Determining the resale value of your car is a crucial part of the car selling process. Setting the right price for a used car makes it easier to find a buyer. On the other hand, if you set a price that is too high, you might not be able to attract potential buyers. Setting a price that is too low can result in a financial loss for car sellers. Therefore, it is essential for sellers to determine the right price for their car before selling it.
An expert evaluation is required to determine the resale price of a used car as several important factors must be considered for car evaluation including the make, model, age and condition of the vehicle.
SellAnyCar.com has put together a guide on how to determine the right value of your car.
Factors That Affect the Resale Value of a Car
A car’s value can be influenced by a number of factors that include a vehicle’s condition, age, mileage, optional equipment, features and so on. All these factors must be analysed in detail when you calculate a vehicle’s value.
Before you begin the process of assessing your car’s value, consider the situation of the marketplace. Since car trends change fast, it is important to research the current car marketplace so that you don’t risk a financial loss. Asking yourself the following questions can help you understand the market better.
Is my vehicle in demand?
Vehicle types such as family sedans are almost always in high demand. Other popular cars that may be a hot commodity include SUVs and pickup trucks. They often sell quickly at competitive prices.
Are you aware of how much your car has depreciated?
You should be mindful of your car’s depreciation value as cars drop in value the minute you walk out of the showroom. Research suggests the used cars depreciate around 20 to 30 percent in the first year and 15 to 20 percent in the following three to four years. So, as a seller, you have to be mindful of your price expectation.
What are the Current Fuel Prices?
Assess the current fuel prices and the fuel economy offered by your vehicle. If the fuel economy of your car is good and the gas prices are high, the demand for your vehicle may become considerably high. On the other hand, a gas-guzzling SUV in times of high fuel prices may repel potential buyers looking to buy a budget-friendly and fuel-efficient vehicle.
Examine the Listings for Similar Cars
Looking over the local listings in newspapers and online listing sites is a great way to get a general idea of what your car value may be. While you may not find the exact match of your vehicle in the available listings, you will still be able to get a rough estimate. However, a major drawback of this method is that with many similar car listings, it may be difficult for the car owner to draw one point of comparison.
Evaluate Your Car’s Condition, Features and Add-Ons
Apart from general condition and standard features of your vehicle, there are other “added extras” that may affect the resale value of your car. These include good sound systems, better navigation systems, GPS navigation, air-conditioning, convertible tops, sunroofs, and heated leather seats.
These add-on features can significantly increase the value of your car. The condition of your car also has a role to play here. If your car is kept in good condition, its value would increase. Conversely, its value may take a hit if the car has not been maintained well over the years of its use.
Estimate How Mileage Affects Your Vehicle
It is essential to take into consideration the vehicle to mileage ratio. If your car has been driven more than the average mileage per year, which is roughly 15,000 km, then you may expect a lower offer. On the flip side, you might still be able to get a fair price for your high-mileage car if you have maintained it well. Regular maintenance can enhance the consistency in engine performance, which helps keep the fuel expense in check. Vehicles that look good and deliver impressive fuel efficiency are always in demand in the used car market of the UAE.
The Best Way to Calculate the Resale Price of a Used Car in the UAE
If all the above car valuation factors seem difficult to analyse, then consider a specialist car buying company to help you identify the actual price of your car. The specialist car buying companies offer an ideal way to determine the resale price of a car because they offer a comprehensive car valuation process. These companies use their extensive databases to determine a used car’s price within minutes.
SellAnyCar.com is the leading car buying company that offers a comprehensive evaluation process. The detailed valuation at SellAnyCar.com features two steps, starting with an online valuation. By using the online car evaluation tool on the website, you can check the potential market price of your used car. After entering the basic car details, the valuation tool takes a few seconds to provide an estimate.
For a detailed and accurate inspection, car sellers are also required to book an appointment at any one of the SellAnyCar.com’s branches. During the inspection, our trained automobile experts will inspect the car in detail and determine its actual market value. On top of that, SellAnyCar.com also offers car sellers the opportunity to sell their vehicles directly to the company if they like the final offer. Any used car regardless of its make, model, age or condition can be sold to SellAnyCar.com at a fair price. This is inarguably the most convenient way to sell a used car in the UAE.
If you are looking to sell your used car to buy a new one with advanced safety features and improved performance, then don’t forget that with us, you can sell any used car in just 30 minutes while all the post-sale paperwork is handled by SellAnyCar.com’s team.
