How to know the value of your car?

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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, updated on November 25th, 2021       

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If you are considering selling your car or finding out whether you are paying adequate cover on your beloved four wheels, the first place you can start is knowing the value of your car. Your car depreciates in value every year, and you might find that you are over-insured or underinsured. It’s good to check the value of your car every year so that you don’t get any nasty surprises when it’s time to claim. Here are six ways you can check where the value of your car currently sits.

Know your cars worth

If you want to know the value of your car the best way is to use an online value estimator to determine the value of your car based on its make, the model and the manufacturer. This in estimation that will be given, and it could leave out a few factors.

The age of your car

According to Choice, our cars depreciate at an average of 14% each year for the first three years. This means that thousands of dollars are knocked off the value of your car the minute you drive it out of the dealership. However, if you have a vintage car model then you could be sitting on a gold mine as these increase with value.

The Make and the Model play a role

The make and model of your car can influence the value of your car. When using online resources, they will consider this when calculating the value of your car. According to Cars Guide, popular models tend to hold their value as they are strong sellers in the second-hand market. This will also give you a heads up on your next purchase, that will depreciate, but still be able to sell for a decent price in the second-hand market.

How far your car has travelled

Technically the manufacturers’ release date represents the age of your car, but most people check the odometer to determine how old your car is which in turns takes away from the value of your car. The greater the mileage the greater the wear and tear it has on its parts. If you are planning on purchasing a new car a useful tip that you can keep in mind is to use your car less and take public transport. Limit driving to places that are a walkable distance. In turn, this can save you on your car insurance premiums.

The repair history of your car will either speak for or against you

Buyers will usually look at the history of your car to make sure that they are not purchasing a vehicle they will regret buying. If your vehicle has been written off or had serious panel repairs, it will be reflected in the vehicles Vehicle Identification Number (VIN).

Stay on to of your maintenance schedule

Try to keep your car well maintained, limiting dents and scratches. What can help is to stick to a maintenance check schedule that you make sure that you do not miss. This will make sure that your car continues to run like a well-oiled machine, and when it is time to resell it will still be able to sell for a decent price.

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