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How to Find Out How Much a Car Is Worth

Two Methods:

Those who invest in a new or used car need to know something about its value. The problem is that a vehicle, like other major investments, is worth what a buyer will pay for it. However, buyers and sellers can find out how much a car is worth using factors that concretely influence value, such as miles per gallon, and condition. Vehicle appraisals are based on these conditions as well as market data and generally provide an accurate picture of what a car is worth. Drivers can use the popular Kelley Blue Book estimator or similar online tools to provide an estimate of value for a new or used vehicle.

Steps

  1. Do research.Search newspapers and online classifieds for similar makes and models that are in the same condition as your car. Make a note of the different prices you find to get an idea for the acceptable window.
    • Consider keeping an eye on a few cars with different prices to see how fast the cars sell. The ones that are in good condition but sell instantly could probably be priced a little higher, whereas the ones that sit for weeks and weeks without being sold most likely are too expensive.
  2. Look up local dealers.See how much they are asking for similar versions of your car. Keep in mind to always sell for lower than the dealers sell, as they can offer a buyer things that you can't, such as warranties.
  3. Use the Kelley Blue book.This is an online resource that will tell a close to exact price that your car is worth. Below are instructions for using Kelley Blue Book, both for used cars and new ones.

Using Kelley Blue Book For Used Cars

  1. Go to the Kelley Blue Book website.The Kelley Blue Book Company, Inc. has made it easy for car buyers, sellers and others to get good estimates of car value online.
  2. Click “What should I pay for a Used Car” under the “Car Values” tab.
  3. Enter the year, make and model of the vehicle.If you want, you can also enter the mileage, which will help you get the most accurate estimate possible. When you're all done, click next.
  4. Enter the zip code for the car’s location.Region is a factor in value due to cost of living, local market demand, and other factors. When you're done, hit save.
  5. Choose a style.For some makes and models, two styles will be available. In order to determine the value of your car, you'll need to click the style you own. If you're not sure, click "Compare styles."
  6. Add additional information.For some cars, you'll need to add additional details. These may include the type of seating (whether or not it's leather), the type of stereo (multi disk CD player, tape player, etc.), whether the car is automatic or manual, etc. When you're done, click "choose price type."
  7. Choose one of three valuations:trade-in, private party or suggested retail. The trade-in value is what a car would generally be worth when trading it in at a dealership toward the purchase of another vehicle. The private party value is what the car would be worth in a “street sale,” a private sale between the car owner and a buyer. The suggested retail price is what a dealer would typically charge for the car.
  8. Indicate the condition of the vehicle.Read the definitions for Excellent, Very Good, Good, Fair, and Poor, and choose the one that best fits the condition of the vehicle you are interested in. It can be hard to judge these conditions, but a close reading of the criteria will help.
    • Note that most vehicles do not meet the criteria for Excellent condition for Kelley Blue Book assessment purposes.
  9. Review the resulting page to find the value assessment.Keep this information for your records.

Using Kelley Blue Book For New Cars

  1. On the Kelley Blue Book site, click “What Should I Pay for a New Car?” under the "Car Values” tab.
  2. Enter the make and model of the vehicle.Then, click "next."
  3. Select the year.Sometimes, you'll be able to choose between the current year's model and the previous year's model to buy new. You may also have to choose a style.
  4. Enter additional details.Customize the car by clicking on the options you desire. This will help you get the most accurate price of the car. When you're done, click "See Fair Purchase Price."
  5. Look at the results.You will see an MSRP (Manufacturer’s Suggested Retail Price) and a “New Car Blue Book Value.”

Community Q&A

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  • Ultimately, Market price will dictate final selling price of a pre-owned vehicle, not a 3rd party appraiser.
  • On the Kelley Blue Book site, you will not need to enter the mileage to find out how much a new car is worth. You will also only have one model year from which to choose.
  • The Kelley Blue Book site is not the only online resource for getting new or used car valuations. Try other sites like NADA for a second opinion.
  • Print out your online valuations. In situations where trust may be lacking, a legitimate printout from one of the above sites can go a long way toward assuring a potential buyer or someone else with a stake in a car’s value.
  • Use resources like Consumer Reports and similar magazines to get more prices for new car models and compare them to the Kelley MSRP and blue book value prices.

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Date: 02.12.2018, 21:23 / Views: 81371