Valuations explained
What the trade, retail, private and market values mean, and how mileage, date and condition shape them.
A Companion valuation is not a single number. It shows a vehicle from several angles at once, so a dealer pricing a part-exchange and an underwriter settling a claim each find the figure they need.
The values
| Value | What it represents |
|---|---|
| Trade | What the vehicle is worth into the trade, the remarket or buying figure. |
| Retail | What it should sell for to a retail buyer. Often broken down by seller type: franchise, independent and supermarket. |
| Private | What a private seller could expect in a person-to-person sale. |
| Market value | The headline market value for the date and mileage you are valuing at. |
| Original cost new | What the vehicle cost new, the basis for depreciation. |
| Depreciation | How much value the vehicle has lost since new. |
| Gross profit | For dealers, the indicative margin between buying and retailing. |
Which of these you see depends on your branch. Some figures, such as the retail breakdown by seller type, private valuations or gross profit, are enabled per contract.
Condition
Every valuation assumes a condition, and you can change it. Moving a vehicle between Good and Poor recalculates the figures, so the valuation reflects the car in front of you rather than an average example. Set the condition before you rely on a figure for a part-exchange or a claim.
Mileage
Mileage moves a valuation more than almost anything else, so it is worth getting right.
- Enter the mileage you hold and the valuation uses it directly.
- Leave it blank and Companion estimates the mileage for the valuation date from the vehicle's history.
An estimated figure is labelled as such on screen. When you have a real odometer reading, enter it.
Valuation date
By default a valuation is for today. You can value a vehicle as at a past date instead, for example a date of loss on a claim, and the figures reflect the market and the estimated mileage at that point rather than now. Backdating is enabled for branches that need it, typically insurers.
Next: value a vehicle step by step.