Used car market in India has grown leaps and bounds of late with many people upgrading from their two-wheelers to four-wheelers and have contributed to the enormous growth of the car industry in India. Many of these car owners are upgrading to newer models or upscale models based on their personal choice and spending capability. The natural process emanating is the sale of their existing car. This has led to the rise of a huge and decentralized used card market often called pre-owned car market. Used car valuation is an important process to be understood by the sellers read more about it.
The pre-owned car market is so large and lucrative that major car manufacturers have entered the market and have set up their shops. With such a large, diversified and multiple options in front of the car seller, it is but natural to identify the best mode of sale and get the best valuation for the car. The distinct ways to sell a car are –
- Identify a buyer directly – either through online classifieds or offline search through friends and family.
- Sell the car to a dealer who shall in turn sell the car to a prospective buyer – the dealer may looks for a small margin to be gained in the transaction.
- Consult a dealer or agent who shall identify a buyer and engage a direct dialogue between the buyer and seller – dealer or agent shall seek a commission percentage on the value of the deal.
- Trade the old car for a new car with the new car dealer/showroom.
Know the best value for the car with these useful tips
Understanding the right value of the car is the first step to be undertaken by the seller. The important question that arises to improve the used car valuation is; how can he gain the knowledge of the current prevailing market prices for his car model and version. There are two useful methods available for the seller –
- Online price check of the car model and make on different websites to get an understanding of the prevailing market prices in the pre-owned market.
- Consult different dealers in his city and get quotations from them.
With the information in hand, the best price possible is ascertained by the seller. Another credible source of information for knowing the value of the car is to check its book value. The book value is available in different pricing guides and user-car websites. This price must be factored for the mileage run and the condition of the car. The prices can also be availed from online websites where adjusted values can be found.
How to increase the potential selling price of your car
After understanding the standard price that can be realized from the car, the next important step is to know the best practices to enhance the value of the car to be sold –
- Maintain the service history of the car with the authentic log book details – Any buyer would like to understand the service history of the car before buying it. The important details are – if the car has suffered any accident or damage? If any major parts have been replaced? Has the car been recalled by the manufacturer for any manufacturing defects?
- Clean the interiors of the cars with professional stain removers to remove all stains and have the dashboard polished to give a sparkling look. Steam cleaning the whole car to remove any fine dust.
- Identify those specific months of the year where more deals shall occur – holiday season, last quarter of the year when bonuses are disbursed to employees etc. when buyers are willing to spend a few bucks more to own the desired car.
Apart from trying to enhance the value of the car with above-mentioned options, few things to be considered by any car buyer – new car or pre-owned – to get the best trade-in value for their car are
- Choose one among the popular car models while buying – To ensure the car has good demand down the time line.
- The color of car should be among the standard colour options – Black preferred the most. Going for a popular color choice can ensure a steady demand for the car when it is put for sale.
- Opt for the standard version – neither the lowest nor the highest – since the standard one has the largest demand among all versions.