What Determines the Value of My Car?

If you’re looking to sell your current car to buy a new vehicle, you’ll want to get the best price possible. It is important to get an accurate car valuation before agreeing to sell or part-exchange your vehicle, to ensure you aren’t being ripped off and that you are receiving a good amount for your car. There are a number of different factors which determine the value of a used car and it is important to be aware of these so you can assess whether the valuation you get is reliable, or to make improvements where possible to boost its value.

Age

The older the car, the lower its value, generally. Age is one of the main factors that see a vehicle’s value fall as the older a car gets the more likely it is to experience mechanical and other problems which lead to expensive repairs for a new owner. Most cars lose between 50% and 60% of their value in the first three years, so any car older than this will expect to be valued at less than half its initial price. The one exception to this is with classic cars.

Mileage

Mileage is often linked to age, with older vehicles usually having covered more miles. This also signals the car will have experienced more wear and tear, likely to result in larger repair and running costs. However, some older cars may not have been driven as much, so with a low mileage but older age it can still be worth a decent amount. The age and mileage can be compared to work out how hard a car has been driven, those that have covered more miles in a shorter space of time will lose more value against older models that have been driven less.

Condition

A car’s condition is just as important in determining value. One with low mileage may have lots of scratches to the bodywork or torn seats which will instantly decrease its worth. Any which have a history of engine and other mechanical problems will also be valued lower, as the risk involved and possible expensive repair costs for a new owner will be much greater. To get the best price for my car it’s worth touching up any visible wear and tear before getting a car valuation. 

Make, Model and Colour

Popular brands, models and colour make vehicles a lot easier to sell for dealers, so they will value them higher. However, if you own an incredibly common car and the market becomes full of the same second-hand model for sale, then it can be valued less. Likewise, in some cases a rarer car will attract more value in the same way that classic cars do. Colour is important too, with unusual ones losing value quickest while white cars hold their value longest. These choices should be considered when buying a car if you intend to sell it on later.

Special Features

Many features and options can add or retain value for vehicles. These include all-wheel drive features, sunroofs, leather seats, a quality sound system and more. There are other features which if they are not included or damaged will see your car valuation fall, such as air conditioning, power steering, electric windows and more.   

Customisation

You may think that fancy decals or a big spoiler on the back makes your car look cooler than ever and that the cost of such customisations should add value to it, but that is not the case. Lowering the car’s body, adding oversized wheels and other modifications will not appeal to the majority of drivers, often making the vehicle harder to sell and sometimes voiding any warranty, lowering its value.  

So, What’s My Car Worth?

All these factors will be considered when finding the best price for my car. Generally, the newer, less driven cars in a better condition will be worth more than older, more rundown vehicles. A good start can be made by using the free Robins and Day car valuation tool for an accurate estimation.