If you have an extra vehicle parked in your garage that you want to sell or are hoping to trade in your old vehicle for a newer model at a dealership like Young Chevrolet, you will want to be sure that you get the best monetary value for your vehicle. By going to the dealership or approaching a buyer with this information, you can know that you are getting a good deal. Check out these four tips for appraising your vehicle to know how much your car is worth.
Use a Valuation Site
The Internet boasts many reputable valuation sites allowing you to plug in your vehicle’s information to get an approximate appraisal value. A few of the best options are Kelley’s Blue Book, which is often used by numerous dealerships across the country, as well as Edmund’s and Car Gurus. Every site may give you a slightly different value because they each use specific algorithms to determine a price.
Car Features Factor Into How Much Your Car Is Worth
Be aware that your car’s features and condition will factor greatly into the appraisal value. Brand is a huge one because many brands are known for performing well at high mileage while others do not.
Important Car Features to Take Note of:
- Exact model and trim level
- Current mileage
- Condition of exterior and interior
- How well your car is running
- Optional equipment
- Paint color
Related Article: How We Saved $350 On Our Auto and Homeowners Insurance
Choose between Trade-in and Private Sale
A trade-in price is what you can expect to be offered if you bring your vehicle to a local dealership and trade it in for a new vehicle. Trade-in price is definitely lower than the amount you make from a private sale because the dealership needs to make a profit. The retail price is the end price that a dealer would charge and is typically higher than what you would make off a private sale.
Look at Similar Vehicles
Once you have a basic appraisal value, be sure that you know how much local dealerships and private sellers are asking for similar vehicle makes and models. You can look at dealerships online and can check Craigslist or private sales sites to find out local valuations. Your newspaper’s classified ads should also list some. Be aware that regional prices are often far different from nationwide values. Your vehicle will definitely be affected by this.
Once you have this information, you are more than likely ready to make a sale. Determine carefully how you would like to sell your car. How much time you have to make the sale and how much work you are willing to put into the deal play a big role. The easiest option will be to take the lower trade-in value at a dealership. However, your appraised value will be higher if you take the extra steps to make a private sale.
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