When you decide to sell your used car, there is a long process ahead of you. It starts with determining the value of your used car. What do you need to consider, setting the right price? The price should not be too high so as not to scare off a potential buyer, but on the other hand, you want to get as much money as possible for your car.
How to Find Out the Value of a Car Using Modern Technology
If you want to move with the times, you can use modern technology to find out the value of your car. It is very convenient to contact the JunkCarsUS team for a vehicle scrap value calculator. As well as finding out the residual value of your car, it can help you keep track of running costs, store important car documents clearly or find out about your car’s history.
JunkCarsUS is your online tool to help you find out the market value of your vehicle. Just enter the VIN code of your car. In addition to the price you can ask for your car, it will also tell you the mileage, any crashes, and service repairs.
Traditional Ways to Find Out the Value of a Car
If you don’t want to use modern technology to find out the current price of your car, you can reach for a good old classic. The easiest way, especially if you want to sell the car as soon as possible, is to use the services of a car dealer or an authorized dealer. There, they will inspect the car, check its condition and determine its value. They also take into account the depreciation of the market value and the loss of value of the vehicle. They will also ensure that it is offered to potential buyers. Of course, you have to expect that the price the dealer will pay you will be lower than what you would get in a personal sale. On the other hand, you will be relieved of a lot of hassle and paperwork.
If you would like to estimate the price of the car yourself, you can look around the existing listings, find the cars that are most similar to yours and estimate the price based on that. Then you can create your own advert and look for a suitable buyer.
How to Value a Used Car?
The basis for determining the value of a used car is always its initial price, which depends on the make, model, and equipment of the car. But later, the price of the car includes several other factors that affect its residual value. One of the most important factors is the age of the car. It is said that a car loses value just by driving off the dealership, which is reflected in used car prices.
However, the price of a car also depends on the rate of its use and therefore on the mileage. If you have driven the car little, it may have a higher value even after a few years, and conversely, younger cars with high mileage lose their value faster.
The price is also modified by engine power, fuel type, and gearbox. Currently, electric cars are becoming more and more popular.
Various calculators available on the Internet or ads from other sellers will help you determine the price. If you find a car with similar equipment, age, mileage, and condition in the ad, you can deviate from the asking price and set it either slightly lower if you need to sell the car quickly, or the same. It is advisable to look through as many ads as possible to get the best idea of used car prices.
You can also sell your used car to a car dealership. This is a quicker option, and you have less to worry about, but you should expect to get 10-20% less for your car than if you sold it yourself.
How Much Is Your Car Worth After All These Years?
“The aim of the used car price calculator is to offer a simple way to approximate the value of older cars based on their objective characteristics,” the project website says.
Drivers first enter the car’s manufacturer or model into the calculator, then specify things like fuel type or mileage.
“The most important parameters are age, engine power, and mileage. Other characteristics such as fuel type, transmission type, and body type also play a role, but their influence is less pronounced,” the manual says.
The calculator will then show them the estimated average price of the vehicle, as well as the price range depending on its condition and equipment. The calculation is then most accurate for the cars that are most frequently featured in advertisements.
However, the driver tool also has some limitations. The biggest one is that it does not take into account all parameters, such as the car’s equipment. It also doesn’t take into account the fact that prices for some models are not dropping significantly, or are even rising.
The speedometer check website, which the ministry launched early last year, shows the mileage covered during technical checks. This allows those interested in buying a used car to check its actual condition.
What Affects Depreciation
The rate at which the value of a vehicle decreases over time is very individual and depends on several factors:
- the make of the car (cars that are in high demand: Octavia, Passat),
- the level of equipment,
- the intended use (company car, private use, transport of materials),
- first owner,
- Garage (reducing the effect of climatic influences),
- additional bodies and modifications to the car that increase its value,
- type of drive (hybrid cars lose their value more slowly).
Used Car Sales
Overall, car dealerships and private sellers offered 1.09 million used cars last year, up 158,000 year-on-year, according to AAA Auto statistics. Roughly half of the advertised cars were sold.
Among the best-selling brands, Škoda has long been leading by a wide margin, with a share of 23 percent. The traditional Volkswagen and Ford brands follow in second and third place. Kia and Hyundai are significantly rising in the next places. The most popular model is the Skoda Octavia, followed by the Fabia and Passat. The most purchased color is still white.