How can you find out what your car is worth?
When it’s time to upgrade our car, we need to find out what our current vehicle is worth. But what’s the best way to do that?
Whether we like it or not, our cars are always depreciating. From the moment we sign the papers and hand over our money for a new car, the dollar value of that vehicle goes down with time.
So, if you feel it’s time to upgrade your car, how do you find out its market value?
The easiest way to do a car market value check is through car websites with a car market value calculator. You could also browse car sales listings to see how much other people are selling or willing to buy the same model for.
Whatever method you use, it’s essential to understand that your car’s market value is only a rough indicator. Your car has its own amount of damage – you may have a slight ding here or there – and it also depends how old your car is and how well you’ve serviced it over the years.
So, if you’re planning to sell your car online, there’s no guarantee you’ll get the same dollar amount that other cars of the same model and year have been advertised for.
Here’s a bit more information on how to get as close as possible to what is the value of your car and what price you should advertise it for.
Using Google is a useful method
These days, all you have to do is Google the term ‘What is my car market value?’ to find a long list of helpful websites. From there, find one that has a car market value calculator. These calculators are databases which help you find the information you need based on the car brand, model, and manufacturing year.
One well-known website which has been around for a long time is Redbook and they do car valuations for a small amount. They ask for a lot of detail including if you’ve had any accidents, how many kilometres the car’s done etc.
Again, remember when you get these valuations, they are still mainly indicators. But these give you a good idea of the price range your car should be in.
Also check your car sales listings
Another way to get an understanding of your car's market value is to check car sales listings. As you might already know, there are plenty of websites in Australia and beyond which allow people to put their cars up for sale.
Using this method, you will need to do some 'detective work' to check your car market value. So, browse these car sales websites and look for any cars which match your vehicle’s brand, model, and manufacturing year. See if you can find one that’s close to the same condition as yours as well.
From there, find out how much the sellers are putting their cars up for. Firstly, those prices act as valuable indicators of your car’s market value. But more importantly, it’ll also show you how much the market is willing to pay for a vehicle like yours.
With this kind of approach, your car market value check isn’t just about finding out indicators. It’s also helpful because it gives you a clear sense of how much money you could realistically get from potential buyers.
Finally, good luck!
Working out what your car is worth is not easy and it is always open to different opinions. For example, in one state of Australia a certain car could be worth more than in another state.
But if you follow the steps we've talked about, you'll get a very good idea of what you can expect to sell your car for. The next step is to list it on an online car sales site and see if you can sell it for as close as possible to the price you've valued it at.
There's always and element of luck to this part because it depends if you find a buyer who really wants your car - the brand, the model etc. So, good luck!
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