How Much is Your Car Really Worth?

While there are websites that can spit out your vehicle’s value, and a title loan estimator can be used for a short-term loan, the question ultimately is, how much will your vehicle bring in the private market? Here’s what you should know about what your car will probably sell for.  After all, that’s what it’s really worth.

The Issue

A persistent microchip shortage has propelled used car prices to numbers underheard of. In other words, it’s not unusual to be able to get what you paid for your vehicle, or oftentimes even more. Sometimes, much more. But you first should know how to price your vehicle. 

What is Market Value?

A vehicle’s market value is how much a private buyer would likely you pay for it. There are instruments you can use to help you calculate your vehicle’s value, including Price My Car Tool. All you’ll need is the VIN, but if you don’t have that handy, you can input the car’s make, model, year, style, trim, and mileage, the latter of particular importance as, in general, the more the car has been driven, the less it is worth.

In addition to a valuation, the Price My Car Tool also provides suggested prices for which you can list the vehicle depending on how fast you wish to sell it. If you need to sell your car right away, you might wind up taking less than you would have had you waited for someone to pay full value.

Note that while the two terms are often used interchangeably, market value is distinct from trade-in value, which is how much a dealer will likely offer you for your ride. Then there’s retail value – how much a buyer can likely pay for a used vehicle at a dealership, as opposed to purchasing from a private individual. 

What are Other Factors That Go Into Pricing?

In addition to the above car data, though, how much your vehicle is worth turns on where you live, since the weather where you are can take a toll. Harsh Minneapolis winters, for example, with its salted roads, can result in rust, while sunny climates can affect paint quality.   

Also important is a car’s condition. Parts that need replacing, repairs that need to be made, or a vehicle with an accident history can all drive prices down.

Then there’s the depreciation factor. While the average new vehicle, after five years, loses almost half its value, some vehicles hold their value better than others. According to iSeeCars, the top vehicles with the lowest appreciation are the Jeep Wrangler, Jeep Wrangler Unlimited, Porsche 911, Toyota Tacoma, and Toyota Tundra.

On the other hand, the vehicles that depreciate the fastest include the Nissan LEAF, BMW i3, BMW 7 Series, Masarati Ghibli, and BMW X5. 

What are Some Common Vehicle Value Estimators 

In addition to iSeeCar’s Price My Car Tool, there are several places you can turn to get a bead on how much your vehicle would sell for, including:

Edmunds

Edmunds’ longtime “Appraise My Car” tool also permits you to find search vehicle values by license plate number, VIN, and make, model, and year.

Kelley Blue Book (KBB)

This widely used online resource can help you in much the same way, in addition to by inputting an applicable zip code, equipment included on the vehicle, and the vehicle’s color.

Black Book

In addition to VIN-based valuations, Black Book also uses Autocheck vehicle history report data to check for vehicle damage. Based on this information, Black Book subsequently generates an adjusted valuation.

NADA

The National Automobile Dealers Association offers resources to new and used-car shoppers. To help you determine what the going rates are for your vehicle, you could use the website to compare prices on similar vehicles.    

In summary, before you put your ride up for sale, it’s important to understand what its true worth is – how much someone will likely pay for it. While we’re currently in a seller’s market, you still should understand how much the vehicle should bring.