Person finding out how much his car worth by gazing through car window

Used car prices increased by an estimated 17% between 2020 and 2021. Between 2019 and 2020, used car prices dropped by about 0.2%. This shows that used vehicle costs have increased due to a rise in demand. If you’re considering selling your used vehicle for cash, it’s crucial to ask yourself, “What is my car worth? Should I fix my car before selling it?”. There is no guarantee that a dealership or private buyer will make you the offer you expect just because used vehicle costs are rising. There are points you should know before putting your car up for sale. And there are various ways to determine how much your car is worth if you’re looking to sell. In this post, we’ll explore how to do all these. Keep reading to learn more!

What Should I Know About Car Valuation? 

Knowing how to value your car is essential whether you’re purchasing or selling a car for cash. It implies that you are better prepared to bargain a price with any prospective buyer or seller. Understanding the value of your automobile will put you in a great position to negotiate a price. If you’re selling a car and want to determine its exact asking price, utilize a free car value calculator to include factors like depreciation. This is crucial when negotiating a sale because it enables you to protect yourself against any buyer who gives you a price below the car’s value. And in some cases, it protects you against buyers who like to take advantage of sellers that don’t know their car’s worth.

Information You’ll Need to Estimate Your Car’s Value

Man Inside of the car driving There are specific points you need to know before evaluating your car’s worth. And if you are using a car value calculator,  you must provide details about your vehicle. Some car cost calculators may give the option to value your car by registration number or free car valuation without an email option, while others may demand extensive car documentation. Highlighted below is the information you need to provide to get your automobile estimated worth:

  • Make, year, and model

You must first state the year, make, and model of the vehicle. The vehicle’s color, trim, and interior are typically also requested by valuation tools. If you’re unsure, you can find these details in the owner’s manual, so you’re one step closer to knowing your car’s value. 

  • Features

The value of your car may be increased or decreased by specific features and accessories. You’ll be asked to list any unique features or customized features to receive a precise estimate. Heated steering wheels, leather seats, custom sound systems, and special rims are a few examples that are frequently listed. A built-in GPS, a dash camera, a rear parking camera, or a multimedia system can all be added features that help the car sell for more money.

  • Mileage

If you’ve ever searched for a used vehicle, you know that mileage significantly influences resale worth. The more miles your car has been driven, the less value it has. You can check the odometer on the car’s dashboard to see how many miles your vehicle has traveled.

  • Condition

Another reliable determinant of your car’s worth is its maintenance. In specific appraisal programs, you may be asked to assess the condition of your vehicle using categories like “good” and “medium.” Be truthful when describing your automobile’s state and read each category’s descriptions before selecting one to prevent overestimating its worth. Questions like “should I fix the car before selling it?” tend to pop up when putting the car up for valuation. A vehicle in good condition with little to no damage will sell for a higher price, so having no damage is desirable. Recognizing that several factors, both positive and negative, may have an impact on the value of your car, it is smart to obtain a sense of where your automobile could stand because this might result in a price difference of thousands of dollars on the final sale price. You can always use AutoGeeks’ value my car option for this purpose.

How to Value Your Car?

Utilizing price estimators like Kelley Blue Book and checking current market rates at dealerships and online are the best ways to figure out how much a car is worth. Before beginning any transaction to sell, trade-in, acquire, or refinance a vehicle, it is essential to understand its value.  Here are some tips for obtaining a precise automobile value:

  • Review car value guides

Using an online car price guide is one of the best ways to determine a car’s worth. When you enter a car’s details and location, the guide will display a range of the vehicle’s value. To mention a few of the industry-recognized automotive valuation guides: 

  • Kelley Blue Book (KBB) 

Leading online automobile value estimator Kelley Blue Book, often known as KBB, considers vehicle information such as; the model, mileage, and color. If you’re considering selling your automobile, KBB will make a quick cash offer based on the vehicle’s worth. Additionally, you may check the cost of new and used cars and view the inventory at nearby dealerships.

  • National Automobile Dealer’s Association (NADA)

NADA offers the same capacity as KBB and Edmunds to determine the worth of your car; however, it employs somewhat different standards. NADA strongly emphasizes the car’s wholesale price, current market pricing, and local automobile demand. It’s essential to remember that NADA’s automobile value estimates are often higher than those provided by KBB or Edmunds. NADA does not have a used car marketplace but offers many automobile comparison tools.

  • Edmunds

The Edmunds auto evaluation tool rivals KBB, but it evaluates your car’s worth using more detailed criteria, such as if it has been in an accident or has any aesthetic damage. You may look up new vehicle prices and browse used automobiles in your neighborhood on Edmunds’ website. Edmunds posts thorough car evaluations and the results of extensive road tests to assist you in your automobile quest. You’ll receive slightly different results if you enter the same car in the three options. You should list your car’s value at its highest if you’re selling it and at its lowest if you’re purchasing it.

  • Check prices on the market

Look at what similar vehicles are selling for in your area. You may use real-world examples from dealer advertisements, Craigslist postings, and other car-buying websites to estimate the value of your vehicle. Once again, you might request an offer directly from a car manufacturer online or in person at a showroom.

  • Pick the type of value you want

This would be based on two categories: IF YOU’RE SELLING YOUR CAR:
  • Trade-in value: This is the dealer’s price for your vehicle. Since it’s far easier to exchange keys at a dealership than to sell a car directly to another individual, it has the lowest value here. However, trading in a leased car is a different process.
  • Private seller value: For your trouble, you may often earn a few thousand dollars extra if you’re willing to sell your automobile on websites like Craigslist.
IF YOU’RE BUYING A CAR:
  • Private party value: For buyers and sellers, purchasing a car directly from the owner may be a superior financial decision. A used automobile buyer could find a terrific deal without the dealership acting as a middleman and raising the price. Just be sure to check the vehicle out first.
  • Dealer retail value: You may anticipate seeing this price written on the vehicle’s window at a dealership.
  • Certified pre-owned (CPO) value: CPO vehicles are pre-owned automobiles that have passed a rigorous examination while under warranty. Although they cost more than conventionally used automobiles, they frequently have a more extended guarantee and the manufacturer’s seal of approval.
  • Adjust the value according to the car’s condition
The state of a vehicle can range from fair to exceptional, depending on issues like the engine’s health and visual issues (or lack thereof). According to Kelley Blue Book, most used automobiles are sold in “good” condition, indicating they have minor visible flaws that can be fixed but don’t have serious, expensive technical issues. 

How to Compare Car Prices in Your Area

Row of shiny vehicles on parking lot ready to sell used cars for cash It’s a good idea to compare your car’s valuation to what it is being sold for in your neighborhood after receiving a few car value estimates. Look at well-known websites that offer used cars for sale locally, such as eBay Motors, Craigslist, Facebook Marketplace, and Autotrader, or you can look for a value my car free option. Start by looking for your automobile’s precise make and model, along with a comparable model year and mileage. There is no requirement for an exact match. Also, you can save yourself the stress of doing all these by contacting Auto Geeks to know your car price today!

Final Words

Many buyers are searching for different cars; therefore, a car is only worth what someone is prepared to pay. You should research a car’s actual value, whether you want to purchase or sell one.  Although several automobile price guides are available, not all of them are the same. This is because every website that values cars has a different algorithm. The essential details you need to know your actual value have been highlighted in this post. Get a current price for your automobile by contacting AutoGeeks today.