How to Figure out the Value of your Car Before Selling

How to Figure out the Value of your Car Before Selling

Posted by on Oct 07, 2021 - Archived under Uncategorized

One of the trickiest parts of selling a car is knowing whether the offer you’re getting is a good one or not. Whether you’re trading it in, selling the car to a dealership or selling privately, getting a fair price is an important part of the process.


That’s what we’re going to cover today. How to assess whether the offer you’re receiving is fair or not by understanding the value of your car.


Fair offers when selling your car


If you have sold anything recently, you will likely now that people seem to want something for nothing. Selling used items has always been a competitive business but after the pandemic and everyone’s life changing, it seems people want everything but don’t want to have to work or pay for it.


You’ll find this is you try to sell your car privately. You may ask a fair price for the car but you will find people want hundreds or thousands of dollars off the price or make silly offers because they don’t want to pay market value.


You don’t get that when you sell your car to a dealership but it’s still a good idea to know what’s a good offer and what isn’t.


Valuing your car


To know whether an offer is fair or not, you need to know how the value of your car.


That requires a little research. You will want to research your exact make, model, year, trim and perhaps mileage. Try to compare as close as you possibly can for the most accurate valuation.


Then check our usual suspects, Carfax, Kelley Blue Book, Auto Trader, eBay, Craigslist and anywhere else you might look for cars.


Remember to check like-for-like as closely as possible.


Take the prices across all those marketplaces to come up with a figure for yours. If you drive a mainstream car, you should have hundreds of examples to choose from.


They should all be a similar price, so pick a figure in the middle of all of them and set that as your baseline figure.


Take a couple of screenshots of your findings so you can use as evidence later.


The price depends on the market


Now you have an average market value of your car, you can more accurately assess any offers you receive.


If you’re trading in your car, you won’t receive market value but the offer should be close to it. This is normal because dealership needs to spend money reconditioning the car ready for resale.


If you sell your car privately, you will get closer to market value as the new owner won’t need to check and recondition the car. But you’ll have the hassle of ads, queries, inspections and test drives.


If you sell your car to a dealership, you’ll get close to market value similar to trade ins. Again, this is because the dealership has to recondition the car and spend money preparing it for resale.


The offer should be close to market value though as we always try to pay fairly!


For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!


For any questions or concerns, please don’t hesitate to contact us here!


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