How to value a car as of April 2020?

MaidaVale3499

My friend is buying my car during May.  We want to calculate what a fair selling price would be as at April 2020.....when I lent him the car which is Hyundai I10 S Oct 2015.

I'm hoping there is some website where one can look up historical values....almost like a glass guide snapshot in time.

Thanks

chrisw

What a strange arrangement. A fair selling price would be today's price. Otherwise your friend is better off handing it back to you and buying themselves a 2019 model for the same price.

McKneff

You lent him the car, you didn't sell it to him and defer payment. 

Sell it at todys price. 
It could be said you taking the proverbial...



He Would be daft to accept those terms. .

Nobbie1967

McKneff said:

You lent him the car, you didn't sell it to him and defer payment. 

Sell it at todys price. 
It could be said you taking the proverbial...



He Would be daft to accept those terms. .

Their friend probably realises that borrowing a 5 year old car for 4 years is taking the proverbial and has offered this resolution as a fair way to settle it.

Rather than try and work out what it was worth back then, just lookup the asking prices of a 5 year old I10s now on Autotrader and knock a bit off. They seem to be around £7.5-£8k asking prices, so maybe £7k?

You could argue that car prices have gone up since then, but so has everything else, so it probably evens out.

T.T.D

As cars were a rarity during 2020 and market prices rocketed for second hand cars from sept 2020 I would go from 7k to 10k and tell him he has an option of buying it at 2020 prices of 10k or todays price of 7k or hand it back for free! 

sevenhills

Try this

https://www.confused.com/car-valuation

bluelad1927

T.T.D said:

As cars were a rarity during 2020 and market prices rocketed for second hand cars from sept 2020 I would go from 7k to 10k and tell him he has an option of buying it at 2020 prices of 10k or todays price of 7k or hand it back for free! 

Cars were not a rarity in April 2020. Lockdown was only a month old

Arunmor

Whatever it's worth today in top condition plus a grand (or something similar).  

It doesn't sound like money was an issue back then so why should it become so now.

MaidaVale3499

McKneff said:

You lent him the car, you didn't sell it to him and defer payment. 

Sell it at todys price. 
It could be said you taking the proverbial...



He Would be daft to accept those terms. .

Actually, I don't think I'm taking the proverbial in any shape or form.......given that my friend had the sole use of the car from April 2020 (I have not driven it even once since I lent it to him)  and for the same period I have funded ALL the running costs except petrol ie I paid insurance, RFL, MOT, Servicing.....due to his fiscal circumstances during and after covid.

My friend and I both agreed that he would buy the car off me when he was back on his feet financially.....we just need to find a fair price.

I'm actually astounded at your opinion.....I think I've been a bloody good mate.

MaidaVale3499

chrisw said:

What a strange arrangement. A fair selling price would be today's price. Otherwise your friend is better off handing it back to you and buying themselves a 2019 model for the same price.

Not a strange arrangement actually, my friend had a very tough covid period both financially and health wise and as I had just inherited another car I offered my 4 year old i10 to tide my friend over.  I also covered all car bills eg insurance, RFL, Servicing, repairs, tyres and MOT.....he paid petrol.

He suggested that he would buy the car from me when he could afford to ....and that as he alone has had use of the car since April 2020  he would pay me  the value as at April 2020.  I just don't understand why you think the 2020 value is not a fair price....in fact I'm "shocked of Maida Vale" lol

sevenhills

MaidaVale3499 said:

Actually, I don't think I'm taking the proverbial in any shape or form.......given that my friend had the sole use of the car from April 2020

Just find the price now, its value in 2020 would most likely be lower, the increase due to inflation since 2020 is around 20%