Car valuation refers to the average price a vehicle would sell in a given market per given time. Before this price determined some factors have first of all to consider.
Normally, the value of cars depreciates with age. However, price depreciation for automobiles does not always occur since rare vehicles have been known to sell at very dear prices despite the fact that they were produced decades ago. For the above reasons, it is quite clear that there is no single determinant of the value of a vehicle.
Year of manufacture is one of the determinants of a vehicle’s market value. A car that was manufactured a decade ago would be priced lower than a vehicle that was produced less than five years ago despite the two being of the same make. This is due to the fact that a car manufactured a decade ago has been utilized longer than one developed a couple years back. When the two vehicles are compared, the recent one is found to have highly sophisticated and modern systems that make it qualify to be sold at a very high price.
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In addition to this, car branding is a major determinant when it comes to valuation of a vehicle. For instance, we do not expect a vehicle manufactured by a local brand to fetch more than that of a vehicle produced by an internationally renowned company. It is in such situations that vehicles from world renown companies sell at very high prices.
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During car valuation, the physical condition of the automobile is greatly put into consideration. In this case, both its engine and body is analyzed. If at all it has ever been involved in an accident, then its pricing will generally depreciate. Moreover, an automobile with a good working mechanical system will always be costlier than one with all manner of faults.
A vehicle’s paint job also contributes highly to the value of an automobile. Automobiles painted in primary colors sell for less. Nevertheless, vehicles with custom paint jobs are valued highly.
Mileage is another factor greatly considered when setting the price for an automobile. In discipline, vehicles with low mileage are highly priced as compared to ones that have very high mileage. This is because the cars with high mileage show that the vehicle has been in use for a very long time. In addition to this, a car with a mileage has a lot of wear and tear.
The level of maintenance rendered to a vehicle also determines its value. To ascertain this, the current engine condition of the automobile is counter checked with the service records. From the above account, we can see that the value of the vehicle is determined by some factors. For one to ensure that his vehicle does not lose value with time, it is rather important that he takes great care of it.