Buying and selling cars go hand in hand and for many, there are a few necessary steps to take in the process, but a valuation is one that is often overlooked. The value of a vehicle isn’t always easy to predict because some cars can depreciate faster than others. If you’re selling a car you want to get the most for it while buyers want the best price and are always searching for a bargain.
When you’re looking to buy a vehicle, do your homework. This isn’t always easy, especially if you’re searching for a classic car. While scanning online auction sites may help, typically these vehicles can be very difficult to value, and it is wise to seek help from an expert. After all, you don’t want to end up overspending.
Relatively new vehicles that are 3-5 years old with low mileage are easier to value, especially with an online AA Vehicle Valuation. These vehicles aren’t very old so it’s likely that the models will be well known and regularly sold in the current market. While some of these cars won’t cost as much as buying a brand new vehicle, they’ll still come with a relatively large asking price. An online valuation is a good way to ensure that you’re paying the right amount for that specific car.
When you are ready to upgrade your ride and you want to put up an online ad for your current car, you need to know what to sell it for or what to settle for as a trade-in offer. Some buyers get lucky when they find a bargain, but when you’re selling a car it’s important to be wary of online scammers.
Insuring your car for the correct value means you’re paying the correct amount for your cover. If you choose to agree the value of your car with your insurer, you’re guaranteed to receive that amount of money − minus any excess or outstanding deductions − from your insurance company if your vehicle ever gets written off or stolen. Therefore, it’s vital to get an accurate agreed value and if you have a classic or particularly rare car, insurers may also ask for a valuation certificate from an expert as evidence. Agree a higher price than the true value of your vehicle and you’re likely to end up paying higher premiums, or even worse, your car could end up getting repaired for a higher value than it’s actually worth. Agree a price that’s lower though, and you may just find that if your vehicle ever gets written off or stolen, the money that your insurer actually reimburses you with isn’t enough to cover the costs of a replacement vehicle that’s exactly the same model, age and mileage. Bear in mind that you’ll probably need to agree a new value every year when your policy is due for renewal, and taking the maintenance of your vehicle into consideration is also worthwhile as cars that have been well maintained will hold their value for longer.
Getting a vehicle accurately valued is the sort of thing that can be forgotten about, but failing to acknowledge a vehicles true value can catch you out in one way or another. It’s important to remember that not all cars are created equal and some models hold their value better than others. An AA Vehicle Valuation costs $19.95 and the benefits off the back of having one could save you lots of money in the long run.