AUTOMOTIVE

How to Know the Right Market Value of your Used Car?

With the upcoming models frequently being introduced in the market every year, the sale of used cars has spiked over past few years. As an approximate figure, almost 40 million used vehicles are sold every year. The facility of used car valuationhas now been facilitated by many online platforms like Orange Book Value. These online platforms / companies help the sellers to check used car price before putting a sale tag on those. These figures provide a fair idea as to how much one can expect in terms of price in buying or sell a used car to grab a fair deal.

How does used car valuation help the sellers of the car?

Interested sellers and buyers have access to various online tools to spot exact value of a used car. These online portals provide free access for sale-purchase valuation to those who are interested in car dealings. The prices revealed by such car valuation toolby OBVareconsiderate of factors that are inclusive of condition, mileage, location, model and color. As an important tip, a seller must note that getting a car personalized always impact the pricing and decreases its resale value since the trends constantly change and some of the personalized features might not be as per theliking of the buyers.

Factors to Consider for Checking the Used Car Price

There are typically three primary values that are associated withused car valuation. These includethe trade-in price, considered as the lowest that any dealer is willing to pay for a vehicle. Second is the private party price, wherein the two individual seller and buyer ae open to negotiate whereas third being the retail price, which a dealer expects to sell a used car to another buyer, acting as a middleman. For checking the fair market value of used cars, onlyfirst two values (namely the trade-in and private party) is considered while dealing with the sale and purchase of a car.

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Used car valuationthrough an online portal is done basis thousands of new and used car purchases done over a week. These sales trends are monitored by tracking online sales, wholesale auctions wherein vehicles are bought and sold by dealers, franchise dealers, as well as through other transactional modes. Dealers who check used car priceonline generally get a price that is set after considering the following factors:

1. Mileage:

This is the main factorthat has a major impact on the price of a used vehicle. For the basic reason that mileage has a direct effect on the car’s wear and tear and running condition, it is considered as one of the major factors for calculating a quote price. Other factors combining this include location, options available and color etc.

2. Condition:

It is rather considered a lot more subjective since it is more inclined towards the the overall health of the vehicle. An accidental car or the one with too many surface scratches is not considered as a very good listing option on sale.

3. Location:

As a fact that, some cars do well in any location or zone, whereas family sedans which are average priced are best buying options, irrespective of their location are popular everywhere. Likewise, convertibles and sports cars spell higher prices in warmer climates such as coasts.

 

4. Add-ons

: Cars with diesel engines, superior sound system, panoramic moon roofs, leather seats, all-wheel drive rank well on the selling charts. Also, features like power windows, air conditioning, and automatic door locks are considered to add to its resale value.

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5. Final consideration:

The exterior color of a car also makes a huge impact on pricing. Some of the fast selling colors in used cars include metallic grays, blue, and silver as compared to brown, orange, or purple that aren’t standard.

Conclusion:

As a seller, if youare concerned with what price you should get for a car, entering exact details on valuation toolcan give you the nearest value that you can expect to get. Also, make sure to take care of your car well to prolong your car’s life and it helps you to get better resale value. A detailed research will definitely get you a deal which will bring a win-win for all the parties dealing in a car purchase.

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