How Much is My Car Worth?

So, you’re thinking of selling your car and want to know how much it’s worth. 

Like everything in this modern world, the first place you’re likely to go is Google, and what a minefield that is!

When you type in ‘how much is my car worth?’ you will quickly be bombarded will links to various company websites for all the usual names like We Buy Any Car, Cazoo, Motorway, Lookers, Carwow, Money4YourMotors and Evans Halshaw. You will then need to input your registration details and mileage, to then be given a computer-generated figure and a ‘sales pitch’ on why you should sell your car to them. 

Here at the Carfisher, we do things differently!

We will provide you with all the information you need when selling your car to know exactly how much it is worth. Simply entering your registration and mileage online for a valuation is only the start of your journey. There are many other factors that determine how much your car is worth, and that can impact in a positive or a negative way. 

Let’s delve deeper to find out what really affects the value of your car…

Factors that affect the value of your car

· Service history – This is one of the main key factors that will affect the value of your car. When a car has been serviced on time, every year it holds more value when the time comes to sell than one that has not. The reason behind this being such a big factor is because it demonstrates that the car has been correctly maintained and looked after mechanically. When your car isn’t maintained regularly it can cause major issues that often carry huge costs, so from a dealer’s point of view, if a car hasn’t been serviced regularly, they will need to keep this in mind when it comes down to price. Also, if your car is relatively new and hasn’t been serviced on time, it could affect the warranty, which will also decrease its MOT value when it comes to resale. 

· MOT status – The majority of dealers sell their cars with at least a 3-month warranty and a clean MOT. So, if your car has any advisories on the MOT such as needing tyres relacing, or brake discs wearing thin, then this will decrease the value of your car. This is because the dealer would need to repair the advisory issues of the MOT before they can retail the car. 

· Age of the vehicle – If your vehicle has any damage, then it’s usually the age that comes into play. Dealers love the words ‘wear and tear’, and ‘age related marks’, so this will often get brought up when they are relating to any damage. For example, if the car has stone chips, light scratches on the bodywork, or scuffed alloys, then this can be expected from a car that is 10 years old. However, if that damage is on a car that was 6 months old, then the dealer would not deem this damage to be age related.

· Modifications – You may have spent fortunes modifying your car to suit your individual tastes. However, modifying your car can actually reduce its worth, rather than increase it. The reason for this is because not everyone has the same taste within the market and a modified car significantly narrows that market. For example, if there were 100 people interested in your car, 60 out of the 100 people may not like the same modifications as you, therefore it restricts the market for any potential dealer. 

· Condition – One of the most vital parts for any dealer looking to buy your car is the condition it is in. You will be offered more money for your car if it has no damage or imperfections, simply because the dealer will only need to valet the car before it can go straight onto the forecourt, and usually these are the cars that sell the quickest. However, if there is any damage to the car, then any dealer that is buying it will have to prepare it for sale prior. This could involve a lot of extra work such as painting a panel, refurbishing any alloys, replacing windows, repairing chips or scratches, the list is endless. Although many of the main dealers do most of this work inhouse, a lot of the smaller, more independent dealers have to outsource this to other professionals. It’s important to keep in mind that it isn’t just the cost of the repairs, but also the time it takes to complete and the longer that takes, the longer the car won’t be on sale for. Cars can quickly decrease in value, and if a dealer buys your car today, but the car has to be offsite for a few weeks having repairs made, by the time they can they advertise it, it will have already depreciated in value. 

· Time of year – During certain months of the year, different types of cars can increase or decrease in value depending on the season. For example, sporty cars like hatchbacks and convertibles increase in value in the summer but decrease in the winter. Whereas 4x4s and SUV’s increase in the winter and decrease in the summer. It’s important to consider this when you are thinking of selling you car and what time of the year it currently is. 

When selling your car there are so many factors that can increase or decrease the price that you are being quoted, so use this as a guide when you’re thinking about selling your next car. 

Now you have all the knowledge on what affects the value of your car, we’d love to help! Get in touch today for a chat. 

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