Value of car for DRO?

K.Taris

I think my car is worth over £1000 at the moment, but I want to apply for a DRO soon and it is the only thing holding me back.

I have a Mercedes B-class over 100K on the clock and about 10yrs old now. Its in good condition but hard to value it.

If I go for a DRO and put down it is worth less than £1000 what will happen if someone disagrees saying it is worth more?

wba31

K.Taris wrote: »

I think my car is worth over £1000 at the moment, but I want to apply for a DRO soon and it is the only thing holding me back.

I have a Mercedes B-class over 100K on the clock and about 10yrs old now. Its in good condition but hard to value it.

If I go for a DRO and put down it is worth less than £1000 what will happen if someone disagrees saying it is worth more?

Your intermediary will do a check on https://www.parkers.co.uk. They will only get a free valuation so they will not adjust the average mileage etc, but also means that they cannot look at cars older than 03 plate (or it may be 53 now...) if your car is too old to see a free valuation then the intermediary will take your word for it, unless your car is a classic (e type jag, db5 etc).

If your car is available for free valuation on parkers and this valuation is over £1000, it doesn't rule you out. If you can 2 or 3 written valuations from traders that show your car value under £1000 you can proceed. Places like webuyanycar undervalue vehicles so they don't count.
An intermediary will double check your trader valuations against auto trader to check you're now saying your 2012 BMW 5 series being worth £1000 is realistic, but autotrader cannot be used to confirm value under £1000

I hope this all makes sense?

wba31

The oldest B class merc will be an 05 according to parkers, and the bottom spec model is worth £2895 in its worst condition according to parkers...

The cheapest on autotrader are for £3500 so you may be hard pushed to claim its worth under £1000.

You could either sell the car (must be for full value), buy a car for under £1000, use profit to pay £90 DRO fee, pay remainder pro rata off debts, or wait for the car to be worth under £1000, which could be 2 years...

K.Taris

Thanks all. I will wait a year or so until its valued less than a grand.