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What’s it worth? - A quick guide to valuing your car

Maybe you’re looking at selling or buying a car or maybe you’ve run out of cash for a high-stakes poker game and are planning to plonk your car keys down on a winning hand? Either way, you need to know what it’s worth to make an informed decision. I can remember being told that my car would be worth what someone was prepared to pay. This advice usually came from the person who was looking to buy it. And while there may be some truth to this, I think it’s prudent to do some research first.

The problem with valuing cars is that the market is forever changing. So many factors can affect the value of a car such as a new model release, an unfashionable colour (I’m looking at you, Citric Acid Ford Falcon) or the time of year. And the whole market can be affected by supply problems, fuel prices and overall economic conditions. However, the internet is your research friend.

Turners Auctions have a free price check service that allows you access to their sales data. Just select a make and model and you get a list of recent auction sales from around the country. Also, Redbook is an online service that, for $19.95, will provide you with a valuation based on your car’s age, mileage and condition.

Another way to get an idea of a car’s current worth is to scan the listings on TradeMe and Autotrader. Looking at what others are hoping to get, and how many are available, will give you a good idea of what money you should be asking for, or paying. Remember; dealers will usually get more than you because they have fancy coloured flags around the forecourt, salesmen with the gift of the gab and usually more than one car to choose from. Now, when you’re using these two sites to research your car’s value, remember that these cars are for sale and haven’t actually sold yet. So when you see a car just like yours with an asking price double what it was when new, it might be a good idea to exclude that one from mix. There will always be those that reckon their 8 year old Mondeo has increased in value due to its timeless design and sublime performance. Need I say more?

If you use all of the above methods you are going to get a pretty good idea of what your car is worth.