Car Valuation Guide - How Much is Your Car Worth?

If you have a car you’re hoping to sell, then you’ll want to make sure you get the best possible price for it. So how do you ensure you do just that? Here at Wilsons Epsom, we can help!

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As the largest family-run new and used car supermarket in the South of England, we are best placed to lend you a helping hand. In our dedicated car valuation guide, we reveal how you can increase the resale value of your car by following some simple steps. Read on to find out more… 

What determines the market value of a car?

We can get very attached to our cars, so when it comes to selling, you’ll want to get the best price possible - especially if it has been well looked after. Like every new car a retail value, a used car has a resale value. Often referred to as the ‘book price’, every make and model of car has its own market value depending on its condition. 

Of course, economic circumstances can affect the resale value; it may be that you receive more than the current market value, or slightly less. Either way, you’ll want to feel you’ve got a good deal - no doubt the money from the sale of your car will go towards your next one!

A car’s market value is determined by what other similar cars in the same condition are worth. Age, mileage and service history are just some of the factors that help decide the current value of your car. 

Before selling your car, you’ll need to calculate its Fair Market Value (FMV). This will help you understand the current value of your vehicle, so whether selling privately or through a recommended dealership like ourselves, you know you’re getting a fair and realistic price.

Consult car valuation tools 

We recommend you use an online car valuation tool to get a FMV price for your car. Here at Wilsons Epsom, we provide a FREE valuation tool on our website which you’ll find on our part-exchange page. 

To get started, enter your registration number followed by your vehicle mileage. Using our extensive knowledge of the used car market alongside the current market value, we’ll provide you with a fair and competitive trade-in valuation for your vehicle - so then the decision to go ahead is down to you!     

Ways to increase the resale value of your car

There are some really simple steps you can take to ensure you receive the best possible price for your car - going the extra mile really will pay dividends! Here’s how you can maximise the value of your car before selling it…

Keep it clean!

We know this sounds obvious, but any driver will know keeping a car clean isn’t always a top priority and if used often, a car can get grubby very easily. First impressions count, so before you take photos of your car ready to sell, make sure it looks tip top. 

In fact, research shows that a clean and well-kept car can receive up to £1,000 more than one that has seen better days. If you’re not keen on cleaning the car yourself, then it's well worth investing in having it professionally cleaned inside and out. Your future self will thank you for it!

Care and repair

Do you have a tear in a car seat or a dent in the door? Show you care and get it repaired! No matter how minor the issue, getting it repaired will add more value to increase the overall resale price of your vehicle. 

While a private buyer or authorised dealership will no doubt happily still purchase a car with minor dents or scuffs, it will of course affect the price they are able to offer you. Fix the problem and forget the faff of haggling for a price you simply won’t get. 

Present all the paperwork

Unless you're super-organised, paperwork can easily get lost or misplaced, so when it comes to selling your car, it’s really important you dig out any documents associated with the vehicle. 

A car which comes complete with a vehicle manual, warranty paperwork, service book and MOT certificates will receive a higher price than those that don’t. Any potential buyer - private or other - will need to know that car’s history and as they say, the proof is in the paperwork!

Make sure your MOT and service is up-to-date

You’ll be surprised at just how many people would prefer to sell their car ahead of any service or MOT due on the vehicle. While this may sound like an easy get-out, it can in fact be a detrimental decision and result in a lower than anticipated price.

If you expect your car to sail through its MOT and undergo a standard summer or winter service, then our advice is to go ahead and get it booked in. Presenting the paperwork to prove that your car has just had an MOT and service which passed with flying colours, will ensure you get the best price possible for the vehicle. 

Be sure to include all belongings

As any driver knows, a car comes with two keys, so now’s the time to dig out the spare key you put away for safekeeping. From the spare wheel to the car’s on board toolkit, make sure you include any items that belong with it to maximise the resale value to ensure you get the price it deserves.

Low mileage means higher prices

The amount of miles your car has done is one of the biggest contributing factors when it comes to determining the resale value of your vehicle. The average car clocks up between 10,000-15,000 miles per year, so if your car has high mileage, then it won’t be worth as much. 

A low mileage motor is much more appealing to potential buyers, who will happily pay more knowing that there will be less chance that parts need replacing in the not-too-distant future. 

How does a car depreciate in value? 

As much as it's good to understand how to increase the value of your car, it’s just as important to know how your car will depreciate in value over time. This knowledge will ensure you are well-informed as to what price you can expect for your vehicle in line with the recommended and current market value price.

Did you know that a brand new car can lose around 10% of its value the moment it is driven off the forecourt? At the end of its first year, a new car can lose a further 10% in value and up to 15% every year thereafter. Understanding this will mean you won’t be left disappointed if you’re selling a car that is only a few years old. 

Unlike a house which only seems to increase in value, a car will naturally depreciate in value due to the hardworking nature of a vehicle. Simply put, depreciation is inevitable and is the difference between the price you pay for a car when you first purchase it (be it new or old) and the price you would get for the vehicle now.        

How does part-exchanging a car work?

When it comes to selling a car, many drivers opt to part-exchange it. This process means you can trade in your existing car of which the value is used against the cost of a new one. While this isn’t possible when selling privately, professional dealerships like ourselves will happily offer a part-exchange solution. 

In the UK, over three million car owners every year choose to sell their car this way. A part-exchange can benefit you if you wish to purchase either a new or used car - the choice is yours.   

Part-exchange your car at Wilsons

The part-exchange process here at Wilsons Epsom is simple and straightforward. To get started, use the FREE valuation tool on our website to find out the value of your car. Once we’ve provided you with a provisional quotation and you’ve accepted, we’ll inspect your car to confirm its condition to ensure the initial quote we provided is accurate. 

Assuming the car is roadworthy and meets our inspection standards, we’ll organise the paperwork ready to purchase your car for part-exchange and you get the fun job of finding a new or used car to drive home happy!