How Much Cash Can I Get For My Car in Perth
01 June 2024
No matter how nearly and dearly you keep your car or your first purchase, there comes a time when you will start looking for its market value to sell it off in the market. You will search how much cash you can get for a used car, but the value of the cash depends upon the market value of your car.
Market value, also known as fair value or Open Market Valuation (OMV), refers to the price a car might sell for in its current market condition. Furthermore, car valuation determines market value.
Different factors determine a car’s valuation and market value. In this article, we will explain these factors so you can get the most cash for your old car.
How Much Maximum Cash Can You Get For Your Used Car?
The answer depends on two things: your car’s age and condition. If your car is old and not in working condition, then it is best to sell it to get cash for your scrap car. You can connect with a scrap car dealer, and most of them offer between $9,000 and $10,000, depending on the condition.
Meanwhile, if your car is between 4 and 10 years old, you can sell it in the second-hand market. You can sell your car to another buyer or car dealer, who then sells it to another potential buyer. When selling it second-hand, you can decide the base price for selling. Then, as per your conversation with the seller, you can decide on the agreed price.
6 Crucial Factors that Affect Your Car Valuation
Here are the six primary factors that affect your car’s valuation, which directly impacts the cash you will get for your scrap car:
- Year
It is essential to understand that cars are depreciating assets. As the years pass, your car’s value will significantly decrease. Its value will reduce to 58% within the first three years of its purchase, and it could lose all its value within 10 years. Besides, with new launches happening frequently, the older models will likely lose their value.
So, a vehicle’s year of manufacturing plays a significant role in determining its market value. To get the most cash for your junk car, it is best to resell it within the first four years of purchase.
- Mileage
Another significant factor that determines a car’s market value is its mileage, the total distance travelled. A lower-mileage car will be preferred over a higher-mileage one. This factor directly reflects the vehicle’s usage and helps to determine wear and tear.
Usually, the higher the mileage, the more the vehicle has worked, and the more will be wear and tear. It reduces the car’s value and increases the selling period as well because most buyers want a car with lower mileage.
- Make and Model
In this context, the make refers to the manufacturer, and the model refers to the product. So, popular and reputable models and brands will hold their value because there is more demand for them in the second-hand market. People who dream of owning and purchasing elite brands and models but do not have enough budget for them turn to second-hand models.
- Condition
The condition of the car is the next crucial factor that affects its valuation. The car should be in top-notch condition in all three aspects: interior, exterior, and mechanical. The car’s value diminishes with every scratch or any apparent body or paint damage.
The condition and functionality of car parts like upholstery, electronics, tyres, lights, and mechanical parts also affect the car’s valuation. A car in excellent condition with intact paintwork and seamlessly working parts is likely to sell for more value than a car with scratched paintwork and a worn-down interior.
- Engine and Transmission
The type of transmission can also affect the car’s valuation. Transmissions are of two types: automatic or manual. Automatic transmissions are typically expensive to purchase first-hand, so you may get good value from second-hand automatics. However, there are also exceptions, like luxury, off-road, and sports cars.
- Add-on features and facilities
Various features and functionalities can increase your car’s value. Buyers are looking for cars with modern amenities, so if your car has Apple CarPlay or Android Auto, you can get a good value.
Used Cars that are Most Likely to Hold their Values
As per reports from Drive, here is the list of cars that are most likely to hold their values, sorted out alphabetically:
- Ford: Mustang, Ranger
- Holden: Colorado, Commodore
- Mazda: 3, CX-3, CX-5
- Mitsubishi: Outlander
- Nissan: X-Trail
- Porsche: Porsche Macan
- Range Rover: Range Rover Sport
- Subaru: Forester
- Toyota: Corolla, HiLux, Kluger, LandCruiser, Camry, C-HR, LandCruiser Prado, and RAV4
- Volkswagen: Golf
Wrapping up,
Many online car market value calculator tools are available to help you estimate your car when you enter the required details. It usually includes the make, model, year, and variant. It equips you with essential information that can help you make the right deal with the dealers or sellers.
Besides, remember that this value is not accurate, and the accurate value depends upon the circumstances, the dealer, and your car’s condition. If you want the top cash for your used/scrap/junk car, connect with our experts. We are the best car dealers in Perth, and our car experts will analyze your car thoroughly to provide you with top-notch deals.
Rest assured, you will be paid top cash for junk car. Call today and get a free car valuation from the comfort of your home.
