Finding out what your car is worth can be both an exciting and disappointing time. After all, it could be worth a lot more than you ever thought, but it could also be worth only half of your original estimate – it’s a revealing time for all!
However, before you go off and get your vehicle professionally valued, you can practice at home with the questions below. And if you’ve got a new car in mind that you’re ready to buy once you’ve shifted this one, you’re definitely going to want as big a payday as possible here!
What’s the Age?
The age of the car in question is the first thing to query; a car that’s older than 15 years is going to be rather a cheap vehicle, but if the car is over 25 years old, it’ll be classed as a classic, and maybe even vintage model, which could net you some big money.
Indeed, if the car is only a couple of years old, it’s still relatively new and people will be more than happy to pay for such an updated and stylish model.
Overall, you need to find that fine line between the old and newness of a vehicle, and if you’re ever in doubt, hold onto the car for a bit longer and see how the market moves next year.
What are Your Options?
Of course, the worth of your car is only one half of the battle. The other half is knowing your options when it comes to wanting to make money off of your vehicle, whether you plan to actually sell car or just take it down to the local chop shop. And there are far more things to do to get the cashback you want here than you first realised.
Indeed, you could sell, or you could scrap, but you could also part exchange/trade in, or you could even try refinancing your original car loan to save some money in the long term.
All in all, think about what’s best for your financial situation right now, and how you want to cut ties with your old vehicle. Even if it’s been over 15-20 years now, it could still be easily scrapped for parts!
What’s Your Car Made of?
In terms of its car parts, what is your car made of? The engine type, most specifically, will help most to value your car. Diesel engines, for example, are at an all time low thanks to the tax levied against them. However, their price has picked up in the last year or so, most specifically thanks to hybrid and fully electric cars becoming more and more popular. So check the engine – it could add an extra 5%!
If you’re going to try and sell a car, make sure you’re absolutely sure of its worth before you take it along to a dealership or scrap yard. After all, you could be facing a much bigger payout than you ever thought possible!