Determining the exact value of your used car isn’t something you can do while binge-watching a television series on your couch. But that doesn’t mean there’s no way to figure that out. Check some tips below to know from where you should start.
There’s nothing like a “fair price” in the used car market
Yes, you heard it correct. According to carswitch, there’s no such thing as a “fair price” when it comes to selling a used car. Value of a used car mostly depends on the requirement of the buyer and the need of the seller. First, it depends on you. If you are in a hurry to sell your car, and the buyer can smell your need and urgency, he/she will quote you much less than the usual. On the other hand, if the buyer somehow likes your car, and you can read his/her eyes, you can quote the buyer a bit upward than the market price. At the end of the day, your car is worth what the buyer is willing to pay.
Img source: carmudi.com.ph
Check and compare the insurance quotes
Though it’s explained already that there’s no fair price, it’s good to know a ballpark figure before you start negotiating with your buyer. And there’s nobody like your insurer who can provide you with that. There’s plenty of insurance companies who offer instant insurance quote online. Just google with a term like “online car insurance UAE,” and you’ll find numerous insurance websites are competing to have your business. Click to any site among the top results on the search page, proceed with the online form, put all the required details of your car, and voila! You’ll be presented an estimated value of your used car based on the details you provided. You can continue the same process in multiple insurance sites and can average out a figure easily. Since insurance companies typically undervalue a car, you can safely assume this as the lowest price point, and now you can go upward with your price.
Source: Money Crashers
Keep an eye on the online used car market
You’ll be able to get a realistic estimate if you check online classified ads for used cars. Search for the cars with the same make, model, and year of your car and see for yourself how much other sellers are charging for their cars. Unless there’s a huge difference in mileage or some significant damages or modifications, your car should worth more or less the same. However, there are few more factors which should be weighed in the calculation before you jump into any conclusion. Mileage is one crucial factor in determining a car’s worth. In UAE, a car runs 12k to 15k miles every year on average; hence if your car has more mileage it would worth a bit less and vice versa.
Source: Pinterest
Hope you now know how to start valuing your car. However, things just got started here. The main question isn’t how to know the fair worth of your car, but what you should actually ask is how can I get the most value when I sell my car? Negotiating is an art and to get the most value, you should master the art first. Here’s a ready reckoner for you to start –
1. When you’re dealing with the buyer, be prepared for some tough haggling. Because your buyer would expect that and would undervalue your car in his/her first offer. So, if you let go without any bargaining, you’re actually selling your car for much less than what it deserves.
2. You should be honest about your car’s condition when showing it to the buyer. Make sure to give the buyer an accurate detail of all the major damages and repairs. However, do not go overboard and point out faults which are not recognizable in plain eyes.
3. Before you meet the buyer with your car, plan your argument if he/she tries to lower your quoted price.
4. Build an urgency if you smell that the buyer liked the car. Tell him/her that you’re getting offers from other potential buyers too.
5. Most importantly, do not hesitate to turn down your buyer’s offer if you think it’s too less unless you’re in a hurry to sell off the car.
