What is My Car Worth?

Used car value lot

Are you wondering how much your used car is worth? 

It’s not as easy to determine used car value as one would hope. You want to make sure that you’re getting the best price for your car but figuring out that price can be a challenge.

One good place to start your search is by using online used car price estimators. There are several good ones available. The prices they give you may be different but they will give you a range to work with.

 

Where to get used car value estimates

These are the top five online car value estimation tools.

 

Factors that affect used car value

  • Brand
  • Condition
  • Mileage
  • Color
  • Upgrades
  • Geography
  • Climate
  • Timing

 

These are some of the main factors that will affect used car values. All these factors will affect price, some more than others.

Brand – Some cars brands retain value better than others. Honda, Toyota, and Subaru all tend to maintain a higher used car value.

Condition – This one is pretty easy to figure out. A car with a sparkling exterior condition is going to have more value than one with dents or rust spots. A history of collision repair can lower value.

Mileage – This is another factor that won’t surprise you. A car with lower mileage will naturally have a higher value.

Color – Some colors are more popular and others less popular. You may be a fan of your bright yellow car but a lot of people won’t be. Automotive repainting may not be worth the cost on an older car.

Upgrades – Options like anti-lock brakes, leather seats, and backup cameras can all increase car value.

Geography – Different cars have higher and lower values depending on where you sell them. A convertible will have a higher value in Florida than in Minnesota.

Timing – Sometimes value can come down to timing. High gas prices could affect resale value, as could the current demand of the market or the time of year.

 

Before you put your car up for sale, take the time to make it as good as you can. Wash and wax the exterior and consider having a professional detail the interior. You can boost the perceived value of your car with just a little extra work.

Photo by Paul Sableman

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