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How does old car valuation work in Australia

Category : price of your car · by

September 7, 2017

When it comes to selling a car, it is not at all an easy and fun activity. And, what makes it even more troublesome is finding out the worth of your vehicle. In general, a vehicle depreciates all the time just when it is driven out of the dealer’s yard.

For this reason, people probably don’t always have a good idea of their vehicle’s worth. In Australia the value of vehicles depreciates by 14% every year during the first three years of their purchase.  This means that if the original value of an automobile is $30,000, then it will decrease by $10,000 just after a couple of years. 

However, the good news is that you can easily determine the value of your vehicle with Qld Wreckers, if you have an appropriate auto valuation checklist in hand.

Know the price of your old car – Old car valuation

The best way to know the value of your vehicle is using an online auto valuation tool. It will give you a free assessment of your automobile’s value depending on its manufacturing year, make and model.

However, there is a drawback of this option is that it doesn’t consider the other realistic factors. Such as the area where you are trying to sell your automobile. This is because the price of an auto gets affected, according to the demand of local buyers. For instance, a 4WD may have a good demand in rural areas rather than in urban areas, which could significantly affect its price.

In addition to this, online auto valuators don’t consider the mileage of the vehicle and simply offer a quote depending on the average distance it has covered. It also does not take into consideration the worth of the add-ons in your automobile such as the leather seats, GPS, etc.

Basically, it will only give you an estimated value of your automobile that is that any dealership or private buyer will be willing to offer you. Thus, you will need to understand the variety of factors that contributes to the value of your automobile. 

Here we have prepared a list of those extras and features that can influence the final price of your vehicle.

Year of Manufacture

The manufacturing year of your automobile will have a great impact on the price you will get for it. Basically, the value of your vehicle will decrease with its age. However, there are some brands whose models retain good value even after turning into a vintage or classic automobile.

Make and model

According to experts, models from recognised manufacturers are likely to retain their value for a long time period.  Even though the supplier won’t give you any warranty that your vehicle will hold its value for many years, yet it would be safe to purchase a reliable and stronger model.

Mileage

There is no doubt that the more miles on your automobile’s odometer, the more its vale decrease. And, more miles means great wear and tear of it’s components. For instance, the average automobile covers 14,000 kms every year, according to the Australian Bureau of Statistics. If your automobile covers more distance than this, its value will decrease accordingly.

Transmission

Typically, it costs a large amount of money to buy new automotive which tends to stop them from depreciation for a temporary period. However, you may need to pay more money for purchasing some off-road, classic or sports vehicle with a manual transmission.

Colour

The appearance of your vehicle will of course influences its price. Generally, automobiles with standard colours hold great demand in Australia. Beside this vehicles with bolder colours may get more prices, but still it may take a lot of time to find the right buyer, particularly for sports vehicles.

Non-standard features

If your car has automatic headlights, heated seats, inbuilt GPS, or additional safety features, it may increase its worth. Therefore, make sure that you consider the non-standard features while assessing the value of your car.

Exterior, Interior and Mechanical Condition

The exterior, interior and mechanical condition of an automobile is another critical aspect that influence the worth of an automobile. If you observe the spots of greasy fingers in the vehicle’s interior or exterior, claw marks of pets, it will decrease the worth of your car.

Along with this, the scratches, rust spots, dents on the exterior of the car will also reduce its worth. Therefore, make sure to preserve all the maintenance records to leave a good impression on your buyers.

The history of your car

When your car gets written-off or gone through any serious repairs in the past. It will be mentioned in the VIN (vehicle identification number) or REVS (financial encumbrances) check. Consequently, it also has a great impact on the price that your prospective buyers will be willing to pay for your auto.

Aftermarket parts

The price of aftermarket parts and accessories in your car will certainly affect its worth. This includes the personalized accessories in an automobile such as superchargers, bull bars, chrome wheels, aftermarket spoilers and snorkels and snap winches.

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