Finding car fair market value

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Enter as much of the information requested as possible to get an instant offer on the vehicle. Shop at local used car lots and look for vehicles of a similar make and model. Keep in mind that the asking price on the dealer lot is probably more than you would get for the vehicle in a private sale.

Also keep in mind that differences in mileage and condition will affect the value of your own car relative to the one on the dealer's lot. Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since Her work can be seen on Credit Factor, Constant Content and a number of other websites. Conrad also works full-time as a computer technician and loves to write about a number of technician topics. She studied computer technology and business administration at Harrisburg Area Community College.

Share It. But, when looking to sell, upgrade, or perhaps reshuffle your finances, the value of your vehicle suddenly becomes important. So how do you work out the value of your car? One key thing to remember; the value of your car to you, is not necessarily the same as its worth to someone else. There are a number of ways to gauge the average market value of your car. Typically, the easiest and quick- est way is to use an online vehicle valuation calculator. Alternatively, you can look at local sales guides or go to a dealership. You will find a number of valuation guides and calculators on the internet, most commonly, these will be underpinned by three key sources:.

How do online valuation calculators differ, and which one should I use? The truth is, they are all helpful and each resource will give you a guide to work from. But what is the difference, and how do they work? The KBB provides valuations based on extensive market research regarding trends in the US marketplace. These valuations come from national data analysis, including car sale trends, economic conditions, and developments within the industry, from diverse sources. The end result, a pretty comprehensive and well-researched representation of the current car sales in the national marketplace.

These ranges are not location specific however, and value can be determined by location see Edmunds for area specific data. The KBB 5-point condition and quality distinction for cars will give you a good idea of how to determine the worth of your car in the marketplace, based on its condition. Using KBBs website, is pretty easy and straightforward. The site prompts you for information about your vehicle, you simply type in your details and their estimated valuation is calculated.

Remember, these are estimated market values based on national information, so depending on where you live or where you may be looking to sell your car, the actual market value for your car may be slightly higher or lower. Edmunds, provides car valuations based on actual sales, and will provide you with specific location pricing. Edmunds determines a TMV typical market value , based on sales and trending information of what people in your area are paying for your particular vehicle.

The TMV is a great for a closer estimation of the potential market worth of your car in your area.

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Edmunds will give you vehicle valuations that are location specific, and based on method of sale trade-in, dealer, or private. Location specific values are important because geography, and local area trends can have a significant impact on the value of your car. For example, if you are in a large metropolitan area, where there are a number of cars for sale similar to your own, the demand-supply ratio is swayed for competition; buyers have more choice and can therefore negotiate lower pricing in their favour.

On the other hand, if you reside in an area where there are few similar cars for sale, potential buyers will have less negotiation power to lower the price. Because Edmunds provides you with location specific TMVs, based on recent similar sales, this can be a better gauge for an anticipated value of your vehicle than KBB. As an online car valuation tool, this website www. Essentially, there is no steadfast rule or magic formula regarding the use of online car valuation calculators. To get the best estimate of the real market value of your vehicle, the best method is a combination of valuation calculators, your judgement, and a scan of local sales within your area.

Whilst the online valuation calculators are a great start and guide, remember, they are only guides. So what are other factors you need to consider? The method of selling a vehicle can significantly alter its value. The three principle ways to sell your vehicle are via;. Selling your car via trade-in will typically present you with the lowest price for your vehicle. Convenience, timeliness and guaranteed sale. Lower valuation, limited negotiation power, third party commission deducted from the market value of your car. Because you are doing the legwork, and you can reasonably expect to get more money for your time and effort.

You are also free from overheads and third party commission deductions, you have opportunities to negotiate, select your target market and wait for the right price; it does however, require time and effort.

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Typically, higher car values, price negotiations and sale process is determined by you. The valuation and sale process is up to you, negotiations and dealings with potential buyers including dealing with no shows , can be lengthy, you have to wait for the right price and buyer.

Selling your vehicle via auction can also alter the value and worth of your vehicle.

Auctions are a quick and trouble-free way of selling, however there is no guarantee of sale if no one reaches your reserve , and car values tend to be lower at auction. If you were looking to sell a restored Ford Mustang, you could expect a higher valuation at a classic car auction because your car is targeting the right audience; a market looking to purchase classic cars.

Instant Used Car Valuation

Fees and paperwork, finding the right auction, no room for negotiation on value. Independent of the make, model, year or mileage of your car, its condition will have a significant impact on its value. A clean car will sell faster and quicker. Buyers typically look for clean and well conditioned cars.

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They are interested in any paint or body damage, any history or evidence of accidents, and the overall look of the car. Detailing the inside will bring it up to near-new condition; be mindful of stains, odours and any interiors that need extra attention, including the glass, ashtrays and carpets. Alternatively, you can take it to a mechanic for an assessment.

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In addition, industry standards place a lower market value on salvage titled cars; KBB, Edmunds and NADA devalue these such cars, and typically will not provide a valuation for cars such listed. What is the right buyer? The buyer who is willing to pay the price you allocate. If you have the time to wait, scan through selling options, research local car sales, and screen potential buyers, you are more likely to achieve a higher market value, and price, for your car.