How to Check the Current Market Value of a Car
Updated on April 1, 2024 / 4 min read
Finding a car’s estimated or current market value can be extremely beneficial for car owners. It can give them an insight into what price to expect for their vehicle when selling it to dealers or directly to buyers. Without knowing the current market value, car owners may undervalue or overprice their vehicles during the sale. Checking the current value of a car is relatively easy and can be done in a few simple steps.
1. Gather all the relevant information
The current value of a car depends on several important factors, including its key details. So, to check its value, a car owner needs to gather a few important details about their vehicle.
The make and model of the car
Firstly, one needs to note the basic details of their car, which are the name of the car model, the manufacturer, and the exact name of the trim.
The year of manufacture
The car’s age has a major impact on its current market price. The year of manufacture can be found in the car’s manual.
Features of the car
Car owners must also note each feature of their car and any additional features they have purchased. This information can also be found in the car’s manual.
Color of the car
The car’s color also impacts its market value. When selling pre-owned cars, in most cases, common colors such as black and white attract lower prices than brighter colors such as green and yellow. Also, to check the car’s price online, car owners need to note the exact name of their car’s color. This detail, again, can be found in the manual.
Mileage of the car
Mileage is one of the most important details for determining a car’s market value. Car owners can note their vehicle’s mileage directly from the odometer.
2. Determine the car’s condition
Along with the key details, a pre-owned car’s condition is one of the most crucial factors impacting its current market value. This refers to the condition of the car’s exterior, interior, and functioning. When determining the car’s true condition, it is important to be honest and not overestimate it.
Cars in the best condition, basically as good as new, naturally get offered high prices. In this case, the “best condition” would mean that the car works perfectly fine and does not require paint work or repairs. Cars that have required only minor cosmetic repairs but no major mechanical repairs are still considered to be in very good condition. On the other hand, the cars that have had a lot of mechanical repairs done might not get the best market prices, as they are not considered well-maintained.
3. Try online car appraisal tools
After gathering all the details and determining the true condition of the car, one can visit a few online price estimation platforms. These platforms ask car owners to enter all the key details and mention the condition. Some platforms may also ask for the car’s vehicle identification number (VIN) or license plate number and the car owner’s state of residence. Based on all the entered information, the platforms will instantly check and provide the estimated market value of the car.
4. Visit a few car dealers
The state, city, and region that one lives in also affect the price of cars. This is because certain cars are less popular than others in particular regions. So one of the best ways to get a good and clear value for a car is to visit a few nearby dealers. Plus, instead of this, car owners can also visit nearby dealers to check if pre-owned vehicles similar to their own are being sold. If so, they can inquire about the prices and get a rough estimate of their car’s worth.
Besides visiting nearby dealers, one can also check out some credible online car dealers. Owners can send details and pictures of their vehicles to these dealers, who will then make an offer based on those. This will give owners a clearer picture of what price to expect for their vehicles.
5. Look at a few car ads
Car owners can also keep an eye out for ads for pre-owned cars for sale in newspapers and online websites. While the ads might not feature the exact same models, ads for similar cars can give one a faint idea about the market price of their car. Likewise, one can check for pre-owned car listings on credible websites, social media groups, and pages. Listings featuring similar models can also give one an idea about their car’s market price.
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