One in three drivers overvalue their car

Wednesday, November 13, 2013 - 12:30
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Money-Pound Sterling-fleet news-fleet management

BOTCHED: One in three overvalue

One in three motorists are overvaluing their car when trying to sell, a study by CAP has revealed.

The findings, from CAP’s free used car valuation tool, also reveal that going into negotiations armed with an accurate value helps 90% of sellers achieve a good price.

Buyers have also overwhelmingly benefited from checking the genuine market value of their intended purchase, according to 83% of customers.

Such respondents claimed a CAP valuation boosted their confidence in choosing a car at the right price.

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.”