How Much Is My Car Worth Today
I get asked this a lot:
HOW MUCH IS MY CAR WORTH
A lot depends on how much time you have. Do you need to sell your car fast in Brisbane or not?
And I know it sounds silly, but know what your car is.
Silly piece of advice right?
Some cars look identical and might be manufactured in the same year, but there may be up to 20 variations in the one model.
A great resource to check this out is at www.redbook.com.au.
Look up your car there.
All sorts of factors need to be taken into account.
Is it manual or auto?
What badge is it – GL, DE, SLX, Traveller, Limited, Limited Sport, Sportivo, etc.
Were there option in the year of manufacture for the fuel type – E.g. diesel or petrol?
Some models vary greatly in price as to whether they are hatchback or sedan (for example the old Mazda 3 Astina from the 90s).
When you visit the site, you will get the idea.
There may have been mid-year releases to add to the confusion.
You may even need to check your car’s VIN (Vehicle Identification Number) to narrow down the results.
You can find this number, which is individual to your car on a plate in the engine bay.
Or to make it easier it will be noted on the registration documentation from when you renewed.
Whilst we are at Redbook’s website, you will see a price when new figure.
Inside, it will also give you a guide as to the current price of the car – both retail and wholesale (trade-in).
THIS IS ONLY A GUIDE!
Even the guys at Redbook will confess to this.
You may have a car fitted with loads of options.
I can tell you this: Generally end buyers do not place much value in any of these.
Sure it might help sell the car, but not necessarily fetch much more in the sale.
There are just too many factors that determine how much your car is worth to have it in a definite stamp of its worth as of right now.
And at the end of the day, it’s all about how many cars there are in the same condition for sale and how many buyers in the market want one.
And the difference between wholesale and retail?
Retail is a price you might achieve if you post it for sale on a site like CarSales or Gumtree.
Wholesale is a guide to the price a dealer will pay in order to achieve a margin.
If you want to sell your car in Brisbane today, you need to be comfortable with the trade-in price guide.
Ever heard of a “Car Valuation”?
These are generally a waste of time and money (if you paid for one).
Like I said above, numerous factors determine how much a car is worth.
And how much it is worth today to one prospect might be a whole lot different to how much it is worth tomorrow to a different prospect.
So unless a Valuation comes with a cash offer to buy the car, then it is just about useless.
“Put Your Money Where Your Mouth Is” so they say!
I have written another article about the importance of having, or being able to supply a PPSR certificate. Otherwise known as a “Carfacts Report” or encumbrance report.
If your car has money owing on it by someone else, or if it is on the repairable write-off register, this makes your car much less valuable and much harder to sell.
Another way of estimating how much your car is worth is to survey the market.
Any website that has your model of car for sale, check it out.
Remember people generally want too much cash for their car.
It’s human nature!
So if you notice, you will tend to see the same cars on these websites for quite some time.
I hope this little ramble helps.
Always feel free to call me on 0411 362 229 and I will discuss with you how much your car is worth – to me and the other buyers in my network.