HPI is launching a new, free online vehicle valuations service.
The HPI valuations tool - hpivaluations.com - is aimed at consumers buying and selling cars in the used car market, and likely makes use of data from sister company Cap.
Users get a valuation by simply inputting the car registration number. Valuations are available for cars and LCVs.
Fernando Garcia, consumer director at HPI, said: “The new valuations service will help motorists understand the true cost of a vehicle and empower them to get the best deal. We believe this to be one of the most accurate vehicle valuation service available to UK consumers, which makes HPI Valuations an essential tool for those buying and selling a used car.
“It’s not just about the asking price; it’s equally important to know how well the car will hold its value and just how much it will cost the owner to run over the years.
"Understanding the true value of a vehicle before buying or selling offers financial protection as well as peace of mind, ensuring consumers don’t undersell their car or pay out more than they should for a new one.”
The product itself is free to use and provides four market valuations, within specified price ranges:
- Price at new – the original price of the car when it was brand new
- Private sale - how much a consumer can expect to buy from or sell to a private individual
- Trade-in value - the amount a dealer would offer for a part exchange with another car with condition adjustments for vehicles in poor, average and excellent condition
- Forecourt price - how much a consumer might expect to pay a dealer
A premium valuation is available for £2.95.
It includes all of the free valuations, together with future values (depreciation) available for cars up to 5 years old, and past values (depreciation) on all cars (where valuations are available), up to 9 years old. It also adds total cost of ownership - running costs including fuel, tax, insurance, service and maintenance and the exact trade-in value.
Garcia said: “We have more than 30 years’ experience supplying valuations to the motoring trade, and now consumers can have the same confidence and peace of mind. The data used to compile the valuations is based on the latest reliable market information generated by genuine market experts.
"From motor dealers and car manufacturers to insurers, lenders and car hire firms, a significant number of those employed in the automotive industry rely on and trust the accuracy of our valuations. Consumers now have easy access to the same reliable and credible data resource, providing complete peace of mind and reassurance when buying or selling a car."