Achieving the best price possible for your car is a goal we all want to achieve when it comes to selling. With Motorscan’s comprehensive guide, you can discover the key factors that influence car valuations and learn how to maximise your selling price. We also delve into some of the brands that retain their value and those that may fall short in the resale market.
When it comes to selling a car in the UK, obtaining the highest possible valuation is a goal we all share. Whether you’re planning to upgrade to a newer model or simply looking to free up some cash, understanding the factors influencing car valuations can significantly affect the final selling price. Of course, several elements come into play, from the make and model of the vehicle to its condition, mileage, and market demand.
So, Motorscan has been exploring the key factors affecting car valuations to offer valuable tips to maximise your car’s price potential when it’s time to sell. By following our comprehensive insights, you’ll be equipped to navigate the market to ensure you receive the best possible return on your investment!
There are many variables that can affect the value of a car. The most common ones are explored in further detail below:
- Make and Model: A specific make and model’s brand reputation, popularity, and desirability can significantly impact its value. Certain brands or models may hold their value better than others due to their reliability and strong demand. Similarly, the demand for specific types of cars can fluctuate over time concerning trends, fuel efficiency, and consumer preferences.
- Age and Mileage: Generally, the older the car is, with higher mileage, the less your car is worth, attracting a lower value. Buyers often prefer newer vehicles with lower mileage, as they are perceived to be in better condition and have less wear and tear.
- Condition: The car’s overall condition can significantly affect its value, so a well-maintained exterior and interior with minimal damage, scratches, wear and mechanical issues will command a higher price.
- Warranty, Service and Maintenance History: A comprehensive service and maintenance history, including regular servicing, repairs, and documented maintenance, can positively impact the value of a car, as it provides reassurance to potential buyers about the car’s upkeep and reliability. Similarly, any remaining warranty period will help to retain a high resale value.
- Optional Features and Upgrades: Additional features and upgrades, such as advanced safety systems, infotainment systems, leather upholstery, or alloy wheels, can increase a car’s value. Buyers often appreciate these extras and are willing to pay more for them.
- Previous owners: If the vehicle has many previous owners, it will mean trusting a higher number of people to maintain and look after it and their different driving styles.
- Fuel economy: More fuel-efficient, smaller cars tend to depreciate less as they cost less to run, appealing to a larger market.
- Road tax and Emissions: Less polluting vehicles attract less road tax, and those cars that comply with emission standards for clean air and low emission zones are likely to be more appealing. Unfortunately, it also means that highly polluting vehicles are unlikely to retain their value.
- Safety: Many potential buyers look at safety test results and ratings when deciding on their next vehicle, meaning those with good safety results are more likely to be in demand and hold their value.
Whilst several factors play a part in determining a car’s value, a few essential factors can significantly impact a car’s value. One such primary factor is the make and model of the vehicle. A particular make and model’s brand reputation, desirability, and popularity can heavily influence its valuation. For example, some brands and models retain value better due to their renowned reliability and performance, making them more in demand.
Regardless of the make and model of your car, there are ways to achieve the best possible price when it comes to selling. With that in mind, Motorscan has gathered the top tips below to help you achieve your car’s maximum potential:
- Clean and Detail: Regularly clean your car, both inside and out to maintain surfaces and paintwork, and definitely before any viewings. Remove clutter and rubbish, and remember to vacuum the interior. Clean off bird droppings and other contaminants regularly to keep the body paintwork in good condition. Similarly, consider getting it professionally detailed when you’re looking to sell. A clean and presentable car creates a positive impression and can increase its perceived value.
- Maintain and Repair: Keep your car in the best possible condition by following regular maintenance schedules. Address any mechanical issues promptly and ensure the car is in optimal working order. A well-maintained vehicle will attract buyers and can command a higher price.
- Maintain Service History: Ensure you retain a full-service history if you can and gather all records of service and maintenance performed on your car so you can show prospective buyers. A comprehensive service history demonstrates that the vehicle has been well cared for, which can instil confidence in potential buyers and justify a higher price.
- Fix Minor Repairs: Attend to any minor issues, such as blown bulbs, dents, scratches, worn items or broken lights. While these may seem insignificant, addressing them can improve the overall appearance of your car and make it more appealing to buyers.
If you want to maximise your car’s value and achieve the best price possible, selling it privately is typically your best option. Advertising your vehicle through online platforms, social media, and local classifieds will reach a larger pool of potential buyers. Online car marketplaces are good options, such as Motorway and Car Wow, where it’s free to sell. eBay Motors and Auto Trader are also great options, although these will incur advertising costs. And, if you’re looking to sell quickly and hassle-free, you may want to consider car-buying services such as WeBuyAnyCar and Evans Halshaw. However, the amount you achieve may not be as high as selling privately.
Ford has traditionally been a popular and well-established brand, with models such as the Ford Fiesta and Ford Focus frequently ranking among the best-selling cars in the country. However, in more recent years, Volkswagen has been pipping Ford to the top spot, so it’s always worth remembering that the popularity of car brands can change over time.
Certain car brands are generally known for holding their value well, with individual models and specific factors influencing resale value. Below are just some of the car brands that have a reputation for retaining value:
- Audi: Well known for producing premium vehicles with a blend of performance, style, and technology. Models like the Audi A4, A6, Q5 and Q7 typically hold their value well.
- BMW: They have a reputation for performance and luxury features, with the 3 Series, 5 Series, and X5 being popular models that often retain their value.
- Honda: Retaining its popularity due to its engineering excellence, innovation and reliability, producing the Civic is renowned for its fuel efficiency and practicality with a strong reputation for holding its value.
- Jaguar: Perhaps recognised for luxury and elegance, the Jaguar commands many stylish and reliable models, such as the F-Type, XF, E-Pace and F-Pace.
- Mercedes-Benz: Perhaps synonymous with luxury and refinement, models such as the C-Class, E-Class, and GLC usually maintain their value due to their quality and appeal.
- Land Rover: Generally, most Land Rover models are sought after, especially the Land Rover Defender and Range Rover models.
- Toyota: A reputation for reliability and longevity; models like the Prius, Corolla, Land Cruiser and RAV4 are known for holding their value due to their durable construction and trusted Toyota name.
- Volkswagen: Perhaps recognised for German engineering and its commitment to quality, the brand strives to produce vehicles that are well-built, reliable, and technologically advanced. Indeed, its Golf is a very popular choice, known for its quality, practicality, and versatile range of models, retaining a strong resale value due to its enduring popularity.
- Volvo: Perhaps recognised for their safety features, along with stylish design, and robust build quality, with models including the XC60 and XC90 oftening holding their value well.
Determining the car brand with the lowest resale value is perhaps tricky to determine as it comes down to personal opinion. However, certain brands have been known to have relatively lower resale values compared to others, including the following:
- Fiat: Smaller models like the Fiat 500 have been associated with lower resale values in specific markets, which may be due to factors such as perceived reliability issues, higher depreciation rates, and a smaller pool of potential buyers.
- Chrysler: This brand has historically experienced faster depreciation and lower resale values than other car manufacturers, likely attributable to factors such as perceived quality concerns and a narrower market appeal.
- Mitsubishi: Generally, this brand has faced challenges in retaining its value over time. Factors like the limited model range, lower brand recognition, and competition contribute to the brand’s lower resale values.
