Car Valuation Factors
When looking to part exchange your car, you obviously want to get the best valuation from it in order to save as much money as possible on your next vehicle.
There are several aspects that can affect the value of your car - some of which you can make the most of to maximise the value of your car.
How can I get the best value for my car?
Below are the main factors that will affect your car’s valuation, as well as some tips as to how to play to their strengths.
Condition
This first factor you should have plenty of influence on - looking after our cars brings many advantages, not least the ability to maximise their value when it comes to trading them in.
As an especially important and influential aspect to how much your car is worth, ensuring your vehicle is in as good a condition as possible can be paramount.
If you were buying a new car, you wouldn’t want it to be blemished with scratches and dents, or only be running on three-out-of-four cylinders - people looking to buy your car wouldn’t want these things either.
An aesthetically and mechanically sound vehicle will be the kind that people will be interested in purchasing, so making sure yours fits the bill will only benefit its value.
Mileage
The more you use your car, the more wear it will incur - that much is a fact.
As such, the more miles you do, the less your car tends to be worth, as the parts and components will be closer to the time they need replacing.
If you’re a high-mileage driver, then it’s probably worth accepting that, when it’s time to trade in, your car might be very well affected in terms of its value.
A car will typcially carry more mileage the older it gets - however, sometimes age isn’t everything - a car with 30,000 miles on it can be worth more than an identical car that’s three years younger but has 50,000 miles on the clock.
If you only drive when you need to, and are conscious about how many miles you do in general, then this will likely benefit you when it comes to replacing your vehicle.
Age
This is one that you technically don’t have control over - the older your car gets, the more its value will decrease, as a car’s worth naturally depreciates over time.
When it comes to the age of your car, you can look at it in one of two ways:
Not worry about this as a factor, and focus on other aspects you have more control over
Have a plan to trade it in after a certain number of years before it loses too much value
Previous Owners
How many people have owned the car in the past can also be a pertinent factor in how much a car is worth.
The fewer owners a car has had can usually lead to the car being in better condition, as well as having the likes of all its keys and documentation in place - giving it a higher valuation as a result.
Service History
If you’re ever one to find getting your car serviced a nuisance, keep in mind that, while servicing not only helps your car run smoothly, it will also help boost its value come trading it in.
Part exchanging a car with a full service history is an immediate way of showing that it’s been looked after.
To achieve a full service history, getting your car serviced every 12 months (or to the manufacturer schedule) is vital.
Other factors
Colour - This is not always a huge factor, but some colours of cars are more desirable than others and may result in higher used prices.
Extras - Optional extras can be costly in originally fitted cars. If your car has many features compared to other similar models in the used market, that can help your car to stand above the rest.
Modifications - Some love to 'mod' their car - but when it comes to a time to trade it in, these changes may not work in your favour. As a dealership, we will need to take into consideration whether future buyers will be happy with the modifications, or if they lessen the value of the car.
Patience - If you are wanting to trade in your car fast with no trouble, you may end up with an unfavourable price. As the used market fluctuates, time can be a strong ally to ensure you can get the best deal.