Oct 24, 2016

Orange Book Value: Transparency in Used-Car Valuation

Orange Book Value (OBV) is basically an algorithmic pricing engine that comes up with the current market value of used vehicles that include cars, bikes and scooters. Unlike other sources, Orange Book Value not just depend on historical data for determining a vehicle's fair market value but also uses scientific evidences and real-life factors that play major roles in value depreciation of vehicles. These factors include the make and model of the vehicle, the variant of the car or bike, year of manufacturing, the number of owners, odometer reading that indicates the number of kms driven, and also the basic physical and mechanical condition of the second-hand vehicle. You need to keep your car in a really good shape and very well-maintained in order to get a high market value from it at the time of selling it off.

Objective of OBV:
The main objective of Orange Book Value is to help the customers get an idea of the fair market valuation of used vehicles. It is very beneficial to both buyers and sellers as it reduces the chances of price negotiation between the two and facilitates a quick selling of used cars, bikes and scooters. It aims to act as a platform that suggests unbiased market valuation of used vehicles, which is strictly based on a thorough research and facts.

How Does OBV Determine Used-Vehicle Condition
Being the used-vehicle pricing calculator by Droom, Orange Book Value rates the second-hand cars in four categories that define their health and market value. These categories are finalised after going through proper research on the car's condition, age and several different factors that play important roles in the market valuation of a used vehicle. Through OBV, used vehicle buyers and sellers will witness the condition of used cars, bikes and scooters listed as Excellent, Very Good, Good and Fair.
While the Excellent rating signifies that the car is in an absolutely fine condition and all the parts and features are in perfect shape, the Very Good category indicates that it has gone through very little wear and tear. On the other hand, the Good rating states that some of its parts have gone through repair and the percentage of wear and tear is more than the previous category vehicles. At last comes the Fair category which signifies that the used-vehicle has gone through major repair work and replacement of parts and many of its equipment work poorly.
According to these ratings, Orange Book Value gives the fair market value of any second-hand vehicle and the results are aimed to be the accurate valuation that leads the customers to the right path. It encourages a hassle-free process of used-vehicle buying and selling among the people.

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