How Much is My Car Worth?
If you’re looking to part ways with your vehicle—whether selling it outright or trading it in at the local dealership—your first question is value. How much can you realistically expect to get for the vehicle? As it happens, there are a few different ways to determine how much your car is worth; you can even employ each of these methods to get a good aggregate/average value.
First Method: Use Kelley Blue Book
The first method you might try is visiting the website for Kelley Blue Book (KBB), the most reputable online resource for vehicle valuation. Visit the site and select the option for Price New/ Used Cars, then enter all the information about your vehicle—make and model, but also mileage. You’ll also be asked to characterize the overall quality of the car—good, poor, or somewhere in between. Obviously, the more honest you are here, the more accurate your estimate will be. KBB isn’t going to buy the car from you, so there’s no sense in lying about the condition of your car! Another tip is to make sure you note the difference between the retail price and the trade-in value, which will be different amounts.
Second Method: Call Local Auto Dealers
Another way to determine the value of your vehicle is to get in touch with some local auto dealers. Ask them the price they’ve got for cars similar to yours; even if they don’t have the vehicle in stock currently, they likely have a database where they can find pricing information. You can also ask the dealer for an estimate on how much they’d give you for your car were you to trade it in. There’s no obligation to any of this; it’s just a good way to get a feel for your car’s value. One thing to be aware of is that the price the dealer is selling the car for will be higher than what you could get if you sold it yourself; dealers can add warranties and other bonuses that you can’t match, so their prices tend to be a bit inflated.
Third Method: Do Online Research
Finally, you can always just take to Google. If you’re looking to sell your 2007 Honda Civic, do a search to see what other people are selling their Civics for. You can at least get a feel for the basic price range. Specifically look at eBay Motors and Craigslist for some comparable listings. Seeing the real market value of your vehicle—how much people are actually willing to pay for it—can be a good insight for you.
Determining the Value of Your Car
There are different ways to determine value, then, and none will ever be completely precise—but they all offer a reasonable ballpark. Use all three strategies if you really want a feel for the right price expectations. To learn more about used car sales, keep reading our posts at the Get My Auto blog, where we discuss all things automotive!