You may remember how much you paid for your car, back when you first bought it, but how much is it worth today? That’s a slightly tougher question to answer. We all know that cars depreciate in value, and that a vehicle that’s five years old won’t be worth what it was back when it was still brand new. Actually determining the specific value of your vehicle may take some research, however.
That research can be important. Whether you are looking to sell your car or trade it to the dealer, you’ll need to know its basic value to ensure that you’re getting a fair shake. Keep reading and we will offer some suggestions for determining your vehicle’s full, fair value.
I Want to Change My Car!
Before you sell or trade your vehicle, the first thing to understand is that the sale value and the trade-in value aren’t going to be the same thing. You’ll almost always make a little more by selling it yourself than by trading it to the dealer, because of course the dealer needs to maintain its profit margins. Then again, trade-ins are easy while selling yourself can be time-consuming, so you’ll need to weigh the pros and cons.
As you look to determine the value of your car, there are several online resources you can use. Kelley Blue Book and the NADA website both have tools where you can input certain information about your car and get a basic sense of what it’s worth. As you do so, keep these tips in mind:
– It’s critical to be both thorough and accurate. Provide the exact mileage of your vehicle, as well as the correct trim, and be candid in your assessment of its overall condition. You’re not going to gain accurate information if you’re not truthful about your vehicle.
– Remember that these resources will typically provide you with the sale and trade-in values, and that these are not the same thing!
– Remember, too, that the price you are given is a rough estimate, and that there are other external factors that can influence how much your car is worth—including supply and demand, your geography, and more.
You can also visit your nearest dealership and ask them to evaluate your car and provide you with its trade-in value, though we only recommend doing this after you use these online resources. Get a good feel for roughly what your car should be worth, then use that information to ensure that the dealership is giving you a fair deal.
Going to the Dealership
Of course, it is also important to make sure you’re visiting an honest and reputable dealership—one that’s going to deal with you fairly. If you live in the Orange County area, Get My Auto can connect you with one. Reach out to us to learn more about the best dealerships in the area. Get My Auto is always standing by to offer our help!