With the growing population in India, the necessity of cars has increased. Moreover, the fast-growing economy of India is also one of the reasons why people are now so keen on buying cars.
After the Covid 19 broke out, the new vehicle supply was limited. At this time, the used car market started seeing a boom in the car market. Both the buyer and the seller of the second-hand car are numberless. But while buyers are always ready to get the best price for their car, the sellers also keep them prepared to demand accurate money from the buyers. However, not every seller knows how to find the right value for their car.
This article will discuss the factors determining a car’s true value and offer a clear insight as to which steps to take to get the best value for a car. So, keep reading!
Factors Responsible for Determining A Car’s Value
There are several factors responsible for determining a car’s value. Considering these factors and working on them can help you get an accurate car price.
1. Condition of The Used Car
The first and most important thing that determines the value of a car is its condition. If you want to sell a car with scratches all over, faded colour, and a badly affected engine, then it will not be able to generate any profit while selling.
When you, as a seller, try to get an accurate price for your car or get a car valuation online, you must ensure that your car has an intact engine and that its interior and exterior are working fine. Its safety features are in working condition. If you invite a potential buyer to your home to show your car, you also need to make a good first impression. So, even though your car may have suffered some wear and tear before, you need to keep it in perfect condition to get the right value.
2. Year of The Purchase of The Car
The year of the purchase of the car is essential for getting a good resale value. Any car faces a strong depreciation rate three years after purchase. So, if you want to sell a seven or ten-year-old car, you may either get a very low resale value or, worse enough, you may never be able to sell it. So, sell your car before it is too late to get a good price.
3. Total Kilometres Driven
No one wants to buy a worn-out car driven for thousands of kilometres. Usually, one lakh kilometres is the mark for any car. But if the odometer reading shows that the car you want to sell has been driven for ten to fifteen thousand kilometres or more in a year, this can be a big setback for you. So, before your car becomes old enough to have been driven for this long, consider selling your car and get the best price possible.
4. Accident History of The Used Car
Buyers looking for a used car aim to find the best car possible. No one wants to invest so much in a car damaged by an accident. If the used car has cosmetic damage, its selling price may not get very lower. However, if the car has previously gone through any serious damage, it will affect the car’s selling price. So, we advise keeping the car in check History when you use the car yourself. Use it smoothly on the road and with care. You can also show the insurance claim documents to win their trust and let them know how much wear and tear the car has faced.
How to Get The Best Valuation for A Used Car
Whenever you try to check car valuation before selling a used car, you must focus on the car’s current condition. More than one factor determines the car’s valuation, and keeping those in mind can help you get the most accurate price for the car you want to sell.
1. Drive Safely and Securely
No matter how good your car is, the moment you buy it, its depreciation process starts. If you buy a car from a very reliable car, you must focus on driving it as smoothly as possible.
Most buyers hire an expert to recognise any possible wear and tear that the car may have faced. If they find any irreplaceable damage, they can shift their focus to a different car or offer you a much lower price than expected. So, drive safely and securely while you own the car.
2. Take Care of The Exterior Features
Like anything else, a car offers a first impression to the buyers when they come to examine the car for the first time. While its engine, steering, and clutch must be in working order, its exterior features, like colour, sunroof, etc., should also work fine. It is one of the most important criteria for getting the right car valuation.
3. Replace Car Parts with Genuine Replacement Parts
It is common for any car to experience various damage while someone uses it on the road. The basic wear and tear does not affect the car’s selling price. However, use genuine parts if your car experiences serious damage and you need to replace some parts. Purchase from reliable manufacturers and then replace the parts. As a result, when potential buyers come to see your car, they can observe the parts and offer a good price. However, if you do not use good car parts, it will affect the car’s valuation.
4. Offer The Service History of The Car
Whenever you try to sell a used car, maintaining its service history is essential. A car’s service history helps the buyers check whether the owner has properly maintained the car. If you have normal service history, it will increase the selling price. However, failing to offer a good service history will either lower the selling price or shift the buyer’s attention to a different car.
Also read: How to Sell New and Used Cars on Instagram
Selling a used car is not as easy as it seems. Everything matters while selling the used car, from the year of purchase to possible wear and tear. So, if you want a great valuation for your old car, take care of all the do’s and don’ts and proceed.