Used Car Valuation- Dependent on Several Parameters
When it comes to determining suitable used car valuation, there are several parameters that are at work in most cases. Determining the value of your car is very important, particularly if you are looking to sell it for upgrading to another vehicle or any other reason. While selling your car, if you do not have a fair idea of the car valuation, you will never be able to understand whether you are getting the right price or not. Additionally, the dealership or agent helping you sell your car may well take you for a ride!
In order to prevent this, there are some parameters that you should always set store by when it comes to determining used car valuation. These parameters include the year when the car was manufactured, the number of kilometres travelled, the make and model and so on. You should always be aware of these parameters in order to understand how they influence the price of your car. Knowing the value of your car is very important and these are essential things that you should never neglect. Here’s taking a look at the top 5 most important factors for determining used car valuation.
Retail and Wholesale/Trade-in Pricing is a must
You should always be aware of the fact that several leading automobile manufacturers in India like Mahindra & Mahindra, Maruti Suzuki and others already have comprehensive businesses for resale of cars that you trade-in while buying a new one. These cars are sold off to those who look for used vehicles at a certain profit percentage.
The car’s trade-in value will always be lower than what you will receive by directly selling to a customer. As a result, you should learn about both the trade-in or wholesale value of your car model and the retail price or direct selling price. This will help you sell your car at the best possible price point and understand more about second hand car valuation.
Check the number of kilometres travelled
The number of kilometres travelled goes a long way towards determining used car valuation. A car that has not been driven extensively is comparatively newer and will have higher value in comparison to a car that has been comprehensively used and has thousands and thousands of kilometres on the odometer.
Petrol cars are considered good enough if they are within the 2 lakh kilometer mark while this is almost double for diesel engines. Since diesel cars cost more than their petrol counterparts, they should ideally have higher resale value as well.
The condition of the car matters immensely
Old car valuation is also influenced greatly by the condition of your car. If your car has been serviced regularly and is in reasonably good condition, you can expect to get a higher value as compared to a car that has issues, an improper servicing history and so on. Also, if you have heavily modified your car, the valuation may go down. A well running engine that has been regularly serviced, properly functioning car components and decent interiors help in getting a better valuation.
The make, model and variant is another big factor
There are particular car brands which always have higher resale value in comparison to their market peers. You should always keep in mind that the brand, however, is not the only factor spurring a sale. Your car should be in good condition and if it is a model that is well known and respected in the market then you should have no trouble in selling it. Higher variants of most car models come with more features and hence command higher prices in comparison to base or mid-level variants.
Manufacturing year also influences car value
The value of a car is also determined by taking its manufacturing year into account. The valuationalso depends on when the car was manufactured. The manufacturing year is the indicator towards finding out how relevant the car still is as per the automotive norms in India. The car may only have a few years left or many years, depending on its manufacturing year. This impacts resale value to a large extent.
You should always take the above mentioned factors into account while determining the value of your car. The value of a car should always be ascertained by buyers prior to selling since it always helps in getting a better idea about the fair resale price and what one can expect. These factors are of prime importance in this regard. It is here that a car valuation tool goes a long way towards making your task easier. Finding the right tool for calculating car valuation online will help you save oodles of time and energy in the bargain!