The car’s Vehicle Identification Number(VIN) is the identifying code for a SPECIFIC automobile. The Manufacturers VIN serves as the car’s fingerprint, as no two vehicles in operation will have the same VIN. A VIN is composed of characters (digits and capital letters) that act as a unique identifier for the vehicle. Most Manufacturers use a digit in this VIN to indicate the intended Model year of the vehicle. Others will require manufacturer production booklets to determine the model year.

The Model year in the automotive industry is absolutely defined only by the manufacturer, and not by any local vehicle registration practices or marketing opinions. Typically, complete vehicle redesigns of long-standing product models occur in cycles of at least five years, with one or two “facelifts” during the model cycle, and manufacturers introduce such redesigns at various times throughout a calendar year. Introductions of new models are often phased in around the world, meaning that a “2015 model” of a particular vehicle may actually refer to two entirely different vehicles in different countries. Therefore, the more common practice for enthusiasts and motoring writers in other countries is to identify major revisions using the manufacturer’s identifier for each revision, which is the Model Number.

The Model Number is a manufacturer’s identifier code used by most vehicle manufacturers to indicate a specific automobile model. It is composed of characters (digits, capital letters), symbols (dashes), and may include empty spaces. This indicates the body design and in most cases fitted features such as the type of engine, transmission, suspension, trim level, accessories. Determination of these are important, as they are the basic factors used in calculating a Market Value.

The Market Value is the highest estimated price that a buyer would pay and a seller would accept for an item in an open and competitive market. Market value is a concept distinct from market price, which is “the price at which one can transact”, while market value is “the true underlying value” according to theoretical standards. The Market Value concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices are not reflective of true underlying market value. For market price to equal market value, the market must be well informed and rational expectations must prevail.

More Intensive research has to be performed on these vehicles to determine the cost of features fitted. Various options such as Full or Partial Leather seats may be individually added or included as part of a package offered by the Manufacturer.

For Example..The 2016 European-Market BMW X5 had 13 model-variants, ranging from the X5 sDrive 25d SE (£44,575.00), to the X5 xDrive50i M Sport (£65,510.00). If chosen as an option, 20″ Factory Alloy Rims would increase the cost by £1,575.00. If a special Leather Option is fitted, the cost may increase by £1,895.00. If a special Wood-Trim option is fitted, the cost may increase by £560.00. Some of these items may have already be included as part of an “Option Package” such as the “Pure Experience Exterior Design Package” which may include either 19″(£125.00) or 20″(£1,250.00) alloy rims along with either Matt Aluminum or High Gloss roof rails. This option alone could increase the vehicle cost as much as £3,010.00.

Due to these many variations in the vehicle configuration, information usually is required from the local dealer to ensure that the value placed reflects the features fitted to the vehicle.

The Forced Sale Value is the amount that may reasonably be received from the sale of property within a period that is too short to ensure proper marketing. This value is usually used as the basis for the quick-disposal sale of re-possessed property and as such is usually the figure that Financial Institutions rely on in providing loans.

Fascia Change or Facelift in auto terms refers to a refresh of the current model design. Typically a car company may keep a certain model unchanged for several years, about half way through the cycle they do a Fascia Change. This may consist of a new grille, bumpers, wheel options and possibly the tail lamp area. Sometimes these changes are subtle and may only be noticeable when both models are parked side by side.

A Pre-Purchase inspection (PPI) is a detailed assessment by a qualified individual to determine the cosmetic, mechanical, and safety condition of a vehicle before completing the purchase. Most pre-purchase inspections are done by a certified mechanic or automotive technician who is knowledgeable in the make and model of the vehicle being inspected. The intent of the PPI is to uncover existing conditions or to reveal maintenance shortcomings that may become potential safety or financial issues for the buyer in the future. A basic inspection will be mostly visual, which includes putting the car on a hydraulic lift and checking for leaks or broken components. A more involved inspection will include a detailed road test where components such as steering and brakes can be assessed. A thorough inspection will include checking engine compression by performing a Leak-Down test, and computer engine analysis using On-board diagnostic equipment.

The term “Japanese domestic model” (JDM), also “Japanese domestic market” refers to Japan’s home market for Japanese vehicles and components. For the importer, these terms refer to Japanese-brand automobiles and parts designed to conform to Japanese regulations and to suit Japanese buyers. Japanese domestic market vehicles may differ greatly from the cars that Japanese manufacturers build for export and vehicles derived from the same platforms built in other countries. Some of these Domestic vehicles may be Pre-Production models that are manufactured for testing on the Domestic Market and may never attain major production.

What is referred to as a “Local Dealer” Model is a vehicle imported and sold by an established Local Car Dealer with parts, components, and features to suit our market. The suspension of a model designed for use in the Jamaican Market may be built with stronger components that are designed for operation on Third-World road conditions. The fascia on a model destined for the Jamaican Market may differ from the same the model designated for the Japanese Domestic Market.