In today’s volatile car market, before selling your vehicle, it’s very important to know the value of your car. Whether you want to trade your car, to a third party, or fill an insurance claim, knowing your vehicle’s worth is the starting and the most crucial point.
Knowing the value of your car is especially important when you have suffered an accident. In that case, learning the car’s value can be beneficial when accepting the insurance company’s compensation offer.
Luckily knowing the car’s worth is not that difficult. If you are a total beginner and don’t know much about the car market, you can opt for online valuation tools. CashForCarsNSW has an accurate quote tool on the website which you can use to value your car.
The online valuation tools take into account the cars:
- Make
- Model
- Mileage
- Condition
- Features
- And more
In addition to online calculators, there are other ways to refine your estimations. Such as by comparing the rates of your car model or vehicles of similar types from online advertisements or local papers.
You can also show your vehicle to a professional mechanic or experienced car seller and ask them to give you a resale value.
What Exactly Is A Resale Value?
A vehicle’s resale value is the amount of money you can get in exchange for your vehicle when you decide to sell it at a later date. The resale value of a car also reflects how much your car depreciates over time.
This value can be useful in various situations:
- When you want to get the right compensation from the insurance provider after the car has been totalled
- It is a deciding factor when choosing a new car to purchase
- When selling the unwanted vehicle to a third-party buyer
An easy way to stay up to date with the depreciating rates of the car is to check the current market rate. Many tools available in the market only require the VIN, make and model to provide an accurate quote for cars.
Top websites that can provide such information include RedBook and Kelley Blue Book Australia. These websites help you track how quickly your car will depreciate over time depending on its type, current condition, market demand, etc.
How To Calculate The Vale Of The Car
The price of the car depends on various factors. Therefore, when calculating it, we need to deliberate about each step to ensure an accurate value is calculated.
Step 1 – Collect Information About Your Vehicle
The first step is to figure out basic facts about your car. You should be aware of its history and consider any factors contributing to its depreciation.
The key information required is
Make, Model And Year
This information is quite important when evaluating the car. So, please make sure these are accurate, as it’s very common to confuse your car model with another year’s model. This is especially true for discontinued cars.
Mileage
Obtain the mileage reading directly from your speedometer to ensure its accuracy. The mileage reading and condition of the vehicle are the two most important points when determining the value of your car.
Condition
Cars with excellent interiors and exteriors tend to be valued significantly higher than cars with average condition. Apart from the vehicle’s aesthetics, it’s very important that the vehicle’s mechanical condition is also at a good level.
Features
You can always use the web to figure out the features of your car. There are many websites with car specifications of every model in the market.
Color
Even though it may seem trivial, colour can make a difference in the car’s value. Cars with colours such as yellow, green, and orange, especially sports cars, often stand out more. And coloured cars tend to be scarce, while the majority of the vehicles on the road are either black, white, or blue.
This can affect buyers’ preferences, and they can be willing to pay more for their chosen colour.
Step 2 – Consult With A Reliable Pricing Guide
Car value estimators are widely available on the internet. But there are few which are trusted by most people. This includes:
RedBook
RedBook was founded in Sydney in the 194’s. It was the first formal circulation of vehicle information in 1949. And since then, it has been at the forefront of evaluating and pricing vehicles of all types. The motoring industry of Australia accepts the valuations conducted by the RedBook.
Kelly Blue Book
Founded in 1929, it’s one of the most trusted sources for vehicle valuation in the USA and is now available in Australia. This site uses its proprietary software to assess different car values. It does so by comparing a large number of prices it receives daily for a variety of cars from wholesalers, franchised dealers, and auto manufacturers.
CashForCarsNSW Valuator Tool
CashForCarsNSW uses a specialized algorithm that uses the information about your car and compares it with the value of similar vehicles available for sale online. This helps us to provide you with an accurate estimate.
We buy cars of all types and pay instant cash for cars in Sydney. Moreover, we also provide FREE car removal Sydney-wide.