As the world scrounges to find more chips, used car prices have seen some crazy action. Everything is much different than it has been in the past. So, many have asked about their car’s value after everything that has happened. Here’s a quick guide on figuring that out fast.
Check Out Some of the Popular Pricing Guides Online
Before doing anything, take a peek a what’s listed on the guides hosted online by car websites. These usually show you a range, describing the average price for used models. They’ve also created ones to show prices on new cars if you’re looking for one.
Kelly Blue Books has long been a favorite of ours. Their intelligently-designed website has an intuitive feel while browsing, making it enjoyable.
They even have a way to search prices according to where you’d like to shop. So, regional price variations won’t impact what’s shown on their guide as much. That’s why we’ve always given them our zip code whenever researching used car pricing.
How Do You Plan on Selling the Car?
Upon first glance, the range listed on price guides may seem relatively straightforward. Even though it isn’t a complex calculation, there is more to it than appearances suggest. Selling a car usually fetches a different price depending on who’s buying it.
For example, if selling to a private party, the final price is often a bit higher. Dealerships tend to give people less for their cars since it’s an easier process to trade your car there.
Edmunds lists everything on their site with both options. If you’re unsure of which way things are headed, check out their site. Seeing how much of a difference there is between them can give you clarity. If it’s not huge, trading at the dealer might be less of a headache.
Consider Any Depreciation Your Car Has Experienced
If you’ve bought a brand-new car, it’s lost a hefty chunk of its value the moment it left the lot. That’s how long it takes before depreciation starts impacting the value of a new car. In fact, some cars lose as much as 30% of their value before they’ve driven 20,000 miles.
However, a few cars seem to hold their value better than the rest. Some even manage to do the impossible and appreciate as they age. Trying to find one that appreciates likely isn’t a feasible option. But, it’s worth checking to see how yours has held its value if you’d like to trade.
What Are Comparable Vehicles Selling for Nearby?
Checking a guide gives a decent range, but it’s only so accurate. That’s why we’d recommend looking at what’s being sold nearby. Compare how much people have paid for similar cars to yours recently. Most of the time, you’ll get around whatever has been the going rate for comparable cars.
Everywhere has a different market, so prices vary by location. Online guides try to simplify the question, “how much is my car worth” by including zip code tools. But, these don’t always reflect an accurate representation of local pricing. They’re still better than not looking at anything while shopping for used cars, though.
Ask a Dealer for an Estimate
It’s a bit more involved, but visiting a dealer tends to give you the most accurate view. They’ll provide free estimates on trade-ins if you ask them for one, typically.
Sometimes, you may have to act like you’re about to buy something from them first. But, even if you have to, doing that only takes a few moments. Once they’ve seen enough to feel convinced, drawing up an estimate doesn’t take long at all.
Plus, if you’re fond of what they’ve quoted, accepting is always an option. They’ve already started the paperwork for you anyway.
Determining What Your Car Is Worth
Figuring out how much your car is worth isn’t as easy with the economy as it is today. Frequent shortages, shutdowns, and other issues have driven prices up. But, it’s still a great time to trade your car and buy something else. Getting on the road feels better if you’re behind the wheel of a car you love.
