Selling your gently-used car is a great way to offset the costs of a new vehicle. Though this process can seem intimidating if you’ve never done it before, with a bit of research you’ll see that valuing your car is easy enough to do on your own. Follow these steps to learn how to determine the value of your used car in no time:
Look at the Mileage and Condition
Looking at your car’s mileage and the condition is the first step in valuing the vehicle. With the mileage of your car in mind, take note of its current condition to see if there are any obvious problems that may negatively affect the price. Keep in mind that older cars tend to have higher maintenance costs because certain parts become harder to find and more costly to replace.
Look at Comparable Cars
Another way to get a good estimate on what your car is worth, start by looking at comparable models on sites like Carbingo and figure out how much mileage they have on them. For instance, say you’re looking at a 2014 Toyota Corolla with about 70,000 miles on it. A 2016 model has 50,000 miles on it and costs $13,000 while a 2017 model has around 7,500 miles and costs $14,500. The 2014 model may be worth anywhere from $9K to $10K (when taking mileage into account) depending on condition and other factors like its manufacturer or whether or not it comes with certain features like leather seats or navigation systems.
Consider Other Factors
Not all used cars are created equal so you can’t just rely on an asking price or your gut instinct when you’re trying to determine how much a vehicle is worth. When valuing your vehicle, it also helps to consider things like your accident history, maintenance records, and the season of the year. Taking these factors into account will help give you a clearer picture of what your car is really worth and help you get a better deal when it comes time to sell or trade-in.
Read Pricing Guides
Before visiting a dealership, you’ll want to have a handle on your car’s worth. The Kelley Blue Book or Edmunds are both great resources that can give you an idea of what your car is currently worth based on its features. It’s also smart to look at similar cars being sold by dealerships in your area so you have an even more realistic picture of what you should expect.
A car is one of the most expensive purchases you will ever make. Use these four steps to determine your used car’s value before buying or selling it on Craigslist or anywhere else.
