Car Sale: How to Officially Determine Its Market Value and Why It Is Needed
Selling a car involves not only finding a buyer and signing a contract but also preparing the necessary documents. One of the important steps is determining the official market value of the vehicle.
How the market value of a car is determined
The official market value of a vehicle is determined by specialists of the Ministry of Internal Affairs Expert Service.
During the evaluation, they take into account a number of vehicle characteristics, including:
- year of manufacture and length of use;
- technical specifications and equipment;
- mileage and technical condition;
- presence of damages or repairs performed.
Based on the evaluation results, the owner is issued an official conclusion on the market value of the vehicle.
Why the market value conclusion is needed
The obtained document can be used when drawing up the car purchase-sale agreement.
After that, the purchase-sale agreement and re-registration of the vehicle to the new owner can be completed at any territorial service center of the Ministry of Internal Affairs regardless of the place of registration.
What the Ministry of Internal Affairs advises
The Main Service Center of the Ministry of Internal Affairs notes that early determination of the car’s market value will help make the sale procedure more transparent, properly prepare the necessary documents, and avoid unnecessary troubles during the vehicle re-registration.
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