For many people, buying a used vehicle can be the simplest, fastest and most cost-effective way to get their ideal car. In fact, it can save them hundreds or even thousands. As new vehicles tend to lose a high percentage of their value easily, the used ones attract practical buyers more.
With all the eagerness and excitement, however, not all buyers can end up with a quality vehicle. The process can be downright overwhelming, which is why having a budget and doing an extensive research is necessary. Make car buying a fun and memorable experience by arming yourself with the right information.
Why Valuation is Important?
Valuation is important, not optional. It allows sellers to quickly determine the resale amount of a car. In the business world, for instance, the assessments of the asset’s value are used by companies that offer refinancing, insolvency services and more. The information is helpful when it comes to buying or selling. Accurately determine what a car’s worth can help avoid conflict between a buyer and a seller.
What Affects Car Resale Value?
You probably know that the minute a brand new car leaves the dealership, its value may depreciate sooner or later. But, do you know how the math is figured?
A vehicle’s make, model, age, general condition and mileage are some of the things that will affect the resale value. If there’s a problem, the price of the vehicle will be lower.
When you buy at an auction, you need to perform a thorough inspection of the vehicle. Apart from inspecting the exterior and the interior for damage, check if there are replaced parts, see the mileage, know the extend of wear on the tires’ treads and look under the vehicle for fluid leaks. In addition, check for issues such as mould, rust or a musty odour.
If you think that buying a pre-owned car at a physical or online auction is just for professionals, think again. Sure, buying a used car is never easy, but you need to be savvy to make an informed decision.