The key to a quick and painless private sale is to price your car correctly. Overpricing is quite common among private sellers and could spell a long, drawn out sales process. Determining your vehicle’s worth is quite easy to do but it is not exactly an exact science. A vehicle’s price is determined by a whole range of factors including: make, model, mileage, service history, condition, accident reports and the demand for the particular vehicle in the current market.
Search for vehicles similar to yours on Driveit.co.za or check out some other car classified websites, for the fair market value of your car. Browsing other classified ads is not always very accurate, as you have no way of knowing how the advertised cars actually compare with yours.
A better way to determine the current value of your car is to make use of the various online ‘car valuation’ services to buy a ‘valuation report’. Some websites offer the first report free, so be sure to shop around! It should be noted that these websites in turn make use of the auto industry standard: ‘Trans-Union Auto Dealers’ Guide’, formerly known as the Mead & McGrouther Auto Dealers’ Guide, to determine the correct value of used cars. This guide is widely used by car dealers as well as insurance brokers, but is still only a guide and provides you with a good average price of a specific vehicle model and takes into consideration the mileage and the condition of the car.
A ‘valuation report’ will essentially provide you with the ‘trade’ as well as ‘retail’ price of the vehicle which you can use to determine a ‘market price’ for your vehicle. These are price ‘terms’ typically used in the auto industry when it comes to used vehicles, and following is a brief explanation as to what they mean: