Whether we like it or not, our cars are examples pf what's known as 'depreciating assets'. From the moment we sign the papers and drive our cars off the lot, the dollar value of that vehicle goes down with time. So, at some point in your car's life, how do you know its market value?
The easiest way to do a car market value check is through car websites with a car market value calculator. You could also browse car sales listings to see how much other people are selling or willing to buy the same model for. Your auto insurance policy might have that info if coverage is based on the car’s market value.
Whatever method you use, it’s essential to understand that your car’s market value is only a rough indicator. If you put up an online ad to sell your car, there’s no guarantee that you’ll get the same dollar amount for it.
Still, it’s incredibly helpful to know your car’s market value when deciding whether to put it up for sale or not. So, this article will show you exactly how to find that number.
Let’s get started.
How Do I Determine the Market Value of My Car?
There are three general reasons why someone might need to know their car’s market value. See if any of these are relatable to your situation:
- for general awareness of a car’s value
- to know what price to set to sell a car
- for insurance-related purposes
Whatever purpose you have, you’d be happy to know that finding the car market value of your vehicle isn’t rocket science. There are plenty of resources available if you only know where to look.
The three most accessible places to check are car websites with an online car market value calculator, car sales listings, and for some people, even your auto insurance policy.
Let’s take a closer look at each of those options.
Do an Online Check
A Good Method for General Purpose
These days, all you have to do is Google the term ‘What is my car market value?’ to find a long list of helpful websites. From there, find one that has a car market value calculator. Those calculators are databases that help you find the information you need based on the car brand, model, and manufacturing year.
Again, it’s essential to understand that the market rates you’ll discover this way are only indicators. They’re an estimate of what your car might be worth, but they don’t necessarily reflect how many actual dollars you’ll receive if you sell your car off.
Still, these numbers are handy indicators overall.
Car Sales Listings
A Good Method If You Plan on Selling Your Car
Another way to get an understanding of your car's market value is to check car sales listings. As you might already know, there are plenty of websites in Australia and beyond that allow people to put their cars up for sale. Using this method, you will need to do some 'detective work' to check your car market value.
Here’s what you’ll need to do.
Browse car sales websites, and look for any cars that match your vehicle’s brand, model, and manufacturing year. It would be even better if you could find one that’s in the same condition as yours, too.
From there, find out how much the sellers are putting their cars up for. Firstly, those prices act as valuable indicators of your car’s market value. But more importantly, it’ll also show you how much the market (i.e. buyers who might want to buy your car) are willing to pay for a vehicle like yours.
With this kind of approach, your car market value check isn’t just about finding out indicators. It’s also helpful because it gives you a clear sense of how much money you could realistically get from potential buyers.
Check Your Auto Insurance
A Good Method for Insurance Purposes
When you pay for auto insurance, you might be asked if you want the car covered based on its market value or its agreed value. What that means is, if anything happens to your vehicle and you make an insurance claim, should you be paid the car market value or another value that you and the insurer have agreed to on the policy?
Many people choose to have their cars covered according to their market value. That means the insurance company will perform their valuation to decide what your car is worth. They have their experts do the market valuation on your car brand and model and then list that price in your insurance policy.
You may have agreed to a car value, whether you realise it or not. If that’s the case, all you have to do is check your car’s insurance policy. The car market value—or at least the market value of the car as determined by your insurer—should be displayed there clearly.
What Affects the Market Value of My Car?
I have repeatedly mentioned this point, but it's worth saying one more time. The market value of your car isn't necessarily the price you'll get if you're trying to sell your vehicle. Many people are disappointed when they see the difference between the car's market value online and what a buyer or dealer is willing to pay for it.
You and another person might have the same car brand and model; both manufactured right next to each other in the same factory. Still, both cars' market values will be different based on factors like mileage, maintenance, and exterior or interior conditions.
You should check out this article to discover all the factors that could affect your car’s market value.
Can I Look Up My Car's Market Value Using Its VIN?
Yes, you can look up your car’s market value using its VIN. However, the car market value that you get will only be an estimate, as explained above.
Remember: You can look up your car’s market value online very quickly based on many details, including its VIN. That number represents the car’s brand, model, manufacturing year, and more.
Still, as you’ve seen in the previous section, that approximate market value is then affected by other factors, namely the overall condition of your car in particular.
Learn More about Your Car!
To learn more about car market value and other topics of interest to car owners just like you, be sure to check out the blog at Carpart.com.au. There, you'll discover many different issues related to car market value checks, among many others. It also lists used cars for sale, which can be very useful in determining used car market value. Find our ads here!
By Ray Hasbollah