Chief Executive Officer (CEO) of Integrated Road Transport Industry (IRTI), Noble J. Appiah has charged stakeholders to apply globally accepted ways of valuating vehicles to avoid selling vehicles, especially government-owned vehicles, at ridiculous prices.
He explained that valuation of vehicles was important because it helps in getting the approximate market value of a vehicle, have uniformity and standardisation, and to avoid disputes between sellers and buyers.
He added that in the valuation process for business and commercial transactions, details like registration number, mileage, physical condition of the car, and service history books are examined.
Consequently, he urged managers of transport companies to uphold professionalism and credibility in their line of duty.
He also called on them to regularly upgrade their knowledge in motor vehicle valuation.
Appiah made this known during the opening of a two-day workshop on vehicle valuation practice at the Ghana Institute of Engineering in Accra.
He noted that the workshop would enhance the knowledge and skills of the participants in motor vehicle valuation and also promote professionalism among the operators.
He explained that vehicles start to lose value the moment they are driven out of a showroom; thus, there was the need for the operators to take into consideration the mileage of vehicles when valuing it.
He said depreciation is much high higher on new vehicles than a used one, adding that the maintenance level of vehicles also affects it depreciation.
He stated that factors that affect the resale value of a motor vehicle include a standard warranty for vehicles that are three years or a mileage of 100,000km.
“Functionalities of the accessories in a vehicle are an indication of its age and how well it is maintained. This enhances the value of the vehicle,” he said.
He said other factors that can determine the value of a vehicle include availability of dealership and spare parts, popularity of brand in the country and design, and access to components for the purpose of maintenance and repairs.
Participants were also given the opportunity to evaluate the programme and also make recommendations for assessing the effectiveness of the workshop for the future.