How Much Is My Car Worth?
Factors That Affect Car Value
The factors that affect the value of a car include mileage, service history, condition, time of year and where it is sold.
Mileage And Age
Mileage means wear and wear hurts value. Imagine a price guide says a car is worth £25,000 (with average mileage). The guide includes a formula to adjust for high and low mileage. It calculates that for every 1,000 above average mileage, the value falls by ”X” and for every 1,000 below it rises by ”X”. The figure varies based on class, engine, transmission, age and trim.
Naturally, a vehicle looses value over time as it wears and starts to date in comparison to newer models. The price might later rise as it becomes rare, interesting and more prized.
Service history suggests a car has been properly maintained and – if it has main dealer stamps rather than independent – that any recalls to fix manufacturer or design faults have been completed.
Service history also helps verify the mileage reading is correct.
Lack of history affects some values more than others. A 3-year-old Porsche 911, for example, without paperwork is likely to be frowned upon as it is fairly new, expensive and prestigious.
In contrast, buyers rarely expect an old city car to have a fully stamped book.
Condition And Cleanliness
Dents, scratches, and torn upholstery play a part too. These imperfections can be expensive to correct and suggest the vehicle has not been prized. Furthermore, presenting it for sale in filthy condition makes it look unloved and limits kerb appeal.
Time Of Year
Supply and demand plays a significant role. When the weather is warm in summer, the value of convertibles can rise. 4X4 prices might rise in winter when the road is slippery.
Place Of Sale
The value of a car varies based on where it is sold:
- Manufacture Dealer: This is the highest price thanks – in theory – to the model specific knowledge of the sales staff, the warranty and the prestigious premises.
- Independent dealer: Less than manufacturer dealer as fewer services offered.
- Trade: The price dealers pay. It has to be low enough to sell for profit.
- Private: Sold by the owner from home. Price is less than manufacturer and independent dealers as there are no services. Might sell for more than trade.
- Auction: Lower than private and trade. Bidders cannot test a car so pay very little.
Motoring.co.uk Free Car Valuation
Motoring.co.uk offers free car valuations via an intuitive and easy to use interface. It includes the forecourt, private, trade and auction prices.