Car Valuation Tips –
Estimate Used Car Values
Find Out the Value of a Vehicle
Oct 14, 2009 Candice Gillingwater
Estimate used car values through car valuation guides for antique, classic and standard cars based on the vehicle's mileage, condition, and if its used as a trade in.
Learning how to properly estimate used car values is crucial for consumers who wish to sell their vehicles or trade them in as a down payment toward a new car purchase. Vehicle owners can conduct a car valuation assessment themselves and use online car valuation tools and guides to determine the true value of their pre-owned vehicles. This process applies to all forms of used vehicles, including classic and antique automobiles.
Mileage, Condition and Location Affect Estimated Used Car Values
A car’s mileage is important when estimating its value. The average consumer puts 12,000 miles per year on his or her vehicle. Because of this, this is the scale used to determine the actual age of a car. If a car is two years old but has 48,000 miles, the car is mechanically four years old.
The more miles a used car has, the lower its value, but a used car with a lower than average mileage can be sold for a higher than average price. The area a consumer lives in can also determine the resale value of his or her used vehicle.
Other factors used to determine the value of a used car are:
Trade In Value Vs. Retail Value
Many consumers become confused when they conduct an estimate of a pre-owned vehicle's value only to have an online car valuation guide contradict their careful assessment. This is often due to the difference between trade in value and retail value.
The retail value of a used car is what it is actually worth and what an individual could expect to pay for it if it were purchased from a dealership. The trade in value of a used car is what a dealer is willing to pay the consumer for the vehicle if the car is being traded to a dealership in lieu of a cash down payment. The trade in value will always be less than the retail value.
Trade in values will also be affected by how “in demand” a consumer’s used car is. If a dealer knows he can sell the car quickly or his stock in a particular make and model is low, he may be apt to offer the consumer more than a dealer who already has several identical used cars on his lot.
Individuals hoping to get top dollar for their used vehicles, however, are much better off selling them to other consumers either through a local newspaper or online and using the proceeds to make a down payment on a new car.
Car Valuation Guides Online and in Print
Websites such as the Kelley Blue Book and Edmunds offer value calculators to assist consumers in accurately estimating a used car’s resale value. Keep in mind that the values obtained through these sites are just estimates. The true value of a used car depends on its condition, location, and history.
Special considerations should be taken when attempting to estimate the value of an antique or classic car. The Kelley Blue Book offers an Early Model Guide for car collectors curious about the current value of their antique vehicles. While standard car valuation estimates also work for classic cars, a professional appraisal may be necessary, depending on the vehicle.
Mileage, Condition and Location Affect Estimated Used Car Values
A car’s mileage is important when estimating its value. The average consumer puts 12,000 miles per year on his or her vehicle. Because of this, this is the scale used to determine the actual age of a car. If a car is two years old but has 48,000 miles, the car is mechanically four years old.
The more miles a used car has, the lower its value, but a used car with a lower than average mileage can be sold for a higher than average price. The area a consumer lives in can also determine the resale value of his or her used vehicle.
Other factors used to determine the value of a used car are:
- Interior damage
- Exterior damage such as scratches, nicks, and dents
- Past mechanical problems
- Dealer upgrades
Trade In Value Vs. Retail Value
Many consumers become confused when they conduct an estimate of a pre-owned vehicle's value only to have an online car valuation guide contradict their careful assessment. This is often due to the difference between trade in value and retail value.
The retail value of a used car is what it is actually worth and what an individual could expect to pay for it if it were purchased from a dealership. The trade in value of a used car is what a dealer is willing to pay the consumer for the vehicle if the car is being traded to a dealership in lieu of a cash down payment. The trade in value will always be less than the retail value.
Trade in values will also be affected by how “in demand” a consumer’s used car is. If a dealer knows he can sell the car quickly or his stock in a particular make and model is low, he may be apt to offer the consumer more than a dealer who already has several identical used cars on his lot.
Individuals hoping to get top dollar for their used vehicles, however, are much better off selling them to other consumers either through a local newspaper or online and using the proceeds to make a down payment on a new car.
Car Valuation Guides Online and in Print
Websites such as the Kelley Blue Book and Edmunds offer value calculators to assist consumers in accurately estimating a used car’s resale value. Keep in mind that the values obtained through these sites are just estimates. The true value of a used car depends on its condition, location, and history.
Special considerations should be taken when attempting to estimate the value of an antique or classic car. The Kelley Blue Book offers an Early Model Guide for car collectors curious about the current value of their antique vehicles. While standard car valuation estimates also work for classic cars, a professional appraisal may be necessary, depending on the vehicle.
Copyright Candice Gillingwater. Contact the author to obtain permission for republication.
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