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How to Check Used Car Value in India?

Car value

Determining the value of your car is a crucial factor in the selling or trading process. It can help you decide whether to sell or insure a specific vehicle, aid in pricing, negotiation, and planning for the future.

Thanks to online tools and resources, checking the value of your car is now easier than ever. This article will guide you through the steps to check car value and explain the various methods available to ensure a fair evaluation.

Table of Contents

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Why is it Important to Know Your Car Value?

Why is it Important to Know Your Car Value?

Car value is the worth of a given automobile on any particular date. This value may vary depending on whether it is sold privately, traded through a dealership, or resulting from an insurance claim. Knowing the value of your car is essential for various reasons.

 

  • This knowledge will help you set a proper price when selling the car that neither undermines your car's value nor scares the buyer away.         

  • Furthermore, if you buy a car, it will ensure that you do not overpay for it.

  • Trade-ins let you negotiate better deals at dealerships.

  • Car value affects how much you pay for insurance and how much you get in case of a claim.

 

Knowing your vehicle's value will help you make smarter decisions and avoid unpleasant surprises when selling, buying, or trading.

Different Ways to Check Your Car Value in India

Different Ways to Check Your Car Value in India

To determine the value of your car in India, you can utilise online tools and price trends to get an idea about the car's resale value. Here are the most commonly used procedures:

 

  1. Online Car Valuation Tools: Free platforms like CarDekho and Cars24 offer online valuation tools. Provide details and get an estimated value.
  2. Check Local Dealerships: Visit local car dealerships and have an actual inspection performed. A dealer's price would rely on certain factors.
  3. Comparing Listing Reports: Check for cars of the same make and model listed on OLX or Quikr. Comparing the prices of cars with similar specs gives you a fair idea.
  4. Independent Inspection Services: Hire experts for professional car valuation. They provide inspection reports on the car's performance and valuation. 

How to Check Car Value Online?

Checking your car’s value online is a straightforward process. Here's a simple step-by-step guide to help you calculate it accurately:

Step 1

Access a Car Valuation Website

Visit a reputable car valuation website. These sites offer instant car value estimates based on market trends and your information.

Step 2

Enter Vehicle Details

Enter details such as make, model, year, fuel type, and kilometres driven. Accurate details give an accurate price quote.

Step 3

Enter the Condition Rating of the Car

Choose the vehicle's condition, i.e., excellent, good, fair, or poor, depending on interior, exterior, and mechanical condition. This contributes significantly to the valuation.

Step 4

Get the Estimated Value

Your inputs will give you a price range, typically dealer and private party value. Websites also offer instant sale options in some cases.

Step 5

Compare Multiple Sites

Repeat the process on other sites to compare values. Each tool bases its prices on different data, so comparison provides an average price quote.

How to Check Car Value Offline?

Checking your car’s value offline involves direct interaction and physical inspection. Here’s how to check the car value offline:

Step 1

Visit multiple local dealerships or used car markets and request a price quote after having your vehicle physically inspected.

Step 2

Consult a professional car appraiser who will assess your car’s condition, service history, and market demand to provide a detailed valuation report.

Step 3

Refer to printed car price guides or magazines that list average prices based on make, model, year, and condition.

Step 4

Research current asking prices for similar vehicles in your area through classified ads or local listings to perform a comparative market analysis.

Step 5

Attend car auctions or expos to observe real-world sale prices for cars similar to yours.

Step 6

Collect and compare several offers or assessments to determine your car's fair and realistic value.

What are the Factors Affecting Car Value?

Several factors determine the value of a car and its market value at any given time. Several key factors include:

Make and Model

The vehicle's make and model significantly determine its value. Brands renowned for offering high-quality products will retain their value over time.

Age of the Vehicle

Generally, the older a car is, the lower its value. A vehicle's depreciation is the most rapid in the first few years, after which it gradually tapers off. However, the car's age remains an essential consideration.

Mileage

The distance a car has travelled is a critical determinant of its value. Lower mileage often means less wear and tear on the vehicle, which makes the car more valuable to potential buyers.

Car Condition

The general condition, both mechanically and cosmetically, is significant: fewer scratches and dents and a well-maintained interior result in a higher retained car value.

Accident History

Vehicles involved in accidents or sustained damage are typically valued lower. Even if repaired, a car with a history of an accident may be considered a riskier investment, as hidden problems may exist.

Market Demand

Specific demand by type or model can significantly impact a car's market value. Popular models have good resale values and are highly sought after, often in limited-edition runs.

Vehicle Features and Upgrades

Adding interior enhancements, technological upgrades, and performance parts increases a vehicle's value. There is a high chance that those cars will attract high prices.

How Does Car Insurance Impact Car Value?

 

Car insurance can impact the value of a car, particularly its Insured Declared Value (IDV). IDV stands for indemnity, which the insurer is willing to pay in the event of a total loss. The IDV is influenced by your car's make, model, age, and condition.

A higher IDV means a higher value, which translates to better coverage in the event of theft or damage, but at higher premiums. A lower IDV may reduce premiums, but it provides less protection if the car is written off.

1

Declared Insured Value (IDV)

 

The IDV is the highest amount of insurance the insurer provides regarding the car's value on a claim basis. The value of making claims directly bears an impression of IDV—the more IDV, the higher the valuation.

2

Cost of Premiums

 

Value determines premium prices. The better the quality, the higher the premium. Of course, with poorer quality, the premium quotes are much cheaper.

3

Depreciation Factor

 

As the car ages, the value depreciates, reducing the IDV. The depreciation also reduces the insurance payout in the event of a total loss, as the car's current market value is considered.

4

Comprehensive Insurance

 

It offers more extensive insurance coverage and enhanced protection for high-value cars. Third-party car insurance covers only damages to others, not considering the car's value.

5

Claims and Total Loss

 

In case of total loss or theft, the amount to be received is the car's IDV. A higher IDV would result in a greater payout, influencing the cost of replacing or repairing the car.

Unique Tips to Maximise Your Car's Value

Unique Tips to Maximise Your Car's Value

When getting the best price for your car, some clever tricks can help boost its worth. Here are some unique tips that help to get you the most from your vehicle at its sale:

 

  • Invest in Paint Touch-ups: Small scratches can make your car look worn. Simple paint touch-ups can give it a fresh appearance and increase its value.
  • Upgrade the Audio System: A high-quality sound system can attract buyers who appreciate the added comfort and entertainment it provides in their car.
  • Keep the Tyres in Good Shape: Tyres are a significant part of a car's safety and aesthetics. Well-maintained tyres make the car look better.
  • Maintain Records: Keep a detailed record of all maintenance and repairs. Buyers appreciate transparency and will value the car more.
  • Fix Small Mechanical Issues: Address minor mechanical problems before selling the car. Small fixes, such as replacing a faulty light, can make a big difference.



In conclusion, checking your vehicle's valuation is crucial whether you are selling, buying, or simply evaluating its worth. By following the above steps, one can research market prices, utilise an online valuation tool, and consider the car's condition and mileage to determine the appropriate market value for their vehicle.

FAQs about Checking Car Value in India