When it comes to selling your car, it’s natural to want to sell it at the best price you can get.
Motorist, a Singapore-based automotive platform that lets users buy and sell cars, has launched a new feature to offer real-time valuations of vehicles.
The latest feature, named the vehicle price predictor, lets users view daily generated reports on the estimated valuation and depreciation of their cars.
The feature is free for users and is powered by a machine-learning algorithm backed by data from Motorist.
According to Motorist, its latest tool is “the most accurate in the market”, as it has facilitated over $900 million worth of transactions. Coupled with the app’s 270,000 valuations, the valuation has just a 5% margin of error, reads the statement put out by the company.
That said, newer cars, vintage rides, exotic cars, motorbikes and others may have a slightly higher margin of error due to the lack of data available.
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“The vehicle price predictor’s greatest value proposition is the ability to show the estimated value of a car without the owner having to trawl through past data that’s not easy to find. This way, users no longer have to make a blind guess when they are able to just input the data into the Motorist app to get an immediate, real-time valuation,” says Damian Sia, founder and CEO of Motorist.
