Orange Book Value: Transparency in Used-Car Valuation

Orange Book Value (OBV) is basically an algorithmic pricing engine that comes up with the current market value of used vehicles that include cars, bikes and scooters. Unlike other sources, Orange Book Value not just depend on historical data for determining a vehicle's fair market value but also uses scientific evidences and real-life factors that play major roles in value depreciation of vehicles. These factors include the make and model of the vehicle, the variant of the car or bike, year of manufacturing, the number of owners, odometer reading that indicates the number of kms driven, and also the basic physical and mechanical condition of the second-hand vehicle. You need to keep your car in a really good shape and very well-maintained in order to get a high market value from it at the time of selling it off. 

Objective of OBV:

The main objective of Orange Book Value is to help the customers get an idea of the fair market valuation of used vehicles. It is very beneficial to both buyers and sellers as it reduces the chances of price negotiation between the two and facilitates a quick selling of used cars value, bikes and scooters. It aims to act as a platform that suggests unbiased market valuation of used vehicles, which is strictly based on a thorough research and facts. 

How Does OBV Determine Used-Vehicle Condition

Being the used-vehicle pricing calculator by Droom, Orange Book Value rates the second-hand cars in four categories that define their health and market value. These categories are finalised after going through proper research on the car's condition, age and several different factors that play important roles in the market valuation of a used vehicle. Through OBV, used vehicle buyers and sellers will witness the condition of used cars, bikes and scooters listed as Excellent, Very Good, Good and Fair.

While the Excellent rating signifies that the car is in an absolutely fine condition and all the parts and features are in perfect shape, the Very Good category indicates that it has gone through very little wear and tear. On the other hand, the Good rating states that some of its parts have gone through repair and the percentage of wear and tear is more than the previous category vehicles. At last comes the Fair category which signifies that the used-vehicle has gone through major repair work and replacement of parts and many of its equipment work poorly.

According to these ratings, Orange Book Value gives the fair market value of any second-hand vehicle and the results are aimed to be the accurate valuation that leads the customers to the right path. It encourages a hassle-free process of used-vehicle buying and selling among the people.

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What You Need To Know About Used-Car Pricing

Before buying a used car from a dealer or an individual, you need to understand some things about how a car seller comes at the price he puts on the sticker. Generally, a dealer calculates his own of-pocket costs before determining a selling price on the used car. After keeping these costs, the dealer will decide that how much more money should be added to the prices of the used cars or bikes. The total amount is decided according to the condition of the car, make, model, kms driven and the market demand.

However, there is always a great chance of negotiation with the seller or the dealer about the prices of the used car price and bikes that can be negotiated to a considerable extent if it does not have much demand in the market. In this case, the dealer tries to sell it off at a much lower cost, however, there is a price beyond which he will not go. And that price would be similar to what other dealers are offering in the market for that particular model. 

Also, you should refer to pricing engines that suggest the fair market price of any used vehicle by keeping in account various factors that leads to price depreciation of any vehicle. In fact, these pricing tools are one of the best ways to understand and find out the actual value of your car, bike or scooter, as these results are obtained by using scientific calculation methods. 

Understanding used-car pricing is a mandatory thing before buying one, or else you might end up paying a lot more than the real price of the vehicle, which is absolutely not recommended.

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How Used Car Values Are Determined?

Understanding the way to calculate used car values is very much important in order to ensure that you get the best deal possible, when buying or selling a second-hand car. The price of any used car eventually comes down to a point where both the buyer and the seller come to the same decision and agree upon the final price in order to seal the deal. However, there are several different ways to determine the fair market value of a used car. 

1. Used Vehicle Pricing Guides: One of the most authentic and commonly used methods of determining a second-hand car’s value is referring to the price guides. There are several pricing engines available that calculate the fair market used car values and guide the sellers and buyers according to that. This helps a lot in quoting a fair price for any vehicle, and also, the buyers are satisfied with the price as they find a value for money product. The value is calculated by taking in account different factors such as make, model, variant, kms driven, physical condition, etc.

2. Vehicle Inspection Professionals: Vehicle inspection professionals can be of great use when it comes to used-car valuation. In this process, an expert will come to you and make a thorough assessment of your car, taking into account the condition it is in and the service record as well as the make, model and year. This method helps a lot in determining the fair market value of a pre-owned car. 

3. Local Dealers or Repair Centres: Another method to understand the valuation of a used-car is to get it checked by local dealers or repair centres. Dealers are a very good option because they are experts in their field and have a good knowledge of the going prices of used vehicles. Visit a trusted dealer or a mechanic. Your dealer can give you an idea of the fair market value of your car. Moreover, they can also help you with some tips to negotiate on the price of a vehicle. 

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How To Increase The Value Of Your Used Car

A brand new car loses its value as soon as it comes out of the showroom. Depreciation in used-car valuation is an inevitable process, but it can be in the owner’s hand that how much further will the car’s value depreciate over the time. It all depends upon how well you maintain your vehicle and what precautions you take while driving it. Even if you intend to sell it off just after a few months of purchasing, it is impossible to get the same price as you had bought the car for. However, there are some measures that you can take to get the best value from your car.

Go for A Car with High Resale Value
While buying a car, always remember that it should have a high resale value. This will help you get as much as possible while selling it off. This highly depends upon the model you are buying and also upon the brand name. Check the check car value of various popular models and then decide for yourself. For example, Maruti Suzuki, Hyundai, Honda, etc., are some of the brands that have great resale value.

Maintain your Car Properly
Maintain your car properly by taking it to regular servicing. Also, pay attention to the way you are driving it. Always remember that the valuation of any used vehicle highly depends upon the way it has been handled and driven. Moreover, the vehicle should be cleaned regularly in a proper manner with car-washing detergents.

Drive Safely
While driving, you should always be aware of the various hazards on road. Stay away from accidents as it could be very dangerous for both you and your car. In case of major accidents, the car goes through major repair work, and this in turn decreases its market value to a great extent.

So, these are some simple steps that you could take to maintain your car in a good manner, so that it has a satisfying market price when you decide to sell it off. The valuation of your car highly depends on how you keep it.

Orange Book Value - India’s First and Only Algorithmic Pricing Engine

If you are planning to invest in used automobile market, but not sure about the price of the vehicle, then get sure. Use Orange Book Value India’s first and only algorithmic pricing engine to measure the fair market value for any used automobile. It is a service by Droom to know the fair market price of a used vehicle before you buy or sell. OBV offers “Har gaadi ka asli daam” for free. 

It is the most comprehensive automobile pricing engine, which is not limited to cars alone, but also covers a wide spectrum of vehicle categories including scooters, motorcycles, bicycles and planes - covering 24000+ products from 100+ makes, nearly 1000 models and 4000 variants for last 10-11 years. 

The US patent-certified OBV pricing engine is built on Droom's proprietary computational infrastructure and real-time data science, which analyses empirical evidences to give the final price range of any used vehicle. It gives an independent, unbiased, objective, and a data driven Value of used Car. 

You can download OBV mobile apps for – Android and iOS users, or visit orangebookvalue.com to check the fair price of your vehicle. No more guess work now! Whether you are a buyer or a seller, OBV gives you a fair price report as per your purpose of buying or selling. You can download, print, or email the OBV valuation report with anyone without paying anything for it. 

Used automobile market in India is completely unorganized and full of ambiguities. You just can’t rely on any number pulled from a hat. OBV use data science and complex algorithm to calculate the fair market value of any used vehicle in less than 10 seconds. OBV is designed keeping user convenience as a top priority. 

Consider using Orange Book Value before you buy or sell any vehicle. Also check droom.in to get your next new or used vehicle.