How to Get a Used Car Valuation in the UAE
Used car valuation is the process of determining the market value of a used vehicle. It is typically done by individuals or companies, such as car dealerships, insurance firms, and those looking to sell or buy a used car.
The valuation process typically involves analyzing a variety of factors, including the car's:
- Year, make, and model
- Mileage
- Condition
- Accident history
- Demand in the current market
The better the condition of the car and the higher the demand for it, the higher the valuation will be.
In this blog, we will explore different methods and elements that are involved in getting an accurate valuation of used cars for the UAE.
Importance of a Used Car Valuation
Before getting into the details, we'll discuss the reasons why it's important. A reliable car valuation serves multiple purposes, including:
- Making an Offer Price: A proper valuation can help to determine the best value for your vehicle when selling it.
- Avoid Paying Too Much for a Car: Getting an appraisal can help to avoid paying too much. This is especially crucial in the case of buying the car through a private seller since they may not know the true price of the vehicle.
- Insurance Purpose: Understanding the worth of your vehicle allows you to choose the appropriate rate and insurance coverage.
- Resale Value: Knowing how the value of your vehicle alters with time enables you to make informed decisions about your vehicle's resale.
How to Get Your Car Value:
There are a number of ways to get your car value, including:
Online Valuation Tools
You can find free car valuation features on multiple websites. These tools usually require you to submit information regarding the vehicle, including the model, make year, mileage, and condition. Based on the information provided, the program calculates an estimate of the value of your vehicle.
For example, the Dubizzle Car Valuation tool is just an online service that is available within the UAE. If you input the car's specs, it will provide you with a car appraisal. But you must be aware that this estimate gives a general idea of the car's worth.
On-Site Car Valuation
On-site car valuations require a physical inspection of the car to determine its condition and give a more precise valuation. In UAE, you have the option of receiving a Car Valuation Certificate from RTA-approved testing centres.
In order to obtain a Car Valuation Certificate, follow these procedures:
- Used Car Test: Bring your vehicle to an RTA-approved testing centre for an extensive test with a vehicle inspection and an on-road test. It will also provide an in-depth analysis of the condition of your car.
- Certificate of Car Valuation: Submit the test report and registration certificate at the counter of the test centre. Pay the certificate fee(AED 170 to AED 350), which indicates the value at retail of your vehicle.
Tasjeel is among the testing centres approved by the RTA in the UAE, which allows you to take the extensive test and receive the Car Valuation Certificate.
Factors Affecting Used Car Value
Several factors influence the value of a used car in the UAE. It's important to consider these factors when evaluating your vehicle. Some key factors include:
- Year of manufacture and mileage: The value of cars decreases significantly within the first few years, and the pace slows as the car gets older. A higher mileage may also influence the value.
- Car Condition: The condition of the vehicle, mechanical problems, and overall appearance of the vehicle could impact the resale value.
- Service Record: A track of your car's regular servicing is a sign of proper maintenance and could significantly increase the worth of your vehicle.
- Demand and Supply: The demand for specific cars and the supply of used vehicles on the market could affect the value of these models. Also, models with high demand but low supply tend to hold greater value.
- Regional Specifications: Cars that are GCC-spec generally last longer than non-GCC-spec vehicles due to the differences in the specifications and service history availability.
- Private or Dealer Sale: Selling your vehicle privately could fetch you a better value that is closer to market value, whereas selling through a dealer will result in the fastest sale, however, at a potentially lower cost.
Tips for Maximizing Car Value
To ensure that you get the best possible value for your used car, consider the following tips:
Thorough Market Research:
Do extensive research to find out the current market value for your vehicle model. Search online for listings, websites, and car value calculators to find out the average price.
Pricing Strategy:
Consider pricing your car a bit lower in order to draw buyers. For instance, using AED 39.900 instead of AED 40000 can be a big difference.
Improve Car Condition:
Make small repairs and maintenance that will improve the general condition of your vehicle. A well-maintained vehicle is likely to attract higher offers from buyers.
Change your tires
New tires can make an enormous difference to the look and efficiency of your vehicle. Always buy tires from the best tire provider in the UAE, which is no other than PitStopArabia.
Service History:
Maintain complete records of your vehicle's service history to show the proper maintenance. This will boost confidence in buyers and your vehicle’s value.
Presentation:
Clean your car thoroughly, both inside and out, before listing it for sale. A well-presented vehicle creates a positive impression and can justify a higher asking price.
Comparing Valuations and Negotiating
If you've received several estimates for your vehicle, you can begin to evaluate them to negotiate the most competitive possible price.
Here are some helpful tips to compare valuations:
- Be sure that your valuations have been calculated using the exact data. This includes the year, make model, miles, condition, and any other features that are available to your vehicle.
- Find out the reputation of the source of those estimates. Make sure that the valuations originate from reliable sources like car dealerships, testing centers for cars, and online tools for valuation.
- Do not focus solely on the one number. Consider the range of appraisals you've received. The sum of these valuations is likely to represent the most accurate estimate of your vehicle.
After you've compared the prices, you are able to begin to discuss the price with either the buyer or the seller.
Here are some helpful tips for negotiating prices:
- You must be assured. Confidence is essential in negotiations. Be aware of your worth and be ready to walk away from a bargain if you're unhappy with the cost.
- Be fair. Don't expect to receive the most value for your vehicle. Be ready to bargain a price that is fair to you and the seller or buyer.
- Be open to making compromises. Negotiation is a two-way road. You must be open to compromise over certain issues to ensure you get the most affordable price.
Finalizing the Sale
Once you have agreed upon a price with a buyer, it’s time to complete the required paperwork to finalize the sale. You can transfer ownership of the car in accordance with the guidelines outlined by the appropriate authorities like RTA.
Ensure that all necessary documents, including the registration card, are transferred to the new owner. This guarantees an easy and legally conforming transaction.
FAQ’s
Q: Why is it important to get a used car valuation in the UAE?
Getting a used car valuation in the UAE is important for both buyers and sellers. Buyers can use a valuation to make sure they are not overpaying for a car, while sellers can use a valuation to set a realistic price for their car.
Q: What are the different types of used car valuations in the UAE?
There are a few different types of used car valuations in the UAE:
- Trade-in value
- Private party value
- Dealer resale value
- Insured value
- Assessed value
Q: How can I get a used car valuation in the UAE?
There are a few different ways to get a used car valuation in the UAE:
- Online valuation tools
- Car dealerships
- Vehicle testing centres
Q: How can I maximize the valuation of my used car in the UAE?
There are a number of things you can do to maximize the valuation of your used car in the UAE, including:
- Maintain your car regularly.
- Make necessary repairs
- Keep your car clean and tidy.
