When you’re buying a car, you don’t want to overpay for it. And when you’re selling a car, you want to get a fair price. To help you get the best price when buying or selling, the Parkers team has been providing accurate, up-to-date used car pricing for decades in the famous Parkers Guide magazine, and now exclusively online via our car valuation tool.
When selling your car, knowing its true value is the best way to get a quick sale and maximise the cash you get. If you don’t know what it’s worth, selling can become a game of cat and mouse. Setting the price too high won’t generate any interest; set it too low and the car will go quickly, but you could be thousands of pounds out of pocket.
It doesn’t help that used car prices have fluctuated between eye-watering highs and record lows over the last few years. Blame the COVID-19 pandemic, global chip shortages, the cost-of-living crisis, and the supply of new cars oscillating between shortage and glut.
Whether you’re buying or selling, you can rely on the Parkers team to provide accurate and up-to-date car valuations. In this guide, we’ve going to look at how you can get the best valuation for your car, the factors that contribute to it, and how a valuation can help save you money.
Why valuations are important when buying a car
When you’re buying a car, it’s always wise to check the price being asked for it so you know if the seller is asking too much, or if you’re getting a bargain. Parkers car valuations give you the prices you can expect to pay at a dealer, or to a private seller. Remember that dealers always charge more because they price in their overheads and profit margins. But you have better consumer rights than when buying from a private seller.
Why valuations are important when selling a car
When you’re selling a car, you want to make sure you set a price that’ll generate interest and get you a good return. Prices are different depending on how you move your car on – selling privately, part-exchanging with a dealer or going through an online car buying service such as Parkers’ partner Motorway.
How does a car valuation save me money?
Knowing the true value of a car you’re interested in buying can prevent you paying over the odds, potentially to the tune of thousands of pounds. It’s also helpful when you come to the end of a PCP finance deal term.
Knowing what your car is worth can help you decide whether to hand it back or make the optional final payment and then sell the car on at a profit. It may sound like an unlikely scenario but, if you monitor the car’s value against the outstanding balance, you may find yourself in positive equity. Knowing the car’s value can also help you get a better rate if you renegotiate a PCP deal.
Getting a valuation can also help save money on car insurance. You’re always asked to state your car’s value and getting it exactly right could save you money on your premium. It can also help negotiate a better settlement if your car gets written off.
How to get a valuation for your car
You can get an accurate valuation using the Parkers valuation tool. Just enter the car’s registration number or select its year, make and model. You can then get a free valuation that shows the car’s price range in a private or dealer sale.
Or, for just £4.99, you can get a more accurate custom valuation. That allows you to specify the car’s mileage for a personalised price and provides access to comprehensive pricing data from private and dealer sales, plus part-exchanges. You can also make multiple searches.
What a car is worth depends on who is buying or selling it. Franchise main dealers charge more than independents, and private sellers can expect to get even less. The variation reflects the different sellers’ overheads and profit margins, and the post-sale back-up they provide.
Dealers have to factor their overheads and margins into the part-exchange prices they offer, as well. Some may offer less than you’d get in a private sale. For a further check, you could also search Parkers’ cars for sale to see the prices being asked for other examples of your car.
How you can get the most money for your car
You’ve invested time and money into your car, so you naturally want to get as high a price for it as possible. And there are some simple tips and tricks to help you do that. Factors such as the car’s age, make and model inevitably affect the value and there’s not much you can do about that. But you can make a difference in how you maintain your car. In short, think like a buyer. Look at your car with a seller’s mindset. Here are some things to think about:
The car’s condition
It’s obvious that you’ll get more money for your car if it’s in really good condition. It’s probably the thing you have most control over. Try to avoid things like kerbed wheels, dents, scratched paintwork and damaged windows. Look after the interior, too. Scratched plastics and torn seats count against the value as well.
If your car isn’t in great condition, you should weigh its lower value against the cost of repairs. Spending a few hundred pounds could add a couple of thousand to the asking price. There are other jobs such as touching up small paint chips and restoring cloudy headlights that might not add value to your car, but they make it look better and therefore more desirable to a potential buyer. Don’t forget to give the car a thorough clean, as well.
The car’s mileage
Cars with low mileage are perceived as having suffered less wear and tear, making them more desirable and therefore more valuable than the exact same car with higher miles. There’s a balance to be struck, though. Cars with super-low miles can suffer their own issues.
Doing lots of short journeys with a cold engine can cause all sorts of problems, emissions systems can clog up, rubber hoses can dry out and perish. It can often be the case that a car with high miles has been well looked after and any age-related issues that might develop – such as leaking engine seals – have already been dealt with.
Controlling the mileage can be challenging, especially if you have no other travel options. And it’s not as crucial as the next point.
The car’s service history
Perhaps the best indicator of a car’s condition is its service history. It’s one of the best ways to maximise your car’s value, showing potential buyers you’re a careful, conscientious owner who didn’t run the car on a shoestring. There are three types of service history that are pertinent when selling a car:
- Full service history
- Partial service history
- No service history
A full service history is best as it shows the car has been maintained at least according to the manufacturer’s schedule, if not more often. As well as a stamped, up to date service book – digital service record – a file of receipts and invoices for all servicing and other work also shows how well the car has been cared for.
The car’s MOT
Buyers are often sceptical of cars being sold close to their MOT expiry date, assuming there’s an issue the seller doesn’t want to deal with. Don’t risk it and get a fresh MOT for your car before selling and get any issues that are flagged up sorted. It may seem like an inconvenience, but it’ll pay off in the higher price you get when you have a properly presented car that doesn’t need any work.
How much does a car valuation cost?
We offer free car valuations at Parkers that show you the price range for your car in a private or dealer sale. You can also pay just £4.99 for a valuation customised to reflect your car’s condition and mileage, and that shows you more specific pricing data for private and dealer sales, and part-exchanges. You can make multiple searches, as well.
How accurate are Parkers car valuations?
We’ve been valuing cars since 1972 – first in print and online since the late 1990s – and our easy-to-use web-based tool is just as useful now as the Parkers Guide was back in the day. Our values are based on real transactions in the trade via dealerships and auctions; they also factor in the findings of a team of independent industry experts who visit hundreds of car dealers and auctions every month.
We monitor around 1.5 million used car sales every year – that’s 4,100 sales every day – supporting our number one aim – helping you get the fairest possible price for your car. So when you ask ‘what’s my car worth?’, the Parkers used car valuation calculator gives you the confidence to buy or sell knowing you’re getting a fair deal. Click on the image below to find out just how easy it is.
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