Review price guides online and local listings, and then get cash offers from buyers online to assess the value of your vehicle.
The value of your vehicle is the price that someone else would buy it.
Perhaps you’ve decided you want to dispose of your vehicle, and you’re unsure how to set an affordable price. Maybe you’re considering refinancing your car loan, and you’re worried that you’ll owe more than the vehicle is worth.
There are plenty of other tools that can help you determine the value of your car -and, now, a lot of them will give you a cash payment.
However, first, here’s an outline of the process.
- Check out pricing guides. Input as many details about your vehicle and the mileage and the condition as you are able into one or more estimation tools for the price of your car.
- Select the value of the car you require. Are you selling your vehicle? Do you sell to a private company? Choose the price you want to determine the cost to target.
- Find similar vehicles available for sale in your region through online classifieds such as AutoTrader. Check the asking price and the number of similar cars being offered locally.
- Change the value of your car for depreciation by comparing the prices of the guides with actual data from classifieds on the internet and online buyers like Carvana and CarMax.
- Other factors that could affect the cost include the season or the popularity in the vehicle area and the modifications you’ve done on the car.
Estimators of car value and price guides
The first place you go for pricing information is to use free online pricing guides. Since they’re not making a payment for your vehicle, consider these guides for what they are: an estimate based on data on sales statistics from the last few months. This is a list of the central price guides.
- Edmunds was the first to introduce “true market value” pricing based on actual dealership transactions to display your region’s average price for cars. This objective information allowed consumers to negotiate based on the real-world experience. The idea was originally to assist consumers and provide prices believed to be fair.
- Kelley Blue Book offers an easy-to-use tool for calculating the value of a car which displays trade-ins or private parties and even pre-owned certified car prices. Kelley has been accused of pricing that favors car dealers — lower numbers for trade-ins and the high cost of dealer sales.
- NADA Guides, which were developed through the National Automobile Dealer’s Association, use data from millions of transactions on cars to calculate estimates of value. The price estimate is supported by car dealers, even though it is deemed accurate by experts.
There’s a chance that you’ll see a difference in the pricing of guides, and this is because they use different information and has a unique algorithm. But, the values of cars should be within a few hundred dollars of one another.
You’ll need the information to estimate the value of your vehicle.
Pricing guides are simply guides to help you estimate the value of your car. It’s impossible to adhere to any of them to the penny. But, you’ll have to give the following details to receive the most accurate price.
Year, model, and year of manufacture. Let’s say you own a 2015 Nissan Sentra SL. “Sentra” is the model you have, as “SL” is the trim level. To determine the trim levels, search at the chrome letters on the back of your vehicle. You can also locate this in the owner’s guide or on your vehicle’s title.
The color and the optional equipment and colors. Like white and silver, specific colors are popular and can command a higher cost. The optional equipment can include options that aren’t standard on the car, and examples include the heated seat, sunroof, or leather upholstery. Sometimes, extra equipment is placed in a bundle and is given a fancy title like the convenience or sport package.
Condition of the vehicle. Different pricing guides employ other methods of describing what’s happening to the car. For instance, Edmunds uses Outstanding, Clean, Average, and damaged. No matter what words they employ, make sure you review your description for the condition level attentively and honestly evaluate what is in your car people tend to underestimate the condition of their vehicle. If the car isn’t freshly cleaned, it’s likely to qualify as “outstanding,” for example.
Mileage. Every mile you travel reduces the value of your car. If you’ve driven greater than the average of 12,000-15,000 miles per year, the worth of your vehicle is diminished. If you’ve stored your car in the garage, and it has fewer miles than typical, your vehicle will be worth more.
Know the car’s value
After you’ve entered all of the information about your vehicle, You may be able to see various costs.
- The value of the trade-in is the smallest amount you can get for your car, often known as”the wholesale value. This will tell you what you’ll get if you trade in your vehicle to a dealership before purchasing a brand new car. In the majority of states, you’ll need to consider the tax benefits that could make a deal more appealing.
- Value of private party resales The price you pay selling your vehicle to any person other than dealers. If you’ve advertised and even offered to sell your car yourself, this is what you can expect to receive after discussions.
- Retail value of the dealer This is more than the trade-in price or privately-owned price. It’s the amount that you would pay if dealers offered the vehicle.
- Certified pre-owned value: Some used cars are checked and sold with a bumper-to-bumper guarantee. Specific price guides indicate that the certified used cars are sold for more money.
Find out prices for your local market.
When you sell a home, a reputable real estate agent can estimate the property’s value by looking at “comps” or comparable properties. Follow the same standard procedure in determining your car’s worth to resell. A pickup truck with four wheels can fetch more during the New England winter, relatively more so than a two-wheel drive.
Check out websites for used cars like Autotrader, CarGurus, or Cars.com and input the details of your car like you would be searching for a new vehicle. After viewing the results, you will see similar cars to your car. Be attentive not just to the asking price (what the seller wants to receive and how many similar cars are on the market.
It’s also worthwhile to search for similar cars to yours on Craigslist and Facebook Marketplace, which are localized, and eBay Motors, which can connect buyers across the nation.
Finally, you can get money offers to sell your vehicle online from top online sellers like CarMax, Carvana, and Vroom. You’ll need the essential details such as the 17-digit identification number, license plate, the number of miles, and the information about the vehicle’s model and features, and it’s not a requirement.
What they will offer you compared to what they charge for the exact model on their website will be the price for repairing your vehicle, delivering it to a dealership, and earning profits.