Everyone looking to sell their old vehicle should understand how to accurately determine the value of their car. This knowledge can lead to better outcomes.
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Only then can the seller establish a realistic selling price. Otherwise, there is a risk of losing a significant amount of money. On the flip side, setting a price that is too high may result in a lack of interest from potential buyers, potentially prolonging the selling process for months.
Here's a guide how to correctly assess the value of your car:
The first step in determining the residual value involves checking prices for comparable models on major online used car markets, such as mobile.de or AutoScout24.
It's crucial to consider not only the make and model but also:
- The year of manufacture;
- Mileage;
- Fuel type and other important details.
Residual value describes the price one can expect to receive, for instance, when selling a used car.
This price depends on various criteria, including:
- Age;
- Condition and model features;
- Market demand and supply.
It might happen that a less popular model can only be sold below its estimated value.
Online car price calculators are available for a rough estimate. For example, a calculator provided by the Deutsche Automobil Treuhand (DAT) allows users to input the make, model, engine, equipment, and other factors to determine the market value of the car.
The 'Schwacke Liste' is considered the benchmark for evaluating vehicles. This service has been exclusively oriented towards commercial clients for some time.
The offered services are no longer available to private clients who only occasionally require an individual assessment. Therefore, this method of assessing the value of a vehicle is suitable only for professional traders.
When selling, a well-founded and independent appraisal is indispensable. TÜV or DEKRA offer such a service. This assessment is particularly useful if the seller needs an accurate value for their car for specific purposes, such as classic cars with potential for increased value.
This service is not cheap (costs vary from 150 to 300 euros). Therefore, these additional expenses should be taken into account. However, it provides an accurate assessment of the market value of a specific car model, taking into account all its features.
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After conducting research on major online used car markets, it's important to consider factors such as the car's year of manufacture, mileage, and fuel type to accurately determine its residual value. Setting an unrealistic selling price might discourage potential buyers, potentially prolonging the selling process.
When considering professional appraisal services for a more accurate evaluation, keep in mind that services from TÜV or DEKRA can be expensive, ranging from 150 to 300 euros.
