If you have decided to sell your car, the first thing you will need to establish is how much the car is worth. This can often be a difficult thing to assess, given that your car is as unique as you are. As a result the value can fluctuate depending on how you cared for it and the various modifications you may have made to the vehicle.
Getting an Online Car Valuation
Thankfully, there are professionals who are in the business of finding out how much your car is worth. In the past, this came in the form of printed guides that listed values based on the make, model, and year of your car. Unfortunately, these guides were often outdated by the time they went to print. Moreover, they often didn't take into account the various details that make one car more valuable than another.
Today, online valuation sites provide thorough and accurate estimates that are updated in real-time. Many of them partner with dealerships across the UK to get the most recent sales data regarding your vehicle type. After all, ultimately the value of your car will depend largely on how much a consumer is willing to pay for it. The value can also be affected by the type of sale, as most fall into three general categories:
This will likely net you the highest value for you car, but it is also the most difficult to deal to close.
Sale to Dealership
Dealers will typically be willing to purchase your car if they feel they can make a sale. The odds of a dealer buying your car are much higher than through a private sale. However, going through a middle man means losing a chunk of the profits.
Generally, a dealer will always accept a trade-in regardless of the vehicle's value so long as it facilitates the selling of a new car. On the other hand, the trade-in value is usually much less than what you can get on the open market, and valuations will reflect that.
Once you decide whether to sell to a private buyer or a dealership, you then need to establish leverage to get the best possible bargain. Having a valuation done prior to contacting potential buyers will give you an idea of how much a car should be worth, and how far above or below that figure you wish to aim.
Free Versus Premium Valuations
When obtaining a valuation, you also need to determine whether to opt for a free valuation or pay a little extra for a premium estimate. The difference between the two is the level of detail that goes into assessing the worth of your car. The more upgrades and modifications you have made to your vehicle, the more likely you will need a premium valuation to determine its actual value. Premium valuations take into account the following factors:
- Interior Upgrades
- Exterior Upgrades
- Maintenance History
- Body Work and Damages
With a free valuation, only the year, make, and model of the car are taken into account. This may be fine for cars that have mostly stock parts, but if you have upgraded the stereo system, or have accrued far less miles than what is typically for a car that age, then it may be beneficial to go with a premium valuation. A premium valuation typically costs anywhere from £10 to £15, a small price to pay for what could amount to hundreds of pounds in value.
Getting the best value for your car starts with having an accurate estimate validated by a professional. Using the online resources available to you, you can negotiate with both private buyers and dealerships from a position of strength, ensuring you get the best price at the time of sale.