How to Check Used Car Valuation?

Are you wondering about selling or purchasing a used car? Then, you must know the necessity of assessing its valuation before making an informed decision! Although used cars come with several benefits, one must always check if their condition matches the price you are paying. The online used car valuation is a tool offered by Hero FinCorp that helps the buyer/seller to know the value of the car and also gives an estimation of the EMI to manage finances better.

You can also visit local dealers or look in the classified advertisement section to see how much the same model was sold for and understand the difference. Let's understand this scenario better so that making an informed decision becomes easier for you!

What is Used Car Valuation?

Used car valuation involves multiple factors determining the final value of a car for sale or purchase. The valuation depends on factors such as year, mileage, condition and certain other factors.

Why is Used Car Valuation Important?

Helps in Acquiring the Best Deal

When you know the value of your car, you can be confident about your purchase and get the best deal available in the market. So, before listing your car on any online platform, you must thoroughly perform a used car value check and determine its actual value.

Fair Negotiation

Knowing the true value of your used car can make or break a deal! A buyer would negotiate as much as possible. However, when the seller knows the true value and worth of their car, they can easily convince the opposite party to buy the vehicle at its estimated cost. Sellers can offer various things to attract a buyer and seal the deal. If you are well aware of the value and how much you should actually pay for the deal, negotiating on your terms becomes easier.

Protection

A third-party dealership can buy the car at a lower price and sell at 2x profit. Performing a used car valuation can save you from getting into a situation like this.

Important Factors That Determine the Value of a Used Car

• Mileage: One golden rule– the lower the mileage, the higher the value. The simple wording for mileage would be that it shows how much the car has been used. Therefore, this means it has less wear and tear and the car is in good condition.
• Condition: One of the prime factors in setting the price for the deal is your car's condition. You must, therefore, ensure that the car is in good condition and maintained properly.
• Age: Everyone knows that the car is an asset that depreciates. You get the price you want for your car, according to its age, no matter how good it is.
• Make and model: The brand and manufacturer of the car are very important in determining the right value for your used car. While a credible brand might get resold at a higher value, a less credible one might not achieve the aspired price.
• Insurance: With uncertainties hanging over everything in this age, many car owners prefer getting their vehicles insured. If you have an insured car, you may get a higher price compared to when it is not insured. You must always get insurance on your car in order to receive the best value.
• Ownership: Another factor that will help in estimating the cost of a used car is how many owners it previously had. More than owners, the lesser the value and vice versa.

Tips to Get a Better Used Car Valuation Online

Gather Necessary Information

The First and foremost thing is to gather all the necessary information about the car. It includes the model, make, age, insurance, and other factors. By keeping this information in handy, you can quickly move to the next process.

Use Multiple Valuation Tools

Many online websites and dealerships offer used car value calculator tools. However, you should use several valuation tools to determine the accurate value of the car you wish to buy or sell.

Provide Accurate Information

You must provide accurate information about your car to determine its fair value. Even slightly incorrect information can mess up the results and degrade the valuation of your car.

Highlight Upgrades and Recent Maintenance

Every buyer wishes to buy a car that has been properly maintained and upgraded up to their standards. You must mention all the recent upgrades and maintenance to attract potential buyers and get a fair value for your car.

Compare Similar Listings

The Internet is vast, and you may find various similar car listings. It is a wise move to compare similar listings and highlight the best features of your car to let the buyers know why your car is better than the others.

Clean and Present Your Car Well

You must carefully clean your car before presenting it to the potential buyer. There is a saying ~ what is seen sells. Ensure you smartly present your car so the buyer is intrigued to move ahead with the buying process.

Document Everything

It is by far the most important thing to do. A buyer or seller feels more confident and at ease when there is written proof of everything. They can easily take action if any inconvenience arises while buying/selling a car or in the future if the car is not up to the standards as told.

Understand the Market

You can set a competitive price when you thoroughly understand the market. Carefully research the market and do a competitor analysis to determine the correct value of your used car. It will help you in maximising the profit and get a good return.

Consider Timing

Market conditions usually affect the pricing and value of your car. Before the launch of a new car, people list their used cars at a fair price and attract great buyers. Understand the trend and list your vehicle at the right time.

Negotiate Wisely

Negotiation is a universal trend. However, do not let this trend affect your expectations. Stay firm and let your confidence do the talking. Ask for a fair price and highlight the best qualities of your car.

What are the Things That Can Reduce a Car's Value?

• Age: Even if your car is in great condition, its age can greatly impact its value.
• Mileage: High mileage means the car will need more repairs and service than usual.
• Condition: Your car will likely be priced at a lesser value if it is in bad condition and has prominent bumps and scratches.
• Modifications: Modifications in your car can either make or break a deal depending upon the final look of your vehicle and the buyer's preference.

Conclusion

If you have found the right way to get your desired car valued, the next thing in line is the finances. Even after receiving the right deal, managing a hefty amount of money can be challenging. This is where Hero FinCorp comes into the picture! With a facility that provides you with a hassle-free experience, you can quickly apply for a used car loan and purchase it before it's too late! Remember to use the Used car loan calculator to calculate EMI payments and manage your finances effectively.

Frequently Asked Questions

Which car gives the best resale value?

It depends on the most preferred brand in the market. Reputable brands and top models always command high values.

Why does the mileage of a used car impact its value?

Mileage typically tells how much your car has been used in the past. The more the car is used, the less the value it gets.

How does the service history affect the valuation of a used car?

Regular servicing of the car keeps everything under check and avoids hefty maintenance charges later. If your car has been well maintained in the past, we are sure the value will be appreciated.

Do modifications and aftermarket additions impact the valuation?

Yes! Too many modifications can get your car in trouble, and most buyers like to purchase what's untouched and fall under insurance.

Can the colour of the car influence its valuation?

Yes, it definitely can!