Wondering “how much is my car worth?” Whether you’re thinking about selling, trading in or upgrading to a new car, knowing your vehicle’s current value is a great place to start.
The value of a car isn’t determined by its original purchase price alone. Factors such as the make and model, kilometres, condition, service history and current demand can all influence what someone is willing to pay.
Here’s what you need to know about valuing your car in Australia.
What Determines How Much Your Car Is Worth?
There isn’t one fixed price for every car. Your vehicle’s value can vary depending on several factors.
Make and model
Some makes and models hold their value better than others. Popular models with strong demand can attract more buyers, while cars in lower demand may depreciate more quickly.
The specific model isn’t the only consideration either. The variant, engine, transmission, drivetrain and included features can all make a difference.
Age
Generally, newer vehicles are worth more than older vehicles, although depreciation isn’t always consistent throughout a car’s life.
A vehicle’s age should be considered alongside its kilometres, condition and market demand.
Kilometres
The number of kilometres your car has travelled is one of the first things buyers and dealers look at.
Two otherwise identical cars can have different values if one has significantly fewer kilometres.
However, low kilometres don’t automatically make a car more valuable. A well-maintained vehicle with higher kilometres can still be attractive to buyers.
Condition
The condition of your car can have a significant impact on its value.
Consider:
- Exterior paint and bodywork
- Interior condition
- Tyres
- Windscreen and glass
- Mechanical condition
- Warning lights or faults
- Previous accident or repair history
Small imperfections are normal for a used car, but significant damage or mechanical issues can reduce its value.
Service history
A complete and consistent service history can give buyers confidence that the vehicle has been properly maintained.
Keep any service records, invoices and other relevant documentation available when you’re preparing to sell.
Features and specifications
Optional features and higher specifications can influence value.
Depending on the vehicle, this could include:
- Leather interior
- Sunroof
- Advanced safety technology
- Premium audio
- Four-wheel drive
- Towing equipment
- Factory accessories
It’s worth checking the exact variant of your vehicle rather than comparing it with a similar-looking model.
Is My Car Worth More as a Private Sale or Trade-In?
This is one of the biggest questions to consider when valuing your car.
A private-sale price is what you might expect to receive by selling directly to another individual.
A trade-in value is the amount a dealer (or wholesaler if you sell through Motor Scout!) is prepared to offer for your vehicle when you’re purchasing another vehicle.
These figures can be different because the buyer has different costs and considerations.
A private buyer may be willing to pay more because they’re purchasing the car for their own use. A dealer needs to consider factors such as reconditioning, holding costs, resale costs and margin.
However, a private sale can also involve considerably more time and effort.
You’ll generally need to:
- Advertise the vehicle
- Respond to enquiries
- Arrange inspections
- Organise test drives
- Negotiate with buyers
- Complete the paperwork
- Arrange payment and transfer
For some sellers, the convenience of a trade-in can outweigh the potential difference in price.
How Can I Find Out What My Car Is Worth?
The best way to get a realistic idea of your car’s value is to look at multiple sources rather than relying on one number.
Start by identifying your exact:
- Make
- Model
- Variant
- Year
- Engine
- Transmission
- Kilometres
- Key features
Then compare similar vehicles currently available on the market.
Remember that an advertised price isn’t necessarily the final selling price. A car listed for $35,000 may ultimately sell for less.
You can also use vehicle valuation services and compare actual offers where available.
Should I Get More Than One Offer?
If you’re considering selling or trading in your car, getting multiple offers can give you a better understanding of its current market value.
One offer doesn’t necessarily represent the entire market.
Different dealers may value the same vehicle differently depending on their inventory, customer demand and what they believe they can achieve when reselling it.
Comparing offers can therefore help you make a more informed decision.
Does My Car’s Value Change Over Time?
Yes.
Your car will generally depreciate as it gets older and accumulates kilometres, but market conditions can also influence its value.
Factors such as supply, demand, fuel prices, new-model releases and changes in consumer preferences can all affect the market.
This means a valuation you received several months ago may not reflect what your car is worth today.
Should I Sell My Car Now?
There’s no universal answer.
If you’re already considering upgrading, it can be useful to find out what your current car is worth before deciding what to do next.
Knowing your car’s approximate value gives you a clearer picture of your overall budget for your next vehicle.
You may discover that your current car is worth more than expected — or that selling now makes more sense than waiting.
The Bottom Line
The value of your car depends on much more than its age and original purchase price.
Make and model, kilometres, condition, service history, specifications and current market demand can all influence its value.
If you’re thinking about selling or trading in, don’t rely on a single number. Compare the market, understand the difference between private-sale and trade-in values, and consider multiple offers before making a decision.
Thinking about upgrading? Motor Scout can help you buy a new car and sell your current car without the stress.
