Your car is getting old and it’s time that you sell it for a new one. Well before you put up an ad or contact a broker, make sure you have all the relevant documents in place. Here is our guide on how to evaluate the resale value of your car.
1. Stop fooling yourself
We understand your car has been dear to you and you managed to take utmost care of it while it was the pride of your garage. However you need to realise that after certain years and regular running, a car loses its sheen and won’t be the same way as you brought it home from the showroom. You have used the car over a period of time and the car is bound to develop certain problems even with regular maintenance checks that will depreciate the car. You will have to mentally prepare yourself to let go of the car and evaluate it as an outsider who is seeing the car for the first time, to really understand where the car needs work.
Regular maintenance and following the owner’s manual will pay off when you plan to sell the car. A used car with a good condition will always command a higher price and there are buyers who are willing to pay the price for a trouble free used car. Understanding the true condition of your car will help you evaluate the right price of the car. The condition varies also from model to model and equipment levels on the car, which will help achieve the approximate resale value.
The first thing a buyer will notice about the car is the physical appearance of your car. if you have been taking the effort of cleaning the car, using a car cover or getting it waxed or polished will help you in attracting a higher resale value. Your interiors are equally important and have to be cleaned up from time to time. If you are planning to put the car for sale, you could send it to a body shop to get the minor dents and scratches taken care off. Avoid repainting the car or spending ludicrous amounts at the body shop to cover for body damages. It is pretty certain the next buyer for your car won’t be expecting a showroom condition on the car and will compromise on dents and scratches. Don’t unnecessarily spend on body shop works and instead give it a good clean and polish inside out.
This serves an important factor in assessing the value of your car. Honda’s and Toyota’s easily command a higher brand value for their image of reliability; while Maruti Suzuki enjoys the brand value of being dependable. Your car’s value will increase or decrease depending on the brand or popularity of the model. Reliable brands enjoy certain brand value in the used car market, while other brands like Fiat lose out on their resale value because of after sales support. Remember, the new buyer is looking for a relatively trouble free car and won’t want to invest in something that will bring him expensive service and lower resale value. So understand the value of your brand before you evaluate the price of your car.
5. The price is right
You have checked the car in and out, you know its high points and low points. What remains now is the pricing. You will be attracting a lot of customers with the right price. It is important to understand the right price for your car. Putting up a very expensive number will push the buyers towards other options. An online car evaluator will tell you the market price for the make and model of your car with the exact trim level and number of kilometres on the odometer. Have a look at it and then decide on the price you would like to sell your car on. The new buyer will certainly bargain to bring down the cost of the car, even if it is the best price according to you, therefore always keep room for negotiations.
Now that you have evaluated your car, it is time to set up and advert and wait for the calls to come in. With online classifieds, you will get both brokers and individuals contacting you. You can also have professionals come and give you the quote for your car, and can help sell your vehicle a lot faster. Make sure you get the right price for your car, no matter what the buyer tells you.
Have tips to evaluating the right price of your car? Let us know in the comments section below.