Car Talk
Tips On How To Evaluate Price Of A Used Car
Nowadays, used cars are very popular in Nigeria. Compared with new cars, they are cheaper, and more suitable for driving on the rugged roads of Nigeria. What’s more, it is fewer documents you need to prepare before buying a used car than a brand-new one, which shows more convenience.
However, Nigeria’s used-car market is immature and diversified where the good is mixed with the bad. So, how do used car buyers evaluate the price of their used cars and avoid being cheated?
The following points can help you roughly evaluate the price of the used car you want to buy!
The Brand & Model Of The Car
There are a multitude of common large brands in the market, such as Volkswagen, Toyota, Honda and so on, among which Corolla, Camry, Accord and Crown are all popular models, their value preservation rate is guaranteed in the market.
But some unpopular brands basically reach a depreciation rate of 20% to 30% in the first year you buy a new one. The value of the unpopular car is not preserved, and the number of unpopular cars in the market is low.
There is no doubt that this is bad news for car owners who have bought unpopular models and want to resell them, but if you want to buy used cars and don’t care whether the brand is popular or not, second-hand cars with unpopular brands are highly recommended, which are cheap and usually of good quality.
Color
Generally, business cars are mainly in black and silver colors, which can be applied to the vast majority of scenes, and red, blue or white are also the most common colors in family cars. Therefore, cars with these colors will have a higher preservation rate than those with other rare and unique colors. For example, orange, yellow, green and other unique colors will have a lower preservation rate, but there are also counterexamples, such as brands specializing in the production of stylish cars, colorful colors have less impact on the preservation rate.
Configuration
Normally，cars are divided into high configuration and low configuration. For second-hand cars, the price is generally evaluated only according to the new price of low-and medium-configuration models. The price difference of high-configuration models will be seriously damaged in this evaluation process.
Some sellers think his car has panoramic skylights, leather seats, and in-car navigation, etc., but these configurations won’t add much value to your car when resold. It may cost you a lot of money to buy this car, but it’s not a good deal to sell it.
So when buying a new car, if you think it may be resold in the future, please consider low-and medium-configuration models.
The Purchase Time Of The Car
Used cars are depreciating every year, and with the passage of time, the price will become lower and lower.
We know that vehicles have a useful life, usually 10 years. According to the useful life and mileage, the discount will gradually decline, if one of these two items is obviously ultra-high, then it should be evaluated according to the higher one.
So before buying a used car, ask about the purchase time of the new car, preferably accurate to the month.
Mileage
Mileage and age are the main criteria for the discount of vehicles on the basis of the above. Its content is to further delimit the scope of the preservation rate.
According to the mileage of a second-hand car, the effective life of a car is estimated to be about 300000 km. It is divided into five sections, each section of which is worth 5max 15,4×15, 3max 15,2max 15,1max 15 of the new car price in order.
Number of Resales
At present, not all the used cars on the Nigerian market are second-hand cars, some of them may have changed hands many times.
As we all know, different drivers have different driving habits and often change vehicles (especially manual gears). Compared with vehicles driven by the same driver, the residual value rate will be reduced.
In the process of evaluation, car buyers need to know more about the transfer of ownership of the vehicle.
Maintenance Condition & Accident Situation
Accidents or failures of the various situations will inevitably occur in the process of driving. By the way, accidents can be divided into big and small accidents, such as general rubbing and small rear-end collisions, which only have some small impact on the quality of the external spray painting sheet of the car. Therefore, it generally does not have much impact on the residual rate.
However, if there is a major accident, such as the vehicle is flooded, the engine or gearbox and other core components have been replaced, the impact on the salvage rate of the vehicle is quite big without being hidden by the owner, which needs to be specifically combined with the accident situation.
In terms of maintenance, the price of the car maintained in 4S is slightly higher than that in the repair shop, but the impact will not be too great actually.
In conclusion, second-hand car buyers can learn more about the interior and exterior painting of the car from sellers, whether there is a replacement or cleaning and paint change.
Conclusion:
Considering the above factors and combining the wishes of both buyers and sellers, I believe we can get a more reasonable evaluation price of used cars. I hope this will help you buy a satisfactory used car!
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