How to Estimate the Market Value of Your Car.
December 18, 2018
There are times when it’s vital for to know the exact market value of your car. As further action might need to be taken.
The times are normally when you decide to buy a new car or sell the existing one. Buying car insurance and annually when re-looking at premiums.
The impact of depreciation on Market value – What is the market value of your car?
A critical aspect that many people lose sight of is how vehicles depreciate. Devaluing the asset consequently devaluing the market value of the car.
It is rather shocking to realise that an average new car’s value is only equal to about forty percent of its original value in as little as three years!
This fact should serve as an eye-opener in consideration of purchasing a new car. As it might obscure the option of a more expensive car costing potentially less long-term opposed to the speedier decrease in value of a cheaper car.
It is fitting then that car insurance is revisited annually because not only might it save costs but it is also a perfect time to evaluate its exact cover.
Minimise Depreciation Maximizing Market Value
Even though market value relates to defined assumptions about the state of a car. Depreciation and the vehicle marketplace, a couple of ways to minimise depreciated could be to:
- Serviced the car at regular intervals,
- Maintain a complete service record,
- Have repairs taken care of swiftly,
- Keep travelling distances to a minimum,
- As one of most people’s biggest assets and if they value it. They will automatically ensure that the car is meticulous at all times.
Market Value Interpreted?
A very clear sign is that certain conditions sway the market value of a vehicle as well as its monthly premium either positively or negatively.
These conditions, unique to each car, plays a vital role in the value.
Research shows an exciting discovery that standard vehicles that have are substantially as well as older vehicles that are in a relatively good state yield more favourable market value outcomes.
It affects claims by the market value of your car since the eventual payout will always be much less than the original purchase price.
Online Facility to Determine The Market Value of Your Car
Numerous car insurance companies offer an online service for people to extract an estimated market value of their vehicle.
Santam is one of those companies who designed an easy to use online system catering to this process.
This company’s system does not cater for certain aged and unlisted vehicles. But it does provide an additional screen on which contact details can be submitted to a company representative of the company to call you back.
Reverting to the system again, you only follow the online prompts, complete all boxes about your situation and select “Next”.
The conclusion of your inputs is shown as a guide warning you about the status of your car insurance and its projected value.
So we recommend that you make contact with the company for a no obligation, free of charge quotation.
To request a car insurance quote, fill in the form on this page and click on the “Get a Quote” button
All info was correct at time of publishing