Selling your car- Know your actual car worth?

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Image with 2012 Car
One of the things in life that you can be absolutely
sure of is that whatever you drive, one day you’ll need to sell your car. It’s
not a case of IF, but WHEN. Take a good look at your car. What condition is it
in? Does the interior look worn out? If you’re going to need some major
maintenance soon, how much is it likely to cost? Will it be worth it? If your
thought process has reached this stage, it’s probably time to sell your car. It
is wiser to get rid of it while it’s still in working order. In order to make
sure that you get a good price for your car, it’s important to take care of the
major issues.

 

Although there is hardly any set calculation to
determine the value of a salvaged car, there are some basic methods that can be
used to get an approximate resale value. It depends heavily on the amount of
damage it has sustained, and also the exact mathematical formula used by the
insurance company. First and foremost, you should determine the current retail
and trade-in values for the car based on its year, make, and model, which are
used to calculate the car’s market value. Thereafter, you should contact your
insurance company to obtain the percentage rate they use against the market
value in determining the final resale value.
Many sellers rely on a few online tools like the Kelley
Blue Book and the Canadian Blue Book as guides. This proves to be particularly
helpful if the car has suffered an accident and considered to be a total loss
and you are in need of a more precise method of determining the actual value.
The so-called Book values are an extensive price listing of practically every
car and vehicle model that exists. These include both new and used vehicle
varieties, and these values are known to be updated regularly. Consequently,
they have become highly reliable as a guide on car price data. The regular
compilation of car price information is given shape by obtaining data from
different sources, including car rental companies, authorized car dealers, lending
institutions, and even individual consumer car sales transactions.
The price of a used car depends on the following
factors –
1.
The price of the car when it was new.
2.
Age of the car and number of its previous owners.
3.
The usage and the number of kilometres the car has run.
4.
The condition of the car.
5.     Whether you are selling or trading a car also is a
major determinant. Trading with a dealer will give you less value for your car.
6.     Region and landscapes – some cars are more preferred in
some states/cities and they command better resale. It is also important to note
that a car registered in one state or city gets comparatively lesser price if
sold in a different state or city.
7. Cars manufactured by companies like Maruti, Hyundai,
Honda, and Toyota command better car resale valuation in India.

 

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