The cost of buying a car is very expensive these days. However, on the other hand, your used car might be worth more than you think. Are you considering selling your car or trading it in for another? Maybe you’re just curious how much it’s depreciated (or possibly appreciated) since you bought it. Here’s how you can find the real value of your car.
How to check the value of your car
Now is a good time to sell your car. With high inflation, the average price of a used car is currently over $30,000, which is a record high. Fortunately, determining the value of your car is easier than ever. The best way to find the value of a car is with a free online appraisal tool, as detailed by NextAdvisor. After entering some basic information about your car, you’ll get an instant value estimate.
Popular sites that offer online value estimation tools for cars include:
- Kelley’s Blue Book (KBB)
- National Automobile Dealers Association (NADA)
- consumer reports
One of the main sites with an estimate tool for cars is Kelley Blue Book. To determine the value of your car, KBB uses details such as years, make, model, mileage and color. KBB also offers an instant cash offer, as well as a price list of new and used cars and cars for sale at dealerships near you.
One of KBB’s biggest competitors is Edmunds, which uses more detailed criteria to determine a car’s value. This includes things like cosmetic damage and whether or not a car was in an accident. Like KBB, Edmunds offers a price list for cars, as well as cars for sale near you. Additionally, Edmunds “publishes comprehensive vehicle reviews and long-term road test results.”
What information do I need about my car to determine its value?
To determine the value of your car on an online appraisal site, you will need to provide some information about it. This includes:
- Make, model and year
- Color, interior and trim
- Vehicle condition
Also, as mentioned earlier, some sites like Edmunds ask for even more detailed information, including if your car has been in an accident. The more detailed information you can provide, the more accurate the value estimate will be. Also, it’s important to be honest in entering details, especially when describing the condition of your vehicle.
What are the different types of car values?
Before using an online car value estimator, it is good to understand the different types of car values. This includes:
- Private resale value: the amount of money you can get for your car if you sell it directly to another person
- Dealer resale value: the amount of money a dealer will pay for your car
- Trade-in value: the amount of money a dealer will give for your car when trading it in for another car, which is usually less than the dealer’s resale value
- Certified Pre-Owned Value (CPO): Typically higher than the dealer’s trade-in or resale value, Certified Pre-Owned Value is when you sell your car to a dealer and then they sell it as a second-hand vehicle. used certified. . A CPO vehicle typically includes a detailed inspection by a certified technician, as well as limited warranty coverage.
In addition to using a car value estimator, it’s a good idea to compare the valuation to the prices of similar cars in your area. In addition to the aforementioned Kelley Blue Book and Edmunds, sites where you can check car prices near you include Craigslist, Autotrader, Facebook Marketplace, and eBay Motors.
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