Determining value on a used vehicle can often be a difficult task, but if you are selling your used car then it’s a necessary pre-sales step. If you don’t determine the value of your vehicle before listing it for sale you’ll either have a difficult time selling it because you have it listed too high or you’ll end up with money on the table because you sold it for less than it was worth.
Two great resources for helping you determine your used car’s value are N.A.D.A. and Kelley Blue Book.
There are two types of value with regard to selling your vehicle. There is trade-in value and private party value. Your trade-in value will be much lower. The private party value is the retail value of your used car. If you are planning to trade your used car in for a newer vehicle then consider those values because the auto dealer will not give you retail value. One advantage to selling to a dealer, however, is you can usually sell it much more quickly than if you tried selling your car to an individual.
The most important thing you’ll need to learn to do in determining the value of used cars is judging condition. A good vehicle will be worth more than a vehicle in poor condition.
Used car buyers want to know how available parts are for the vehicle they want to purchase. For that reason, common vehicles are more easy to sell than exotic cars. But in terms of value, a classic vehicle can often be valued at more due to its collectible status.
If you have trouble determining your used car’s value then take it to a dealer and ask for an appraisal. Most dealers will do this free of charge if you are planning to trade your vehicle in for a newer model.