What is it and how the market value of a car calculated?
When we speak in abstract venal value of a car we mean the amount you can feel the owner of a used vehicle when sold. In fact, the market value of a car is no more than the price that car can reach depending on the market basically what your age, its condition, and according to the laws of the market. Therefore, it is an important fact when it comes to selling a car on the second hand market.
Applied to land compensation insurers, the market value of a car is treated as the sale value having the vehicle at the time prior to a road accident. However, this equation is not always used. This brings us to the need to differentiate the market value of a car of the replacement value that has that same car, or to distinguish between the market value of a car versus improved or against the value of new car market value.
Let's see what the differences are.
The market value of a car is not worth again
Like is logic, the market value of a car may not be the value of new car, since the market value takes into account, among other factors, antiquity the vehicle, while the new value is the value that the vehicle had when he first came out of the dealership, including both transport and taxes that may be applicable at the time of purchase.
Should an insurance compensation for the value of a new vehicle, this means that they will pay the bill as it is a new car, including optional items that were entered in the policy. If the car is no longer manufactured, they will pay the full amount to the equivalent model to replace it. This payment can be made in capital (money) or in kind (a car), as selected by the insured under the provisions of Article 18 of Law 50/1980 on Insurance Contracts, which entitles the insured to Let this decide how to receive payment:
When nature permits insurance and the insured consents, the insurer may substitute the payment of compensation for the repair or replacement of the damaged object.
The replacement value versus market value
He replacement value, also called market value, is the value of a car in case buy in the immediately preceding time to one in a road accident it occurs. The replacement value is the value of a car that has the same features and the same age, in years, that wrecked the vehicle. In this case they do not matter and rolled kilometers and vehicle condition. If the optional vehicle accessories, these are also included in its replacement value they are entered in the policy.
For his part, venal value of a car is the value if sell in the immediately preceding time to one in which a road accident occurs under the same conditions as described in the replacement value.
Therefore, the difference between the replacement value and the market value is the difference between the purchase price and the selling price vehicle. This difference is of a commercial nature, and includes maintenance or repairs performed on the car before selling it again, the profit margin that exists in the process of buying and taxes that apply, such fees Traffic charges formalities transmission vehicles.
The market value can be improved
There are operations appraisal of vehicles in which the expert determines the fair market value of a car but the company that is responsible for the operation prefers improve that value, resulting in a enhanced market value. In this case, we talk about a value which can vary between the market value and the replacement value of a car. It all depends on the trading conditions we have. If we talk about a road accident covered by a particular insurance, you must check what the conditions detailed in the insurance policy are hired for that vehicle.
To calculate the improved market value, it is taken as reference any other value that is none of the above. Usually it takes into account the data provided publications reference values professionals purchase of vehicles (Ganvam and / or Eurotax), and in the case of insurers that use these values are added somewhat percent which is determined in terms of the policy.
How the market value of a car calculated?
To calculate the market value of a car are taken into account, among other factors, the official amounts which determines the Ministry of Finance through tables that change periodically. The current, which entered into force on 1 January 2014, is in the Order HAP / 2367/2013. The list is sorted by brands and models, but, yes, occupies more than 500 pages, partly because the current tables also collect market values of vessels.
Anyway, you can always use a calculator market value of a car to go faster. As we see the use, it is taken into account as the main data date of first registration of the vehicle, which ultimately is what determines the age of this. From there, the brand, the model and if applicable version sought, and we obtain the corresponding value, which is a percentage of the official value published by the Treasury, which is composed according to the years that the vehicle:
- Up to 1 year: 100%
- More than 1 year to 2: 84%
- More than 2 years to 3: 67%
- Over 3 years, up to 4: 56%
- Over 4 years, up to 5: 47%
- Over 5 years to 6: 39%
- More than 6 years to 7: 34%
- More than 7 years until 8: 28%
- Over 8 years, to 9: 24%
- More than 9 years to 10: 19%
- Over 10 years, up to 11: 17%
- Over 11 years, up to 12: 13%
- More than 12 years: 10%
These percentages are applied in passenger cars, SUVs and motorcycles already enrolled. On the amount resulting from the calculation, it should be reduced to 70% of the market value of a car that has been dedicated exclusively and for more than six months at any of the following activities: teaching drivers, car rental without driver or taxi.