Getting the best value: Tips for used car valuation in India

Whether you are buying a used car or selling your old, reliable, knowing the right value for it is important. If you are in the Indian automobile market, you should know that there are certain factors that affect the price of a second-hand car. In this article, we will briefly go over the subject of used car valuation and how to use a used car value calculator.

What is meant by used car valuation?

The method that is used to check the resale value of a used car by considering certain factors is known as used car valuation. It is not only useful for those who are selling their car but also for individuals who are in the automobile market looking to purchase a second-hand four-wheeler.

What are the factors influencing car resale value?

The resale value of a car starts to depreciate right from the moment it is first purchased and gets out of the showroom. With time and general wear and tear, this value goes down. It is said that the resale value of a new car goes down by 20-25% in the first year and 10-15% in the consecutive years. The main factors that affect its resale value include:

1. Make and model: Vehicles from luxury car manufacturers and those that stay in high demand usually have a higher value than the usual brands. Also, there are people who are willing to pay higher prices for certain old car models than going for a new version.

2. Kilometres driven: Cars with a higher number of kilometres driven have lower resale value due to their heavy usage. Less-driven cars usually have a higher price tag in the used car section.

3. Vehicle condition: The overall condition of the car plays a pivotal role in determining its resale value. Cars in good condition have high resale value, whereas poorly maintained vehicles have low resale value.

4. Year or purchase: The age of the vehicle is a major factor that affects its resale value. Generally, older cars are offered at lower prices than cars that are only a few years old.

How do you calculate the value of a used car?

To find the resale value of a used car, you need to consider certain perimeters and refer to the current offerings and costs of cars in a similar category in the automobile market. The best way to do so is by using a used car value calculator available online. It is a tool designed to give you an estimated value of a used car based on factors like its year of manufacture, city, car make and model, ownership status, kilometres driven, etc. Here are the steps to use it;

1. Go to your browser and search for a “used car value calculator”

2. Provide the required details, like the car’s manufacturing year, RTO location, make and model, variant, transmission type, ownership status, total kilometres driven, time of sale, etc.

3. Submit all the above-mentioned details to get an estimated resale value of that car.

Conclusion

There might be a hundred reasons behind one’s intent to sell their car as well as one’s plan to buy a second-hand four-wheeler. Regardless of anything, it is crucial that both parties get the proper value of the car before buying and selling. This can easily be done with the help of an online used car value calculator.