In message <
l4936aF1sgU46@mid.individual.net>, at 15:52:41 on Wed, 28
Feb 2024, Simon Parker <
simonparkerulm@gmail.com> remarked:
On 28/02/2024 12:48, Roland Perry wrote:
In message <l486pjF1sgU35@mid.individual.net>, at 07:48:03 on Wed, 28
Feb 2024, Simon Parker <simonparkerulm@gmail.com> remarked:
OTOH, if it is a 10-year old BMW 3-series, print outs showing what >>>>>three similar cars, (make, model, age, mileage, condition), sold
for on eBay / AutoTrader should be sufficient.
Specifically, most such adverts are over-optimistic in their >>>>valuations,
That's why I said adverts showing what the vehicle sold for, not the >>>price at which it was advertised.
Why would someone re-advertise a car they've sold?
(1)(a) Locate a vehicle of the same make, model, age, service history, >approximate mileage and condition on eBay.
(1)(b) If one cannot locate one with the same service history, mileage
and condition, attempt to find two references that are as close a match
to the reference vehicle as possible. (e.g. find one with higher
mileage and one with lower mileage, with / without service history, in
good / poor condition.) These can be used to demonstrate the effect
that service history, low / high mileage and condition have on the price.
(2) Watch the listing(s).
(3) Wait for it (them) to end.
(4) Check one's "Watched" listings being sure to include those that
have ended. This will detail the price at which the auction finished.
(5)(a) If the vehicle was not sold, repeat the exercise.
(5)(b) If the vehicle was sold, print out the auction page detailing
the vehicles particulars and the price for which it sold and file these
with the IHT paperwork as you now have an independent market valuation
for the vehicle.
If you're super cautious, repeat the exercise twice more and average
the price across the three auctions.
A sledgehammer to crack a nut.
Alternatively, create an account on AutoTrader and use their "Value My >Vehicle" service.
Or get a Parkers account, which will have much more data input than just
those sold on Autotrader.
and don't take mileage (or even cosmetic condition) sufficiently
into account.
Depending on the age and value of the vehicle, they're not likely to >>>make much different.
You'd be surprised. Low mileage can double the value of a ten year
old car.
I have little to no experience in valuing ten-year-old cars.
Whereas I do.
Back in the day I used to buy cars almost exclusively at 3yrs old
(typically ex-company cars) through one channel or another. We used to
have three on the go at once, so there was quite a turnover.
As the years went by (and cars got more reliable and less of a rust
hazard), that gradually crept up to 6-8yrs, so more typically* multiple previous keepers, but still keen to have sight of a FSH.
At that age the value depends significantly on the mileage. Also for the
age of car I'm talking about whether or not it has a cambelt-replacement
almost due can alter the value by £500 for a BMW/Mercedes/Land Rover and
is never less than £300. although I always negotiate a newly fitted one
as a discount. New sets of tyres can easily be another £500.
*Although my most recent was traded in by the original buyer, sent to
auction, then retailed by a local medium sized car-lot.
FSH, OTOH... :-) Remember to look at private sales only too.
Vehicles sold by dealers sell for more because of the protections
this affords.
With a different hat on, I'm discovering that's a chimera, even
paying extra for an extended warranty.
Per The Consumer Rights Act 2015 it is an implied term of the contract >between dealer and the purchaser that the goods be as described, fit
for purpose, and of satisfactory quality.
Not only is it entirely legally possible to reject a car purchased from
a dealer within the first 30 days and receive a full refund of the cost
paid but I have actually done it. (For a friend that purchased a
vehicle from a dealer specialising in ex-police cars. The car they
bought was a car that somebody had part-exchanged for one of the
ex-police cars but it had a number of serious faults including a faulty >airbag (which had been masked by disabling the airbag light.)
You were very lucky, most dealers will argue you've accepted the car as
long as you are able to drive it home.
Extended warranties are a whole different issue, but the right to
reject a second hand vehicle purchased from a dealer within the first
30 days following purchase can be a very useful protection.
Even if it were in practice possible, there's another 11 months on the
first year's extended warranty to grapple with.
Also AutoTrader doesn't publish what cars were actually sold for.
AutoTrader offer a free valuation service based on what similar
vehicles have sold for on the site. You need an account so Jane will >>>need to create one if she doesn't already have one.
I've got an account with Parkers, and can use that. Doesn't take
"extras" into account though, and as an example BMWs vary widely in
their spec for the same basic vehicle. Leather seats, satnav, head-up >>display, limited slip differential...
I think I've posted here previously on the fact that my wife's car has >something like 27 variations of headlight for the particular model she
has. When we take it to be serviced, somebody (either a staff member
at the dealership or a customer) usually comments that it is the only
one they've seen with the full multimedia pack (independent screens in
the rear headrests allowing different DVD to be played on each screen)
The first BMW I purchased, 3yrs old in perhaps 1989, had an extremely
rare for that era car-computer.
Sadly, the driver's screen won't display a DVD once the vehicle is
moving. It would be close to impossible to find a matching vehicle on
eBay because of the combination of options it has. I'll leave you and
other readers the guess the marque. :-)
But if I needed a probate value for her car, I'd stick it on Motorway
and use that price. So Jane now has a third option for valuing any
vehicles in the estate, but I'd recommend setting up a disposable GMail >account first
Just set the email client up to bounce them. Simples.
and using that on Motorway. :-)
I've done a straw poll and valued a BMW 320i (as we seem to fixated on
that as a brand), in no particular order:
Motorway £6087
Cazoo £7675
Carwow £5775
Parkers £5815 - Private good
£5200 - Part exchange
and: WBAC £5,500, but there are conditions, so I had to go back to the
owner to check:
Needs two key fobs (it only has one)
Needs FSH (for some reason the owner stopped getting the service book
stamped about 5yrs ago; a dealer could bring up the history, but I'm
not sure if WBAC can.
Only one[2] previous owner (that's a tick, but my Land Rover is the same
age and has had about four)[1]
6+ months MOT (it's only got three)
Updating the valuation gives £5200 - but also assumes they'll be happy
with the cosmetic condition - they are as picky as car hire companies
about the slightest scratch, scuff on the bumper, or ding on an alloy
wheel. Not sure what they think about the inevitable mildew on the
window seals.
To be fair, I'm surprised how close that is to Parker's £5815.
[1] Mine has two[3] previous keepers now, which is probably what they
are really asking about, because it was in my wife's name to get
certain disabled concessions, although those no longer apply. In
terms of "ownership" it's always been seen as "our car", not least
because she was never medically fit enough to drive it. But at least
we (aka "I") could easily get the wheelchair in the boot.
[2] Assuming you don't count the franchised dealer who bought it off
themselves to massage their sales stats. But apparently it never
left their lot other than for test-drives.
[3] I find it extraordinarily pernicious that an intra-family transfer
in such circumstances triggers the DVLA cancelling the tax and
demanding it be taxed twice for the same month. When things settle
down, I might just start a campaign to get that changed.
--
Roland Perry
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