Cap HPI has launched a free new device for dealerships that may assist them extra precisely worth elective extras on used automobiles.

The car valuations specialist has been engaged on the analysis and knowledge essential to underpin the brand new Choice Values device for the final 12 months.

It means sellers and used automobile departments will be capable to worth the manufacturing unit fitted spec of the car, slightly than simply the bottom specification.

Derren Martin, Cap HPI director of valuations, advised AM: “Beforehand if a car got here with a panoramic roof as an possibility, no information worth would replicate that.

“Our values will nonetheless present the bottom car, however now sellers can add within the elective extras to get a extra correct understanding of how a lot these must be value on the used market.”

There’s a finite restrict to how a lot elective extras will add to the worth of a used car and there are different components too, just like the age of the car.

Nonetheless, the concept is that sellers can get an much more correct worth reflection for inventory they’re shopping for, taking in as half exchanges after which retailing.

Cap HPI is rolling out its elective values knowledge in two phases. The primary has simply launched and permits dealerships to manually choose the elective extras which are on car inventory to get a greater concept of the value of these choices.

The second part will probably be a part of Cap HPI’s Spec Test product, the place sellers can enter a car registration quantity after which all of the manufacturing unit match choices will probably be valued mechanically.

Martin stated: “Sure sellers will already be factoring within the worth of choices anyway, however this new device goes to assist present extra steerage.”

The way forward for choices

Kia not too long ago introduced that its EV9 clients will be capable to add elective software program, security and way of life options to its automobiles with “over-the-air” updates.

The Software program Outlined Car (SDV) expertise can add options like Stage 3 autonomous driving performance by Freeway Driving Pilot and there will probably be additional “on-demand” companies that clients can select to buy by the Kia Join Retailer.

Martin stated the more and more technologically superior choices market within the newest new automobiles will add additional complexity to correct used automobile pricing sooner or later.

He added: “Do the licences expire for the software program updates if there are subscriptions concerned? Do these elective extras switch between homeowners?

“When you can’t bodily see an possibility, that is perhaps troublesome to worth if it’s going by an public sale.

“It’s a brand new space and quite a bit goes to depend upon the producer however we’ll be monitoring how this space of the market develops and reply accordingly.”