If there was a straight forward answer to this then life would be so much easier for those in the automotive industry…we’d give you one price and you’d be content knowing exactly what your car is worth.
Sadly the reality is that there are literally hundreds of factors affecting the true value of your car, so arriving at a precise figure is virtually impossible.
It is very easy to look at what prices cars are advertised at in your local dealerships and then assume that is what your car is worth, it is also very easy to forget that when you buy a new car it loses 20% of it’s value immediately thanks to VAT.
There are two main industry guides that motor traders used when placing a valuation on a vehicle, these are CAP & Glass’.
Recently Glass Guide was updated to offer a valuation based on a vehicles condition (similar to CAP), this resulted in a large shift in vehicle values given by Glass’ and as a result many dealers relied on CAP to give a more accurate valuation. It may be a few months before motor traders put their faith in glass’ guide again.
CAP provides a number of different valuations including a retail valuation (what a car should retail for at a car dealership…not what you could get for your car selling privately), CAP Clean (Very Good Condition), CAP Average (erm…Average condition) and CAP below for those cars that are in a relatively poor condition.
As well as your cars condition, it’s value will be affected by the amount of miles it has done, whether it has a full service history, with a complete record of that to prove it. Also a car with a main dealer service history will be more desirable than one with an independent service history. This may not make a huge differenc e to your cars value unless you are driving a Bentley, Rolls Royce or something along those lines. You may even be better off if your service costs have been significantly lowered by using an independent garage.
You can help improve the value of your car by spending a little time on it prior to sale. Give the body work a good clean, touch in any little stone chips. You could even invest in a machine polish to buff out any minor scratches. As a genereal rule of thumb, if you can feel a scratch with your finger nail then it won’t buff out and will require painting. Clean the interior and get an air freshener, nothing puts a buyer off like the smell of wet dogs or smoke…or both!No Comments