What's going on here?
What if you pitched the TCV system (with no human intervention) against classic car experts to get closest to the sales price of vehicles at recent auctions? The experts would win, right?
Tell me more
For auctions over the past few weeks, we’ve been comparing the sales prices achieved at auction with the estimates from the auction houses themselves. It shows that the mid-point of the estimates are 9% away from the sales price in the median scenario.
Remember, that’s with a specialist sitting down and looking at that specific car and considering condition, history, provenance and more to come to their estimate.
We’ve then compared what the TCV price for that model is to the sales price. When we say, TCV price, we mean the median price you see front and centre on any price guide on the site. No adjustment for the car’s condition. No adjustment for history. No adjustment for anything.
Where the specialists were 9% out in the median case, our TCV price was 2% out.
Why should I care?
That’s phenomenal.
In all honesty, we were surprised when we saw the results.
It shows that you can come onto the site and in the majority of scenarios get a more accurate reading of your car’s value than you could from some of the leading specialists in the world.
We’re not saying it’s more accurate in every situation at all.
But what we are saying is it’s probably far more accurate than you or I thought.