The venal value of a car depends on the age and is the amount that the owner of a used vehicle can receive when he sells it.
What is the venal value of a car and why should you know it? It is important to know that the venal value of a car is the amount that the owner of a used vehicle can receive when he sells it. In fact, in theory, it is only the price that that car can reach in the market depending on the age, state, or regulations.
At present, there are many models, especially classics, that their market price is considerably higher than the venal value. This is the case of the BMW 3 Series from the 80s to 00, to give a close example. What happens in these cases?
If this amount applied to the land of insurance companies’ compensation, the venal value is treated, as the value at the moment before an accident occurs. Sometimes, this comparison is not produced, and it is that the owner can get to ensure the vehicle for the market price and not for the venal. We repeat, this usually happens in classic cars highly valued by both fans and brands.
What does the venal value of a car represent?
First of all, it is essential to mention that the venal value of a car cannot be the value of a new car. The venal takes into account seniority. There are insurances according to the chosen rate; the owner paid the full invoice of the new car, including the accessories included in the policy. In the event, the model in question has been discontinued; the price that has been replaced will be paid.
These payments can be made in money or by another vehicle as established in Article 18 of Law 50/1980 of the Insurance Contract.
The replacement value is also important to take into account, and that is the value of a vehicle that has the same characteristics and age as the damaged model. The difference between the replacement and the venal is, only, the commercial nature that includes the maintenance carried out on the vehicle before selling it again.
Can you improve the venal value of a car?
There are numerous vehicle pricing options in which the expert determines the venal value of a car, but there are times when a certain company prefers to improve that value. This would result in improved venal value. This new value would be located between the venal and the replacement.
In order to calculate the improved venal value, data from publications such as Eurotax or Ganvam must be taken as a reference. The insurers that use these values add a certain percentage that is determined in the insurance policy.
How to calculate the venal value of a car?
Surely it has stung your curiosity, and you feel like calculating the venal value of the car. As we have commented previously, the official amounts determined by the Ministry of Finance must be taken into account through periodically regulated tables. Here are the last ones.
The list issued by the Ministry of Finance is sorted by brands and models and has an extension of about 300 pages.
If on the contrary, you need a faster option, you can always consult a calculator of the venal value of a car. The date of first registration is taken into account and then the brand, model, version, motorization, etc. It is important to note that until the first year, the value is 100%. When the vehicle is five years old, the value is 39%; when it is the value is 17%. While if the vehicle in question is more than 12 years old, The venal value is 10%.
In addition, these percentages apply to passenger cars, motorcycles, and SUVs registered. If the vehicle has been used as a driving car, taxi or rental car for more than six months, the value of the percentage should be reduced by 70%.