Estimating the used car value can be a very tedious process. There are several factors that need to be considered when doing so. In addition, it might also be important to determine the used car value in your own locality because it may vary from region to region. The variation in prices may be affected by the car’s age, its overall condition, mileage, the car’s make and its model.
First off is determining the status of the car you own with regards to its make and model. Luxury cars will always be top of the class. It will always cost more compared to cars which are mass produced for the public. If the car’s quality is high to begin with, it will show its true value once it grows old. Toyotas and Honda on the other hand may also price high in the market because of their reputation of being durable cars. If the car you own were manufactured cheaply, or is still on the rise, its value in the market may be lesser compared to those which are already established.
It is also important to determine the car’s age. A car’s depreciation starts as soon as its leaves the dealer’s display. Most of the time, the car will value less as it ages. But high end cars are a different story especially those which are considered a classic. Once they are refurbished, they may cost even higher. To make sure, it should be brought to a professional appraiser because there are also factors that need to be taken note of before finalizing its value. Two of the many factors would include the number of models which were made and the number of its kind still in existence. We will always recommend you to consult NADA Blue Book or Kelley Blue Book for a good Blue Book value when buying or selling a car. Search for NADA Guide or NADA Blue Book on Google to find the suggested Blue Book Value of your car.
The overall condition of the car may also be vital in its overall value. If a car is well maintained all through its lifespan and basically still looks good, then it will basically worth more than its poorly maintained counterpart. In addition, if body damage of the car is clearly evident, it may affect the estimate of its value especially considering the amount that may still be paid for its repairs. But there are cars which is an exception to this rule. But still you can consult Kelley Blue Book or NADA guide / NADA Book for an estimated Blue Book Value and compare the difference in repairs and profit that can be earned after repairs.
The car’s mileage should also be considered. Mileage may imply the car’s toll on its body thus directly translating to its overall condition. The higher the mileage the more wear it has thus the price will definitely depreciate.
But to make sure, you can scout around your locality for shops which are selling cars the same as yours. This will be a good basis as to your position when making a bargain to a potential buyer. You may also consult publication proven to be a reliable source of value estimates. Sources which can be used for consultation includes the Edmunds, NADA, and the widely known Kelley Blue Book. And if you are in Canada, check out the Black Book Value Canada guide.
Calculating its Resale Value
It is important to know the resale value of a used car before you put it up for sale so that you may be able to get the best value for it. You should make an effort to assess the car’s value accurately. This is vital in order to attract more potential buyer to what you are offering. But, as a salesman, it is vital to consider adding three to five percent to its appropriate price for you to have room to work with. But remember to never go too much because buyers can always bring in their own trusted mechanic to assess the car’s value for them.
Factors such as mileage and certain accessories added in its system may add to its value. So, determine it before you put it up for sale so that you will have firsthand knowledge. List it if needed so that you can include it in your sales pitch to a potential buyer.
You may as well look into your car’s history by searching for its Vehicle Identification Number in refutable websites such as Auto Check or CARFAX. If you bought it brand new, then this step may not be necessary. But there are still buyers who would consider looking into the car’s accident records. The more accidents that it has been through, the price may reduce significantly.
It may also help to canvass privately owned cars made available in the market; at least three. Add them up and get their average. The number you come up with may be your possible selling price. You may add $100 to $200 if you are to sell it directly to another individual. Subtract 15 to 20 percent on the other hand if you are planning to sell it to a car dealership.
Search for NADA Guide or NADA Blue Book on Google to find the suggested Blue Book Value for these antique cars. Show them the NADA guide or NADA Book suggested Blue Book value and deal like a pro. You can read more about determining NADA Blue Book Value here and learn more about how to talk to a salesman here.
