noticed.
Buying a secondhand or used car, means that you would more often be exposed to more risk than a brand new car. Because of these variables, the price of your car can be within a large range in comparison to a brand new car which is often a fixed advertised price.
For these instances, getting a pre purchase car inspection is an excellent way to have your car thoroughly assessed.
These inspections are typically carried out by qualified car mechanics who have a deep understanding of what is considered a reasonable condition versus a ‘lemon of a car’. They conduct a comprehensive assessment by collecting photos, performing tests and running detailed inspections to produce a well-written report for you. This will give you a better understanding of a rather more accurate estimation of your car’s value. This is also highly recommended for those looking to buy a car and wanting an expert opinion.
Boost Your Car's Market Value
Knowing important details about your car will help you boost its market value. Remember that cars depreciate over time, so don’t wait too long to sell it. You should also evaluate other factors that might affect the market value of your car as covered in this article.
Finally, knowing how much my car is worth or the market value of my car is dependent on the details of the car. Make sure you keep track of the car’s mileage, accident history, condition. Remember to take care of your car even when you don’t want to sell it ie a regular car wash and detail, or installing window tints to reduce wear and tear or better yet, install some paint protection using a ceramic coating Sydney specialist. Having all the details of the car will also help you decide your target market and keep a fresh track record of all the services performed in the logbook. If you are looking to maximise the return on your car’s value during a sale, customers would be more appealed to responsible drivers ie well maintained and clean accident record.
Of course, one of the given tricks for boosting your car’s market value is the use of a professional car detailing service. It is recommended that you have what is known as a Pre-Sale Car Detail where they will tackle everything from your interior, exterior to your engine bay ie all the necessary areas inspected during a pre-sale inspection/negotiation. Schmicko, who operate in both Sydney and Melbourne Mobile Car Detailing, can assist you with a Pre-Sale Detail if need be. Had you been in their position and looking to buy a car, you would definitely find a clean car more appealing than one that has been neglected, the last thing you’d want is to spend thousands of dollars on a lemon. Even the slightest blemish could be the decider between a sale or not, let’s take the roof lining for example, a saggy interior roof although appears to be harmless, is such an obvious defect. It’s so common for car buyers to bring a friend or someone with an automotive background to inspect your car and essentially nit-pick any potential defects for an opportunity to close in on a cheaper price.
Car Care Advice For The Everyday Driver & Enthusiast
As a seasoned author on our team, Chester also known as ‘Gadget’, for his love for all things mechanical, brings a wealth of experience and expertise to the table, particularly when it comes to automotive topics.