Do you own a vehicle in Singapore, or do you wish to buy or sell a vehicle in Singapore, have you ever thought about how much would your vehicle price value be for you to sell it? Do you manually track the vehicle sale prices and trying to guess when is the best time to sell your vehicle? Fret no more, with this new Vehicle Price Predictor by Motorist app, this new feature inside the app may just be the solution that you (the vehicle owner) are looking for.
Motorist is the first in Singapore to launch this new feature, offering real-time valuations of vehicles. All you need to do is to simply add information about their vehicles, users will be able to view daily generated reports on the estimated valuation and depreciation. This feature is FREE for users! It’s powered by a machine learning algorithm that is backed by more than seven years of proprietary valuation data completed by Motorist.
If you are a car owner in Singapore, one of the sources to check car prices are listings by dealers on car portals that sell the cars to consumers. That means that the prices on those portals are usually higher and not an accurate benchmark to use when one is looking to sell their car. With Motorist’s Vehicle Price Predictor, it would solve this problem by drawing on valuation data to provide an accurate, real-time valuation of the vehicle.
“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,” said Damian Sia, founder and CEO of Motorist.
Motorist’s Vehicle Price Predictor tool is the most accurate in the market, thanks to the company having facilitated over $900 million worth of vehicle transactions. This, along with Motorist’s 270,000 valuations, results in vehicle valuation within just a 5% margin of error, although vehicles that do not have enough data such as newer cars, vintage cars, exotic cars, motorbikes and more might have a slightly higher margin of error.
The app uses 270,000 valuations to calibrate and adjust the valuation based on 21 attributes to feed into the machine learning model to make the estimate more accurate. Thus, users will be able to get the valuation of their car, trackable by the day. Inside the app, the graphs provided are by the month, which allow for a birds eye view of how the valuation as well as depreciation per year has changed over a longer period of time.
This app will also send custom alerts and prompts to users. These include notifications if the depreciation value corresponds to that of what the owner is targeting, as well as, if the estimated returns predicted will translate to positive sales proceeds after the deduction of the loan balance.
The system will be able to accurately predict the value of a vehicle within the aforementioned 5% margin of error, as long as a user has their vehicle added into their Motorist account. In addition to the price data, there is also plenty of useful information about the key dates and rebates of the vehicle at a glance: road tax expiry date, inspection due date, PARF eligibility, COE rebate amount and more to help owners know when to sell their vehicles for the best price.
Motorist has a comprehensive database with over 150,000 app users (that’s 10% of the car population) as well as historical data, they are able to accurately predict the final bidded price that dealers will offer and thus, offer users an immediate estimate of how much their car will sell for.
This new Vehicle Price Predictor was developed by Motorist and Farid Hasanli, who is an experienced and dedicated Data Scientist with more than 3 years of experience in solving complex problems and working with Big Data daily.
“After having worked on the machine learning model for almost a year, we are proud to finally unveil the Vehicle Price Predictor tool with an accuracy of 95 percent to help our users easily figure out the best time to sell their vehicles,” said Mr Hasanli.
Highly Recommended for vehicle owners in Singapore
I downloaded the Motorist app, it’s a very useful and handy app for vehicle owners in Singapore. The Vehicle Price Predictor feature is going to be very useful for current vehicle owners if they would to sell their vehicle. My family has a shared family car and this allows me to access information on my family car, the current valuation via the price predictor graph.
More than just a price predictor that most, if not all vehicle owners would want to know, this Motorist app is packed with many other features and functions that are very useful for vehicle owners in Singapore, this is going to be a super app for motorists in Singapore in my personal humble opinion.
For more information on Motorist, please visit https://www.motorist.sg/
* Information and picture courtesy of Motorist and GLOO *