See all Motoring AdviceYou’ve taken the perfect photos, you’ve written a great ad and now the time has finally come to name a price for the car you’re selling. Because so many factors affect the value of used cars, here’s where it gets tricky.
A seller may have seen a pristine example of their make and model online and mistakenly believe that theirs is worth the same. On the other hand, a seller may just want rid of a car and can’t be bothered doing much research and so will pick an arbitrary figure out of thin air based on how much it’s worth to them. In the first instance, the seller could well end up sitting by the phone waiting for a phone call that never arrives. In the second, the seller might be letting their car go for much less than it’s worth and doing themselves out of hundreds of euro. There’s a balance to be struck between the two.
Get a valuation
The first step for anyone unsure of how to price their car should be to use an online valuation tool to get an approximate idea of its market value. Happily, Carzone has such a thing, meaning that you can instantly get a ballpark figure for how much the car is worth. Getting an online valuation, however, is only a starting point and more research is needed if you’re aiming to get the most for your car. >CLICK HERE for a Free Vehicle Valuation
Don’t pay too much attention to trade-in values and dealer prices
If you’re selling your car privately, don’t get too hung up on either trade-in values or dealer prices. Because trade-in values are determined by dealers who need to make a profit on the cars they resell, a used car will be worth considerably more on the private market than what a dealer is willing to pay for it. Similarly, cars sold by a dealer are almost always more expensive than those sold privately because not only does a dealer need to make a profit, but also cover their costs as regards meeting their obligations under consumer protection law, whereas a private seller does not.
While it’s worth having a look at similar cars to yours on offer from dealers (around the same age and condition), even if yours is in great shape, don’t expect it to command dealer prices. Pitch your car somewhat lower down the price spectrum.
Look at what else is on the market
Do your research online and search for cars similar to yours. Look at the ones priced close to their online valuation; is yours in better or worse condition/more or less desirable? Things that can affect the value of the car include age, overall visual and mechanical condition, mileage, proximity to its next NCT, repair work having been recently done, equipment grades and extra features. If for example, you see cars with higher mileages and lower levels of spec than yours pitched around their online valuation, price yours accordingly higher. Check how long similar cars have been on the market too. If a car has been for sale for several weeks, it could indicate that its pricing is too high. That said, if you’ve done your research and honestly feel that your car is worth the price you put on it, try your luck. In the best-case scenario, you’ll find a buyer that agrees; at worst, you may have to lower the price a little.
Take economic conditions into account
Be sure that you do actually check the current state of the market before you sell your car though, and don’t go on tacit knowledge that may be a few years old. The used car market has changed dramatically since the Covid pandemic, with the shortage of new cars due to global supply issues pushing the prices of used cars skyward. Coupled with a reduction in the number of quality imported used cars from the UK as a result of Brexit and changes to the VAT and VRT regimes here, used cars are now holding their values remarkably well, and it’s a seller’s market. Even good-condition older models previously worth in the region of €500-€750 can be found for sale at prices in excess of €1,000, highlighting just what has happened to used car values. With the shortage of used cars on the market, that’s unlikely to change much soon, so do price yours accordingly.