You should always keep yourself up to date with the value of your car as it will come in handy if or when you decide you wish to buy a new car or sell your current one.
Having this knowledge will allow you to be in a prime position to negotiate if necessary, ensuring you do not overpay or undersell, which could lose you money in the process.
Finding out the value of your car is simple and can be done for free. All you need to do is sign up to Car Credible where we will not only tell you your car's value but also notify you of its changes each month.
Discover your car's value and much more by signing up to Car Credible today.
Our tools will put you in a great position of knowing how much your car is worth and what potential better deal you could get yourself into. All we need from you is your reg and mileage, as well as your car finance details and you're good to go in a matter of minutes.
Buying and selling a car
If you're buying a car, knowing its valuation will ensure that you are not paying more than what the car is worth. If you do your research in advance, you will know exactly what to offer and when to walk away.
Likewise when selling, if you know your car's valuation, you will know exactly the estimated amount to accept and you could potentially end up making more money if someone offers you more than you know your car is worth.
It really is so quick and easy to find your valuation as well, so you can get yourself prepared in advance and not have to worry about not being confident when looking to buy or sell.
What can increase a car's value?
No damage - If you can maintain your car's general condition, then its chances of selling at a good price are high. It can be the difference between you getting your car's overall valuation or below your expectations.
Complete service history - If you can prove that your car has been well looked after over time, with regular services and maintenance checks then it's going to have a better chance of selling at a good price for you. Buyers want clarity and this is the number one thing to show them.
The car's colour - It may seem materialistic, but the colour of a car can be a deal-breaker for many people. Neutral colours such as black, white, grey and silver are the top sellers, while the likes of brown, pink, orange and yellow may be harder to shift. Buyers may like the model and condition of the car you're selling but may be put off by the colour and would unlikely be keen on buying to then change the paintwork.
Additional features - If you have extras within your car that you added when buying, such as a rear-parking camera or built-in sat-nav, then you may have more of a chance of selling at a good price. Anything that makes driving that little easier for buyers will make it more marketable.
What can reduce a car's value?
Modifications - Some changes to cars might not necessarily put a potential buyer off, but it's worth noting that certain things can make insurance more difficult to obtain. When modifying your car, you should think about the future. Just because you like something now, doesn't mean someone else will four years down the line.
Wear and tear - The more scratched, scuffed and grotty-looking your car is, the less it's going to be worth in value. Keeping your car in a good condition might not always be the easiest thing to do, but it is one of the most critical when trying to maintain its value. It's worth spending a little bit on repairs before selling to try to add that little extra value to the vehicle.
Broken parts - Buyers generally don't want a fixer-upper, they want to be able to jump in the driver's seat and use it immediately. Fixing any broken parts ahead of selling will significantly increase its desirability.
No up-to-date MOT - Keeping all documents up-to-date and making sure you service and MOT your car while under your occupation will help you to sell it. If potential buyers see gaps in its history, it may put them off or leave them questioning why it was not properly taken care of.
The number of previous owners - Generally, the more people that have owned a car, the less valuable it will become.
Why should I get my car's valuation?
You want to be in the know in advance so that you can negotiate as best as you can without going in blind.
You don't want to over or undervalue your car when selling as just a few hundred pounds could be the difference between you losing out on money or a potential buyer pulling out.
If you want to part-exchange, it can be easy to accept the first offer the dealer gives you. If you know your value, you can make your decision whether to do it now or in the future.