If you’re thinking of selling your car, a good first step is to search for the book value of the car in South Africa.

This will give you an idea of how much your car is worth on the second-hand market before you accept any offers.

Check your car’s book value online

There are a number of websites that offer an automatic car book value based on the vehicle’s make, model and age.

We’ve found a few sites for you that don’t require your contact details. These sites can give you an approximate book value instantly:

• Book Value
• Car Book Value
• Gumtree
• Autotrader

There’s no guarantee that these free services will have all makes and models in their databases. If your vehicle is not available on one site, try another.

What determines car book value in South Africa

Vehicle book values in South Africa are set by the Trans Union Auto Dealers Guide, which is available to purchase in digital form.

The book value of any given vehicle is determined by the following criteria:

• make and model
• year of manufacture
• mileage
• overall condition.

Some models have different trims i.e. different versions of the same model that offer different built-in features and equipment. This plays a role in the vehicle’s book value.

Do you always get book value when selling a car?

When selling your car, it’s important to know the difference between the book value and the market value. The book value is a guide or base price that the seller can use to get an estimate of the selling price.

The market value is based on this amount. It’s what most people aim for, but several additional factors affect the final sale amount. These include any mechanical issues, dents and scratches.

The reputation of a car can also affect its market value. For example, some cars are known to be more reliable than others. Vehicles that are often targeted by thieves or hijackers can lose market value because of this reputation.

Vehicles with an incomplete service history might lose value, which is why it’s important to keep your vehicle serviced. Even the colour of the car can play a role, especially if the paint is not the original colour.

Need cash? An alternative to selling your car

If you’re considering selling your car because you need cash, there’s a much better alternative. You can access the value of your vehicle without selling it and without affecting your ownership.

Fast loans against cars

A paid-off vehicle in good condition can be used as collateral on a short-term loan. This type of loan is fast and a great way to access your car’s value without selling it.

A short-term loan against a vehicle is ideal when you need money quickly and you know you will be able to pay back the loan.

These loans are really quick, so they’re great if you need fast access to funds. A loan based on a car is usually approved and paid out within 24 hours.

Advantages over selling a car

When you sell your vehicle, it’s gone for good. You’ll probably also settle for a lower amount than it’s worth if you need cash in a hurry.

Getting rid of your vehicle because of temporary money issues can also cause additional issues in your life, like not being able to get to work.

With a short-term loan, you’ll have to give your car to the lender, but this is only temporary. The vehicle is stored in a secure location and no-one drives the car for the duration of the loan.

Once the loan is repaid, your car is returned to you and your ownership is not affected in any way.

How much you can borrow against a car

The loan is secured by the car. This means the vehicle gets sold to recoup the loan amount in the unlikely event that you can’t repay the loan. Because of this, the loan amount is set by the appraised market value of the car rather than the book value.

At Pawn My Car, we offer loans all the way up to R20 million and more. The loan amount will be a percentage of the appraised resale value of your vehicle. This is why it helps if the car is well taken care of and has an up-to-date service history.

The loan amount will be less than the book value, but knowing the book value can help you know what to expect from the loan offer.

To learn more about using a vehicle to secure an asset-based loan, call 0861 112 866 or WhatsApp us 064 976 7106. You can also apply online now.

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