Increasing your cars value

How can I find out the value of my car?

Whether you’ve recently bought your car or been driving it for years, your car’s current value will probably be less than the price you paid for it. If you’re wondering how much it’s worth today, there are a few different places you can go to find out.

First, type ‘valuate my car’ into Google and it’ll serve up a range of car valuation sites. The volume of options can be overwhelming, so we’d recommend starting with Glass’s Guide. Glass’s is one of the most respected names in the used car industry and can give you the average value for a car of your make and model. You could also look at similar vehicles on used car listing websites like WhatCar and AutoTrader.  

However, online car valuation services can only give you an approximate figure based on the make, model, and age of your vehicle. There are a whole host of things that can affect the individual value of your car. For a more accurate figure, you’ll need to put the car up for sale or take it to a dealership to be properly assessed.

Why does value for my car decrease over time?

Almost all cars lose value over time; it’s a fact of life for car owners. This loss is known as depreciation – the difference between the amount your car was worth when you bought it and its current value.

New cars usually have the fastest rate of depreciation. They lose the most value in their first three years of life; expect a drop of between 15-35% in the first year and up to 50% (or more) after three.  

While you can’t avoid depreciation altogether, there are steps you can take to slow it down and help your car hold its value for longer.

Which car types can maintain their value?

Different car types tend to retain their value more than others. This can be down to the category of car, its manufacturer, and even the time of year you’re putting it up for sale!

Typically, resale value is highest for luxury vehicles and SUVs. Manufacturers that have a strong reputation for quality, reliability, and prestige also tend to depreciate more slowly; Mercedes, Volvo, Audi, BMW, and Mini Cooper are some of the most desirable brands.

And with the ban on new petrol and diesel cars set to come into force by 2030 and the growth of low emissions zones in the UK, it’s unsurprising that hybrid and electric vehicles are retaining their value well as buyers look to stay ahead of the curve.

Finally, when asking yourself the question ‘How should I be valuing my car’ think carefully about whether it’s best time of year for you to try to sell it. In winter, buyers will likely be looking for reliable vehicles, sturdy SUVs and 4x4s that can withstand the worst of the weather while summer sunshine could increase demand – and prices - for used convertibles.

How can I increase my car value?

While it’s inevitable that your car will lose value while you own it, you can take steps to slow down the rate of depreciation.

Many factors can impact a vehicle’s value including its age, where you live, market demand for the make and model, its overall condition (inside and out), any modifications you’ve made, and how well it’s been looked after.

Buyers like cars that look like they’ve been well-loved so, if you value your car, it’s likely someone else will too.

But what else can you do? Here are our top tips for getting the highest valuation for your car:

Routine maintenance

A car that’s been looked after over the years is more likely to maintain its value than one that you’ve driven into the ground. Regular maintenance is key; book in a full service once a year, check the oil, replace the spark plugs and brake pads before they wear out, and keep all the fluids topped up. If you have access to a garage, parking your car inside can help to protect it from the elements and keep it in the best possible condition.

Cleaning

You’d be surprised just how much a quick clean could add to your car’s value. Nobody wants to buy a car that’s covered in a thick layer of grime and has a strange smell inside. Consider investing in a professional clean if you really want your car to stand out from the crowd. If you choose to clean yourself, make sure to remember a few basic rules: never use washing up liquid, wash from the top down, and use glass cleaner on the windows. You could take it a step further by doing a wax and polish, cleaning under the bonnet with engine de-greaser, wiping down the wheels and hub caps, and giving the inside a good vacuum.

Repairs

Cars with issues aren’t easy to sell, so it makes sense to make repairs that might increase the car’s value before putting it up for sale. It’s important that you don’t go overboard though; make sure that you aren’t spending more on repairs than your car is worth as any increase in value won’t make up for the money you’ve already spent. Minor cosmetic fixes can go a long way. Prioritise sorting out any scratches and dents, fix any broken lights and expired bulbs, and consider investing in a new set of tyres.  

Modifications

Modifications are divisive because some changes can increase the value of your car while others can make it depreciate even faster! A good rule of thumb is to avoid making any modifications that are likely to alienate some buyers, especially if they’re features typically associated with boy racers.

Tinted windows, flashy rims, custom spoilers, expensive stereos, and big alloy wheels can all impact the value of your car when you try to sell it. The same is true of unusual car colours. Remember that grey is the most popular car colour in the UK so if your car has a hot pink, tangerine, or lime green paint job, you might struggle to find a buyer.

There are some modifications that could boost your car’s value though. Safety features are always popular, especially families, so consider investing in lane keep assistance, collision warnings, or blind spot detection. Tech features like built-in Satnav, Bluetooth, and climate control are also sought-after. Finally, if you have the option (and the budget available) to buy a higher spec model then added extras like high quality seat fabric, a sunroof, or all-wheel drive could increase the car’s resale price.

Paperwork

Sorting out your paperwork might not be the most fun part of the car selling process but it’s one of the most important steps you can take. The correct documentation can reassure the buyer, provide evidence that you’ve taken care of the car, and enhance trust.

Before selling your car, you should prepare:

• Service history – this provides proof that you’ve kept up with regular servicing over the years
  
  
• V5 Logbook – you’ll need this to transfer ownership of your car to the buyer
  
  
• Ownership history – if you bought your car new or it’s only had a few careful owners, a complete ownership history could boost its value
  
  
• Record of any repairs or replacements – if you’ve recently fitted new tyres, replaced the spark plugs, or carried out more thorough repairs that could make your car more valuable make sure you have the garage receipts and any guarantees handy

How to get the highest valuation for my car

There’s never been a better time to sell your car. The UK’s used car market is booming and the last year has seen used car prices hit an all-time high. There are several reasons for this increased demand: people want to get back on the road again after lockdown, they have savings to spend, and the supply of brand-new cars is being limited by the ongoing semi-conductor shortage.

It’s a sellers’ market, so if you’ve taken steps to make your car as desirable as possible, you might find its value is a lot higher than it might have been just two or three years ago.

Selling my car privately vs. part-exchange

So, you’ve made the decision to sell your car. Now you need to choose whether to sell privately or part-exchange.

There are pros and cons to both options. If you’re looking to get the best possible price for your car then selling privately might work well for you. You could choose to advertise through local listings and set your own price. However, this is also the most labour-intensive choice as you’ll need to arrange the adverts, speak to prospective buyers, take time out to go with them on test drives, and handle all the negotiations yourself.

A more convenient option would be to use an online service. These websites can also usually move quickly, and you won’t have to worry about dealing with multiple buyers. Even so, as they won’t be able to assess your car’s condition in person, you might not get the added value that you deserve for taking good care of the car. The price offered is usually lower than you might get in a private sale as you sacrifice profit for the easier process.

The final option is to part-exchange your car. This route might work well for you if you’re looking for car finance as a part-exchange can be used as a deposit in a new loan. And the larger the deposit you’re able to put down, the less you’ll need to borrow. It’s quick and convenient too as you’ll negotiate directly with the dealership to determine your car’s value.

How to sell my car privately

If you’ve decided that a private sale is the best option for you, there are a few things you should keep in mind:

• Take good photos

Whether listing your car online or in local press, good photos can make sure your car looks its best and increase its value. Take shots of both the exterior and interior as well as close-ups of any features that could be good selling points.  

• Never let anyone test drive your car alone
  While most people are trustworthy, you should still never just hand over your keys to a stranger. Insist on accompanying them on the test drive and have a pre-arranged route in mind.
  
  
• Meet in a public place during the day
  If you’re not meeting the prospective buyer at your house, make sure your meeting place is somewhere public, in daylight, with lots of other people around. You might want to bring a friend or family member along too.
  
  
• Avoid cheques
  Unfortunately, cheques can bounce so it’s best to ask that your buyer pays by cash or bank transfer. If they choose bank transfer, don’t hand over the keys until you can see the money in your account.  
  
  
• Update the logbook
  To transfer ownership, you must write the buyer’s contact details in Section 6 of your car’s logbook and ask them to sign the declaration in Section 8.

Selling my car with outstanding finance

If you’re looking to sell your car but still have outstanding finance, then the process works a little differently. No matter whether you have an HP or PCP deal, you won’t own your car until you’ve reached the end of your loan term and either paid the Option to Purchase fee or the final balloon payment.

Don’t want to wait that long? You might be able to end your car finance agreement early by paying the settlement figure. Contact your finance company to let them know you’d like to settle early, and they’ll let you know how much it’ll cost to pay off your loan in full. You must settle your finance before you can end the agreement and sell your car.