What is the book value of a car header

What is the book value of a car?

A car’s ‘book value’ refers to how much the vehicle is worth when factors such as its make, model, condition, mileage and age are taken into consideration.

This term is sometimes confused with ‘market value’. However, a car’s market value and its book value won’t necessarily be the same figure.

In this guide, we will explain the factors that determine a car’s book value, the key differences between ‘book’ and ‘market’ value – and the process to follow for retrieving your car’s book value online.

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What determines a car’s book value?

A car’s book value is determined by the following factors:

If you want to find your car’s book value, but don’t know how old it is, you can use our tool to check your car’s year by reg plate.

What is the difference between the book value and market value of a car?

  • Book value

    Book value is influenced by factors that are specific to the individual car, meaning two cars of the same make and model could have very different book values.

  • Market value

    As the term suggests, a car’s market value is determined by the automotive market. The market value of a car can be applied to both new and used models of a certain make – and to vehicles sold by both dealerships and private individuals.

  • Why might a car’s book and market value differ? 

    In many cases, a vehicle’s book value and market value will be the same - or at least very close.

    Variations between market and book value can generally be attributed to the vehicle having high mileage, being in poor condition - or being significantly older than most cars of the same model that are currently in circulation.

    Keep in mind that both the book and market value of your car will continue to change over time due to factors such as car depreciation. Therefore, if you had a car valuation six months ago, you may find that this figure has changed if you try to sell your car today.

How can I find the book value of my car?

It can be useful to know your car’s book value, particularly if you’re looking to increase the resale value of your car.

If you want to discover your motor’s book value, a quick online search will reveal numerous online tools that can help you with your search. (Many of these are free to use).

However, it is important to note that book value estimates will only be as accurate as the details you provide. To ensure you get an accurate valuation, you will need to provide pertinent information about your vehicle’s age, make, model, trim, mileage, equipment – and any other relevant details.