A third of drivers think their car is worth more than it is

We've all been there. You spend weeks searching for the particular make, model and specification of car you want to buy, and finally one crops up in the classifieds.

You pay the seller a visit to take a test drive and inspect the car, and it checks out. You've even done all the relevant vehicle checks.

There's just one problem: the seller's asking far too much, and he won't budge on price because he reckons his motor's worth it.

Well, it turns out he's not alone. According to CAP, the publisher of the Black Book used car price guide, one in three British motorists believes their car is worth more than it actually is.

CAP says it obtained the results from customer feedback on its free online car valuation tool.

According to its findings, a third of Britain's drivers over-estimate the value of their car, which can lead to disappointment when it comes to re-sale time, and can even compromise negotiations if they're looking to trade their car in.

CAP adds that, according to its data, going into negotiations armed with an independent and accurate value helps 90% of sellers to achieve a good trade-in price.

"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," says Philip Nothard, consumer valuation expert at CAP Automotive.

"The feedback from people who have been using our 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."
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