Wondering how much you’ll get for your car if you sell it today? Think about what you looked for when you last went car shopping. Did you have your heart set on a particular model? Did you want a vehicle to transport your family or use as a tool?
Determining the value of a used car can be a complex process. Factors such as style, model, mileage, and depreciation are considered. As soon as you leave the lot, your new car loses up to 11% of its value. Despite this, there are options to optimize resale value and get the most from your vehicle.
How to Determine My Vehicle’s Value
It’s vital to know a car’s value before you start any transaction to sell, trade-in, buy or refinance a vehicle. A way to determine a car’s worth is by checking valuation guides like Kelley Blue Book and looking at live prices from dealerships online. You could get quotes from companies such as Cheddar Auto. Our quotes will likely align with trade-in values.
A vehicle’s condition can range from fair to excellent, depending on everything, from functionality to cosmetic problems (if any). Kelley Blue Book states the majority of used cars are sold in “good” condition. This means they have some repairable cosmetic defects and are free of major mechanical problems.
The main factors affecting a used vehicle’s worth are:
- Age and Mileage: A new vehicle with low mileage is the best possible scenario. The more miles a car has on the odometer, the more likely it will experience wear and tear.
- Condition: A few dings and scratches are expected, but significant dents or mechanical issues cause a car’s value to plummet.
- Make and Model: There is a reason that studies are done to determine the most popular vehicle make and model by state. Desirability can help negate other factors when determining the value of a car.
- Trim Level: Simply having leather seats in a car can add hundreds of dollars to its value. Any features or trim that add to longevity or drivability also increase value.
Keep in mind the difference in car value between private sales and a dealership. Dealers need to consider their profit margin, so trade-in values may not always reflect the car’s full value if sold privately.