If you are insuring, selling or trading in your vehicle, you need to know what the retail and market value of your car is.
According to an article from the Santam website, “If your car is insured for its retail value, it will be much easier to replace a damaged or stolen car with a similar make and model.”
Market Value
This value considers
- Year of manufacture
- Make
- Model
- Modifications
- Added accessories
- Mileage
- Vehicle condition
- Service history and
- Accident reports.
Economic and market based variables influence the market value of vehicles and when we consider this, we must be willing to sell, insure or trade our car for a price affected by these variables.
Retail Value
This is the average price a dealer would sell a car for, this comes from a centralised database for major dealerships like the Auto Dealer’s guide. “They can indicate the average retail and trade value for a particular make and model.”
Information sourced from
https://www.santam.co.za/blog/car-advice/the-difference-between-the-retail-and-market-value-of-a-car/