When getting ready to sell your used car, a very common point of difficulty is determining the market value of your used car. Our cars (quite literally) go on a journey with us during our time with them, all the while picking up totally normal wear and tear, extra mileage and degrading slowly with age.
The rate at which they devalue can depend on a multitude of factors, with every owner using their car differently. So how can you go about getting a fair price for your used car? While we’ve spilled the beans on what dealers are looking at to price cars in a past post, pricing privately can be a different process.
The first place to start when pricing a used car to sell should be online. Online car marketplaces such as Carsales, Carsguide and more can be very useful in getting a ballpark figure for your car’s value. Look for cars of your make and model and compare it to your own based off some the factors we discuss in this guide.
Keep in mind that the prices you see are NOT sold prices (in most cases). These prices are what the seller is asking for and may not be a true indication of your used car’s market value.
Perhaps one of the factors most indicative of a car’s level of use is its mileage numbers. The mileage of any given car shows just how much the car has been driven by previous owners, giving buyers a unique look into the life that it has lived. Take note of the mileage of your car, as well as the year in which it was built.
A good ballpark figure to base average mileage off is 15,000km per year that your used car has been on the road. So, a car that is ten years old is expected to have roughly 150,000km on the clock. If it’s significantly lower or higher, consider pricing your used car accordingly.
Your car’s age will also have a bearing on the value that it holds. As car’s age, naturally some of their components will degrade and potentially fail. This could be something as superficial as an interior handle, or as critical as an engine valve.
The overall condition of your car can be a deciding factor on its value. Some commonly found factors found to decrease a used car’s value are things like hail damage and previous accidents. If you have begun to notice some considerable diminishing of your car’s condition, your car is likely to be worth significantly less.
If you have been keeping on top of your vehicle maintenance, it’s entirely likely that your car will be in a great condition both mechanically and otherwise. In this case, you may be able to charge more when it comes time to sell.
The type of car you drive alongside the location you are selling it in may also have a bearing on its resale value. Put simply, some car types go out of fashion! A prime example of this is seen in manual cars, which are slowly being replaced by cars with an automatic transmission.
The location you are selling in will greatly effect your resale value too. Capital cities have more of a localised market of used cars, making it more competitive and diverse. Rural areas have less, often favouring vehicles which are more appropriate for their environment.
Conditions of both the used car market and greater economy will have a bearing on the market value of your used car. This should be considered when pricing your used car, to save you from a lengthy and tiring selling process.
Pricing your used car to sell can be difficult, often making or breaking whether you have a smooth and worry-free selling process or one that seems to drag on forever. If you are having trouble finding a buyer or want to avoid a potentially lengthy selling process, Cars Brisbane may be perfect for you. We buy your car for cash, with a hassle-free process that can be over in a day. Get in touch with one of our experts today!