The car has served you well, and it’s now time to let it go, either because it’s time to find a new ride or because you need the cash. Now, the next thing you are worried about is how to value your car before putting it on the market. Your worries are genuine because when undervalued, you get lost out and people often think the car is not good enough, and when it is overpriced, no one wants to buy.
In this piece, we will help you know how to correctly value your car and all the factors that are important in determining it.
Factors that will help you know the worth of your car
1. Condition of the Car
The condition of the car is one of the most important things that will help determine the true value of the car. If you can maintain it and the condition is still good, the value will be good. If the condition is not good, that will significantly decrease the worth of the car.
The paintwork, interior, and tyres all come together to determine the condition of the car and its value.
2. Brand and Model
The brand of your car and its model can also impact its resale value. This is generally true, as some cars have better resale value than others, and even the models can influence this. For example, Corolla cars in Nigeria mostly have better resale value than Peugeot cars.
Brands that are not very popular in some places are not valued very highly because they are hard to sell.
3. Mileage
Another key thing that determines the worth of the car is mileage. If it is very high, it may indicate that the car is overused, and so the value will be lower. If the mileage is low, it is a good indication that the car has not been overused, and so the value will be higher. The mileage of a car can impact the value of a car by as much as 10 to 20% or even more for cars that are very expensive.
4. Trends and seasons can also determine the value of your car
Apart from the condition of the car, mileage, and brand, the timing of selling your car can also make it more valuable. If a car is in trend or you are in a season where people prefer a certain type of car over others, probably because of a hike in fuel prices or other economic conditions, you may be able to value your car appropriately.
If it is a season for vintage cars and people around are looking for vintage cars, your older car, which may be a Peugeot 504, can be priced way higher than normal.
5. How old is the car?
The age of your car also determines its value. If you are selling a car that is a year old, the depreciation value is different from a car that is 5 years old, and that is even more different from a car that is 10 years old or longer.
6. Your car transmission type
If your car has a manual transmission, the value is most likely to be lower in value than the same car with similar condition and mileage running on an automatic transmission. This is because automatic cars are considered to be more valuable than manual cars due to the fact that they come with upgraded features.
7. Type of engine
Cars running on diesel engines are not very popular again, which makes sense because they are considered to be less valuable when compared to gasoline-powered cars. Of course, if you have a hybrid or Electric vehicle, the value will be much higher if all the conditions are right.
More so, the fuel consumption of the engine is another thing that will be considered; hence, the number of cylinders can impact the value of your car. For example, a six-cylinder car may lag behind a 4 cylinder turbo-powered engine because while it gives performance, the fuel consumption is not very high.
SEE ALSO: 10 Car Maintenance Tips Every Nigerian Driver Should Know
8. Where are you selling your car?
The value of your car can also be impacted by where you want to sell it. When you are selling it directly to the user, the value is always higher than when you are selling it to a car dealer. This is because a car dealer is a middleman who tries to buy at a lower price from you to sell at a higher price. Nonetheless, the car dealer often comes with his advantage, which includes the security of the transaction.
9. Features
Simple features that your car has can improve its value in the market. This may include simple things such as the music player and other driver assistance packages. While doing this, ensure that you do not customize it too much, as that may reduce the value.
