How to determine the value of a car

How to determine the value of a car

There are many factors that determine the value of a vehicle.

Co-founders of new online auction platform, auction.co.za, share their advice on the ins and outs of buying or selling a car.

Don’t get caught out

Consumers often get caught buying vehicles online without knowing the full history. This can leave the buyer out of pocket with a car that is worth very little.

“We had one guy come to us for an inspection after buying a car. He didn’t know when he bought it that it had been written off by insurance. Consumers get caught like this all the time,” says Miller.

The moral of the story is that just because something seems like a great deal, doesn’t mean it is. You should always do your research.

Protect yourself

You should look at everything that has happened to the vehicle in its lifespan to determine its true worth. Even if the vehicle has a roadworthy certificate, this doesn’t guarantee that it is problem-free (just that it meets the minimum safety requirements).

Auction.co.za has a team of experts who conduct a thorough analysis of your vehicle and provide a checklist before it is put onto the site for auction.

You get the same perk from the team when you buy one.This level of transparency ensures that you get the best price for the asset.

Determine the real value

To do this, you need to look at a range of factors: where it’s been, what work has been done to it, whether its been in an accident, the mileage, parts that have been repaired or replaced, how much it will cost to keep it on the road, and if there is any debt attached to the vehicle.

A vehicle will depreciate by about 1% each month, but it is all of these factors that will determine any one vehicle’s real value.

Auction.co.za offers a safe environment for buyer and seller. If there is anything wrong with a car, this information is included in the vehicle’s profile so buyers make an informed decision.

But wherever you are buying from, you want sight of the service book and full history before you purchase.

For more information visit auction.co.za

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