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Question
Posted by: a visitor | 2013/02/21

Market vs Retail value

Amasi &  others knowledgeable people

seeing a few posts about the car issues, i though i''d take the opportunity to ask (remembering this is hth)
I am looking for information on where/how to get the Market value of my car, used the internet tools but dont fully trust them. due to financial troubles i am looking for a cheaper insurance. cheaper quote i have is at Market value, but i don''t know if it will be wise to go for that (retail or market), I currently owe the bank 60k, and drive 2006 polo, trendline (sedan) with about 130 000 km, full service history. i will not have extra cash should anything happen.

please advise,thx

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4
Our users say:
Posted by: Temba | 2013/02/22

sure my dear,
all the best

Reply to Temba
Posted by: a visitor | 2013/02/22

Thank you Temba, i was able to get a car value report from transunion and also the market &  retail value from my insurance and do the necessary comparison and was able to make a decision.

thx

Reply to a visitor
Posted by: a visitor | 2013/02/22

thanks Temba, yes i am over 25 (mid 30) and have been driving for 7 years

Reply to a visitor
Posted by: Temba | 2013/02/22

The market value is basically what you would sell the car for, they look at things like mileage, condition of the car, history of accidents. You can speak to Transunion and they will do a valuation for you.

When you take out car insurance they normally insure the car at the highest value which is the retail value even if its not a new car. Insurance companies also do not operate in a similar fashion. I think it''s best to take it at a retail value and it shouldn''t be expensive since your car is old, you are over 25 (i assume), you''ve been driving for long time...

Reply to Temba

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