Selling guide
How to value your vehicle in NZ
How much is your car worth? It’s a tricky question that will be influenced by many factors.
Last updated: 19 November 2024
How much is your car worth? That can be a tricky question to answer accurately. Many factors will influence the value of your vehicle. Two cars bought new on the same day can be worth vastly different amounts after a few years on the road. One may have been used sparingly by one careful owner who never missed a service and cleaned it meticulously every weekend. The other might have been a company car, running around town during the week before being pressed into service on the weekend ferrying the family, and the dog here, there and everywhere. Did they have time to maintain it properly? Did they ever bother to remove all the dog hair from the roof lining? One of these vehicles will definitely be worth more than the other on the used market.
Why do you need to know the value of your vehicle?
Knowing the value of your vehicle can be handy when it comes to insurance purposes. You don't want to be under-insured in the case of a write off as the payout won't be enough for you to replace your vehicle. But on the other hand, you don't want to be over-insured as there's no point in paying too high of a premium on an overvalued car.
It's also worth knowing what your car might be worth when it’s time to sell. You don't want to be giving it away but neither do you want to price it too high, otherwise no will call.
So how do you value your vehicle in New Zealand?
There are a few ways to gauge the value of your vehicle. You could get an appraisal from a car dealership, though the price offered may vary depending on whether you're trading the car in. And can you be sure that the sales person at ‘Honest Dave's Car Sales’ really lives up to the company's name?
There are online resources such as Redbook where, for a fee, you can enter your make and model, mileage and general condition and the website will generate a report of potential prices using transactional data from New Zealand dealerships.
Probably the best way for a person looking to sell their car privately is to use the free resource on Trade Me. Simply enter your number plate and mileage details and this smart valuation tool will generate a range of prices for your car.
Trade Me uses prices from over 3000 car dealers and 150,000 private sellers to gather a vast range of data to accurately value your car. The price range allows for features and condition of a car; the price at the lower end of the band being one for a base model with high mileage while the price at the high end of the spectrum applies to a well specified model in top condition.
As to what your car is worth, ultimately the market will decide. But by doing a little research by using resources such as Trade Me’s free valuation tool, you can make sure you’re in the right ballpark.
Want to know how much your vehicle is worth? Get a free car valuation now.
Author
Kyle has been reviewing cars since starting at NZ Autocar magazine in 2003 and has been editor since 2009. In that time he’s become an expert on what makes for a good vehicle while also gaining insights into the local automotive industry.
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