cap hpi has developed a new tool to price optional extras on used vehicles more accurately.
For the past 12 months, the vehicle valuations specialist has been conducting the research and gathering the data necessary to support its new Option Values tool. The tool is available for free to current subscribers to the Valuation Anywhere product.
The launch of the Option Values tool means the industry will now be able to value the factory-fitted spec of the vehicle, rather than just the base specification.
Derren Martin, director of valuations at cap hpi, said: “It’s designed specifically for dealers and remarketers who, up to now, could potentially have been missing out on thousands dependent on the value of optional fitted extras such as a panoramic roof or alloy wheels. The amount saved will differ for every vehicle depending on the make and model.
“Inaccurate values have existed in the industry for years when it comes to optional extras, and many dealers will no doubt have been factoring in their own values. This aims to remedy the situation by offering more defined guidance. With Option Values we’re addressing this and ensuring that our customers no longer end up losing out or attribute their own estimated values.
“Our values will still show the value of the base vehicle, but now dealers can add in the optional extras to get a more accurate understanding of how much those should be worth on the used market. Used in conjunction with our Cap Live daily product, this makes our valuations more accurate than ever.”
Below is a selection of the Option Value results for a range of used vehicles:
2017 Volkswagen Golf R 5dr with 25k miles
- Standard car with no options: CAP Clean – £17,100, Retail – £18,995
- Options added: Electric sliding panoramic glass sunroof & 19″ Pretoria black Alloy wheels: CAP Clean – £17,800 Retail – £19,700
2019 RANGE ROVER EVOQUE R-Dynamic HSE 5dr Auto with 40k miles
- Standard car with no options: CAP Clean – £22,350, Retail – £24,750
- Options added: 21″ 5 split spoke gloss black alloy wheels & Adaptive Dynamics: CAP Clean – £22,850, Retail – £25,250
2019 FORD FIESTA 1.0T Titanium 5dr with 25k miles
- Standard car with no options: CAP Clean – £9,400, Retail – £11,195
- Options added: Style Pack with 17″ alloy wheel – Fiesta, B&O Premium audio system and openable panorama roof: CAP Clean – £9,875, Retail – £11,695
2021 AUDI Q4 E-TRON 125kW 35 55.52kWh S Line 5dr Auto with 10k miles
- Standard car with no options: CAP Clean – £27,150, Retail – £31,250
- Options added: Assistance Package Advanced (inc Flat bottom steering wheel), Q4 E-tron, Panoramic Glass Roof: CAP Clean – £28,300, Retail – £32,400
Martin added: “There’s a limit to how much optional extras will add to the price of a used vehicle alongside other important factors such as the age of the vehicle. Our objective is to ensure that dealers can now get an even more accurate price valuation for stock they are buying, taking in as part exchanges and then retailing. We’re also looking for customer feedback on other ways that they would like to consume this important value data going forward.”