Most people find it is hard to determine the value of their car, so they type the query “How much is my car worth?” in a search box to find an answer. They are right when they go to online information to appraise their vehicle’s value. Although it is not enough, but online’s information and tools have become an indispensable aspect of our modern life. Taking advantage of this information and tools, will save you money and effort. In addition, you can sell your car for the most possible money.
The following 3-part plan will effectively help you to get a real market value for your car and sell it at the best price:
- Grasp the factors that determine the value of your car.
- Appraise your car’s value properly.
- Retain and maximize your car’s value to sell it at the best price.
Let’s go through each one, so that you will get a much clearer insight about assessing your car’s value:
The factors that determine the value of your car
There are many factors that jointly determine the value of any used car. The most important factors are as follows:
- Production year: The year in which the car has been produced will affect its value.
- Odometer reading: The lower the mileage, the higher the value.
- Car’s condition: The condition of the car is a major factor. A well-kept car and is in an excellent condition will raise its value in the eyes of the buyer.
- Economy and fuel cost: If the economy is in a bad condition and fuel costs soaring high, you will find that the hybrid or fuel-efficient cars will carry a higher value.
- Make and model: There are makes and models that are more popular than others, so they have a much higher value than their less popular counterparts.
- Records and documents: An automobile that has well been taken care of and has been maintained regularly, will have a much higher value if you keep the records and documents of the maintenance.
- Added extras and options: A car with many extras and options is referred to as a loaded car. The more extras and options, the higher the value of the car, especially when you sell it to a private buyer.
- Season: The seasonal demand affects the prices of used cars.
- History of the car: A car that has a good history without accidents will have a much higher value.
Appraising your car’s value properly
To get the market value for your used vehicle, you need to conduct an online and offline research. The more extensive the research is, the better result you get. You need to check more than one car valuation website. These websites provide tools you can use to appraise the value of your car. You just provide them with some information such as the year, make, model, options and condition of the car, and these websites will give you different values. Those different values are based on how you want to sell your car, whether it is a private sale, dealership sale, trade-in sale or retail sale.
Your mission is to get an average value so you will ultimately have a value that is the most reliable when you sell your automobile. Getting a good average, requires you to get a wide range of values. So do your homework and research as many websites as you can. Websites such as Kelly Blue Book, NADA and Edmunds.com are very helpful to get a good range of values.
After you get an average value, try to compare it with the real life market value. Visit many dealerships to look for similar cars (year, make, model, condition), then check and compare their prices to the average value you’ve gotten from the online websites. It may take some time on your part, but be patient and remember, the more research you conduct, the more accurate result you get.
Retaining and maximizing your car’s value to sell it at the best price
A used car value is mostly determined based on its condition, this condition can be excellent, good, fair or poor. If your car is in good excellent or good condition that is great, but you need to always retain that condition to get the most money when you sell it by maintaining your car on a regular basis, always keep the maintenance records and documents, get a vehicle history report and always take care of your vehicle’s overall appearance and cleanliness.
On the other hand, if your car is in fair or poor condition, it is advisable that you repair any mechanical or body damages, replace any broken glass window or a cracked windshield with a new one, repair any chipped paint or any hole in the upholstery, use an air freshener to remove any odor in the car.
After you did everything to raise your car value, try to sell it at the available facilities. There are many places where you can sell your car, such as newspaper or magazine, local car lots and dealerships, online, or even you can sell it to a private person. Having an average value from your research does not mean that you will always be able to sell it at that price. If you did not sell it after an amount of time, try to reduce the price a little.
Finally, being aware of the factors that jointly are taken into consideration in determining the value of your car, and your ability to extend your offline and online research, can make you effectively assess your car value and sell it for the most possible money.