In British Columbia, it’s crucial to be aware of the key components that could affect the Appraised Value of your vehicle. Understanding these components will help you achieve the highest price for your vehicle, whether you’re selling it privately, going through a divorce settlement or for tax purposes. Below you can find a quick guide outlining the main factors that can affect your vehicle’s Appraisal Value.
Mileage
The mileage of your vehicle is one of the main factors that will influence the Appraised Value. Your vehicle is ordinarily worth less the higher the mileage. This is simply because a vehicle with higher mileage may have been driven more frequently, increasing the wear-and-tear on the engine, suspension, and many other vehicle components.
Vehicle Age
The age of your vehicle is another factor to consider. Modern vehicles are generally more valuable than older ones – newer models have more innovative features and technology, upgraded body styles and likely will have less mileage depending on the ownership. Typically, the value of your vehicle will depreciate as it ages. Depreciating the quickest in the first 3 years.
Physical Condition
Another crucial aspect that will impact your vehicle’s value is the physical state. This includes the Exterior and Interior cosmetic appearance, Wear-and-Tear items such as the Brakes and Tires, and the overall health of the Engine, Transmission, Suspension, and other mechanical parts. The value of the vehicle will likely be higher if it has been well-maintained and kept in good condition, compared to one that has not.
Market Demand
Your vehicle’s Appraisal Value may be significantly impacted by the Market Demand for it. Your vehicle may be worth more than others with a similar year and mileage due to the popularity, reliability, and the Make and Model. Additionally, you may be able to earn a higher evaluation if you sell your vehicle at a time when there is a great demand for Used Cars, such as the peak of the COVID-19 pandemic.
Model & Brand
Your vehicle’s Make and Model can also impact its assessed value. That may be due to their reputation of dependability, toughness, and all-around quality. Some Makes and Models hold their value longer than others as they may be highly sought after, and may have a larger market-share of purchasers. Limited Edition or uncommon models may also be worth more than their ordinary counterparts as they are not easily sourced.
Features and Upgrades
Your vehicle may be worth more than a comparable stock vehicle with some custom improvements or extra equipment such as a high-end stereo system, body kit, exhaust system, suspension, or upgraded wheels and tires. However, it’s important to keep in mind that not all improvements and custom upgrades will increase the value of your vehicle. Some customizations may de-value your vehicle so you should take this into consideration during an appraisal.
Accident History
Lastly, your vehicle’s Appraisal Value will be impacted by the Total Declarations on the vehicle’s history report. This report can be found on a website called CarFax. Any claims made through ICBC including Accidents, Hit-and-Runs or Windshield Replacements, will show on your vehicles history report. Total declarations showing over $2,000 must be disclosed to a new buyer. Although the vehicle may have been fixed and restored, the total repair cost can lower your vehicle’s value. Large declarations can affect the reliability and quality of the vehicle in the long run.
In conclusion, if you’re looking to sell your vehicle in British Columbia or require a Vehicle Appraisal, it’s essential to understand the factors affecting its Appraised Value. There are several avenues to get a Vehicle Appraised in British Columbia including Local Dealerships or Independent Appraisers. If you are looking for a simple and quick estimate on your vehicle, without the hassle of going to a Dealership, BC Auto Appraisals Ltd offers in-person and online Vehicle Appraisals.
