Thinking of selling your old car? You need to know your car’s valuation before deciding on an asking price. Thanks to companies like Edmunds, Vehicle Valuation Services, and Automotive Valuation Services, it’s easy. To determine your old car’s worth, analyze its pre and post-insurance valuation and selling or trade-in pricing. Considering the average depreciation value and current market conditions will further help. These factors also help estimate how much you should pay for a replacement.

Brand reputation
When buying a car, it’s crucial to consider the manufacturer and model. The year of manufacture is just as important. New or old, you don’t want to buy a car from a recalled batch. You have nothing to worry about if the manufacturer is known for delivering strong, durable, and reliable vehicles. Sticking to such brands will help you save when you resell the car later. The depreciation value of good brands is close to 50%, which is lesser than some others with higher loss in resale value.

Model popularity
If a car model is selling out quickly as a new car, the demand for a used vehicle of the same model is likely to be just as high. In such a situation, a used-car deal is considered value for money. It allows buyers to save big on maintenance costs. Car makers will likely discontinue a model if its sales are lower than expected for an extended period. This means cars with lower popularity might be priced lower in a second-hand deal but can be expensive to maintain.

Fuel economy
Mileage is one of the first things to consider when buying a car, even if it’s a second-hand vehicle. The kind of service and reliability the car will offer you is a major deciding factor on whether or not it’s the right choice. With a decent car, you can expect an average mileage of 12,000 to 15,000 miles a year. Anything lower is considered low, and anything beyond is high. That said, the number of miles a car has already driven impacts its resale value. The higher the mileage, the lower the car’s valuation.

Current condition
Your old car’s valuation will partly depend on its condition. Therefore, how well you have looked after it can be a contributing factor. The parts you have repaired and the number of times it has broken down and needed things replaced are all critical questions. This also includes considering any damage caused to the interior, exterior, or engine. Modifying wheels and stereos can also cost you negatively during the resale process. Addressing issues early on and keeping the car unmodified is an easy way of earning the most out of reselling it.

Service history
Servicing your vehicle as advised by the manufacturer is always a great plan. Potential buyers would like to look at the car’s service history, and a clear report will help you get more offers with better resale values. If you have proof of regular maintenance, it will help reduce the depreciation in your car’s valuation. In fact, it will add value to your vehicle, attracting a higher price than you are planning to sell for. The same applies if you are the buyer. If cars have records of multiple repaired or replaced parts with accidents on record, you might want to avoid purchasing them as far as possible.

Maintenance costs
Cars that cost less in maintenance expenses tend to have a higher resale value. Conversely, those with higher maintenance costs in terms of labor and spare parts end up costing less when resold. So, consider this factor when estimating any car’s worth.

Market conditions
A car with a higher market demand will have a higher selling price. This could shift depending on market conditions when you plan to sell your vehicle. The desirability of your car, its upgraded models, availability, and the current economy are all factors that play a role in car valuation that should not be ignored for the best deal.

Number of previous owners
If you want the best deal when buying a vehicle, one thing to check is the number of people who have previously owned it. The more the number of hands changed, the less the valuation of the car. Consulting the vehicle’s V5C logbook is a reliable way of knowing about its driving history. A shorter logbook is bound to get a car sold and bought faster. If the vehicle you’re looking to buy doesn’t have a V5C logbook, you might want to steer away from it.