Vehicle pricing experts, CAP have released what are described as definitive vehicle condition criteria for accurate used car valuation benchmarking. The Leeds based firm says it aims to end the uncertainty over what qualifies as a ‘CAP Clean’ vehicle, giving greater clarity for valuations.
Aware that trade buyers complain that some vehicle disposers set auction reserve prices at CAP Clean for cars which are of CAP Average condition, CAP have published a points-based ‘scorecard’, detailing the precise criteria for CAP’s three condition pricing points that are designated as Clean, Average and Below. It lists the common features for appraisal in the areas: exterior bodywork, lights/glass/mirrors, wheels/tyres/interior trim and documentation/keys.
A clearly defined point-scoring system then enables those appraising the vehicle to record items requiring remedial work, with an item like a light scuff adding fewer points than a requirement for a new tyre. The scoring system also factors in items like vehicle age and the significance and cost of different features in specific vehicle sectors, such as the high cost of tyres for a heavy 4×4. The fully completed checklist then gives a points total, determining the whether the vehicle is graded Clean, Average or Below.
Talking about the move, Anthony Doherty, CAP’s Development Director, said, “Although CAP Clean is almost universally recognised as an essential independent condition and valuation benchmark across the industry, it is important that it is properly understood and applied appropriately. By defining precisely what qualifies as a Clean, Average or Below Average condition vehicle we intend to help both buyers and sellers in the trade market to negotiate from a position of mutual understanding rather than from the starting point of disagreements over valuation criteria we so often see at present.”