Confused About Car Values

Confused About Car Values

One in ten people who have ever sold a car admit they have sold one having no idea of its true value, new research from Glass has revealed.

Only a quarter of Brits who sold their car in the past 2 years (25 per cent) took advice from a dealer when finding the value of their second hand car, with 53 per cent instead turning to the internet and car magazines for potentially misleading retail valuations.

Almost half of the British population (49 per cent) say they feel they would lack confidence negotiating the right price when selling a vehicle. Perhaps not surprising as one in four Brit’s who have sold a car admits to having told ‘white lies’ about it.

The research, released today to mark the launch of Glass’s new consumer website also revealed the confusion around knowing the value of second hand cars - with motorists vastly overestimating the value, and likely leading to disappointment when they sell theirs.

When asked to estimate the value of a two-year-old Ford Focus of average mileage, 71 per cent of respondents overvalued the vehicle, with 40 per cent doing so by over a third of the car’s true market value.

Heiko Haasler, Chief Commercial Officer at Glass’s commented: "The world of used cars can be very confusing, and this means that people are not confident when they are negotiating a car sale or purchase.

"It’s worrying that one in ten people have sold a car having no idea how much it was actually worth. With free valuations now available from Glass’s in under two minutes, you can be prepared and ensure you’re getting the right price for your car."