Fleet News

1 in 3 motorists believe their car is worth more than it really is

Many motorists are still in the dark about the true value of their car - until they check the facts, according to independent car information experts CAP Automotive.

It means that 1 in 3 motorists who plan to sell, or trade-in, start out believing their car is worth more than it really is. 

The findings come from customer feedback on CAP's free used car valuation tool, which was launched earlier this year.

It also reveals that going into negotiations armed with an independent and accurate value helps 90% of sellers ultimately achieve a good trade-in price.

Buyers have also overwhelmingly benefited from checking the genuine market value of their intended purchase, according to 83% of customers who said a CAP valuation boosted their confidence in choosing a car at the right price.

CAP have been the go-to people for motor trade professionals seeking independent expert vehicle valuations, since the famous ‘Black Book' guide to trade values was first published in 1979.

But this year CAP threw open some of its trade services to consumers too, providing free car valuations and unique forecasts of the total cost of motoring for every type of car on the road. Thousands of motorists have since taken advantage of the new service to research the value of their vehicle before selling it, or buying another.

Research among sellers who have used the tool reveals;

- 78% said a CAP valuation helped them get a good price when selling their car

- 90% said a CAP valuation helped get a good trade-in price

- 30% said they had originally hoped their car was worth more

- 91% said they would use the valuation tool again and 90% would recommend it

Car buyers have enjoyed similar success after using the tool;

- Only 4% paid more than the CAP valuation for a car

- 80% said a CAP valuation helped ensure they paid a good price

- 83% said a CAP valuation gave them confidence in choosing a car

- 93% said they would recommend the service

Philip Nothard, consumer valuation expert at CAP Automotive, said: "Setting out to sell or trade-in your car can be a daunting prospect, but knowing its true market value really helps to boost confidence and avoid unexpected disappointments.

"The feedback from people who have been using our free valuation service shows that discovering the real value of your car before you go into negotiations overwhelmingly leads to a better experience.

"Good dealers also welcome well-informed customers who understand the true value of their own car. A confident customer is more likely to be satisfied with the deal than someone who mistakenly believes the dealer is trying to rip them off."

 


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Comments

  • Matt - 13/11/2013 11:33

    This is a very interesting article and proves that people should take extra care when selling their vehicles. It’s good to see that CAP and others are now offering a service to customers by offering a simple valuation on their vehicles. Sadly CAP isn’t helping the case by showing different figures on their consumer site and Black Book. Why is this?

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