When setting the sale price of a second hand vehicle in Spain, Normally you look at the current market value and the market value of the car, since with this you can more easily determine the amount at which to put it on the used market.
Both values are also used by insurance companies when establishing compensation if the vehicle has been declared a total loss, that is, the cost of the repairs is higher than the fair value or the market value, although it should be noted that it is common for both figures to be different.
What does the market value of a vehicle refer to?
This value is calculated based on variation tables published periodically in the Official State Gazette, where a value of the car is established according to the make and model. For this, the price is based only on the features of the car.
Therefore, it is common that insurers take this market value as a reference and apply depreciation according to the age of the vehicle, thus avoiding appraising the vehicle according to the market value, which is usually higher. To check the venal value it is only necessary to go to the last BOE published in December 2023.
How is the market value of a car calculated?
According to the insurance company Mapfre, this value corresponds at the price the car would have just before the accident occurredthat is, before suffering the damage from the accident. Therefore, the current market value is also used to value the vehicle in the event of a second hand sale.
This value is determined based on factors such as the make, model and age of the car, although they are also taken into account the condition of the parts, the kilometers traveled, the extras and the number of owners it has had.
What information should be included in an accident report?
Both the RACE (Royal Automobile Club of Spain) and the RACC (Royal Automobile Club of Catalonia) provide a list of steps to complete the friendly accident declaration. First of all, the exact place, date and time of the incident must be specified. Then, you must include the information of both drivers, their vehicles and insurance policies, in addition to mentioning if anyone was injured.
Also it is necessary to make a sketch of the accidentindicating the direction in which the vehicles were traveling and the damaged areas. Finally, the most important thing is that the report must be signed by both drivers for it to be valid. before the insurers.
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