How to value my caravan? It’s a question many caravan owners need to ask themselves for any number of reasons.
You might be looking to finally let go of a trusty old travelling partner, and want the best deal to fund your new caravan, or it could be down to insurance purposes.
Either way, it’s key that you understand both the market value and how to estimate the second-hand value of your touring caravan.
The different types of insurance for your caravan
When it comes to your Caravan Insurance you may be considering one of two options:
- New-for-old insurance, where your touring caravan will be replaced as new in the event of a total loss claim.
- Market value insurance, where you’ll receive the current market value so you can buy a like-for-like replacement in the event of a total loss claim.
Find the market value of a caravan
Market value is all about what your caravan is worth on the current market. So, to get a full picture of the market value of your caravan it’s all about research. You should take your time to consider and gain a full understanding of:
- What similar makes and models are selling for
- What the experts think
- Current market forces
Understanding what similar caravans are selling for
By searching online and finding where people are selling caravans, you’ll get a picture of the potential market value of your caravan. This isn’t an exact science, but by looking at websites such as Gumtree, eBay, Autotrader and Preloved, you should be able to find similar models to your own (or an exact match) and see how much they are going for.
This will give you an idea of the current market value in your area at the time.
Getting an expert opinion
Don’t just base your research on what’s selling online and how much for. Also, consider speaking to the manufacturer, asking at the dealership where you originally bought it, or consulting the Glass Caravan Guide to get the Glass Retail Value.
Examining current market forces
The current market will be subject to market forces such as demand for specific models or types of caravan. Another factor is the time of year, as the beginning of spring season will see an increase in demand.
This could also occur if caravanning is undergoing a resurgence in the face of increased prices for other forms of holidays, for example. All of these factors will potentially push the market value up.
Estimating the second-hand value of a touring caravan
Market value is one thing – when it comes to estimating the second-hand value of your touring caravan, it’s all about the details of your specific caravan, what it’s been through over the years, and its current condition.
The following factors will all play their part:
Age: In most instances, the older a caravan, the less it will be worth.
Condition: If you’ve looked after your caravan and it’s in good condition, then it will more likely attract a higher price.
Service history: A caravan with a good service history from a reputable caravan service centre will be an attractive proposition for a buyer.
Extras: If you’ve fitted your caravan with any extras such as an awning, a caravan mover or an air conditioning unit, it’s likely to attract a higher value than a similar model without.
How to value my caravan?
Consider the following questions:
- What is the overall condition of the paint and body?
- Does it look new or well-travelled?
- Has it undergone any major repairs in the time you’ve had it?
- Is there any damage that stops it working in a safe or efficient manner?
- Does it look like it’s in need of immediate repair?
- Does it have a service history from a reputable caravan service centre?
- What condition are the wheels and tyres in?
- Does it need anything to be fixed soon?
- Does the service history indicate any future problems?
These are all key factors to consider and all will have an impact on its possible value.
Do caravans hold their value?
The value of your caravan is likely to depreciate with age, although there are plenty of things that you can do to ensure it holds as much of its value as possible, such as ensuring it has a good service history, is kept in good condition, is repaired as and when it’s needed, and is generally well looked after.
Whether you’re looking to sell or to get the right insurance in place, it’s vital to take your time to understand the current market as well as the specifics of your caravan to help you decide how much it could be worth.