Understanding your car’s market value can help you make smart decisions on your trade-in or used car purchase. It gives you an accurate price and retail value for your used car, truck or SUV.
Using an appraisal tool lets you decide whether to trade-in or sell your used vehicle whenever you’re ready to buy. One thing you must understand is that no online car valuation calculator can be 100% accurate. It is important to note that these numbers are estimates and can be used to verify used-vehicle cost or help you determine what to pay for the used car.
You can find The True Market Value tool powered by Edmunds on our website, which bases its pricing on information collected from a wide variety of sources, including dealer transactions, depreciation costs for unique automobiles and consumer information. The appraised value is based on a number of factors, including year, make, model, trim, mileage, depreciation and features – all of which play a significant role in determining the value of your used vehicle. This free valuation tool also has five used-vehicle condition levels – outstanding, clean, average, rough and damaged. Most people using the tool will likely be dealing with just three: clean, average and rough.
Once you’ve entered the information, you will be presented with 3-4 automobile values – trade-in, private party, dealer retail and certified used.
- Trade-in is what you can expect the dealer to provide if you trade-in your used vehicle which always is the lowest figure. In case you want to improve on that number, there are some alternatives to trading-in that you can consider.
- The private-party amount is what you can expect to get for the vehicle if you sell it on your own. This is usually a higher amount than the trade-in value, but it takes more work since you’ll be dealing with random offers from buyers.
- Dealer retail is aimed at used-car shoppers which is an average of what you might expect to pay, in case you bought the pre-owned car at a dealership. If the automobile is new enough, you will also see a certified-used number, which reflects the higher price you would see, when shopping for a certified pre-owned vehicle.
Major features such as the car’s transmission, engine type and whether it has an all-wheel-drive, can have a huge impact on the value of the car. Same goes for options such as the type of seats, navigation, a sunroof or automatic climate control. The vehicle’s original window sticker is the best place to find options information, but sadly only a few people actually hang on to the sticker.
The key to what you do next – selling the car, trading it in or even keeping it for a little while longer, is getting a real value for your car. Using the Edmunds car appraisal tool in any of its forms will give you a clear-eyed assessment of your car’s real worth, not just a random number based on guesswork or high hopes!
Find the value of your used car for free here.
Once you know the estimated worth of your vehicle, you must head over to the Car Factory and get your hands on the car of your dreams – brand new or pre-owned! We have over 800 vehicles in our inventory, so schedule your test drive in our Miami or Hollywood locations online today, at CarFactory.com, or call (786) 406-6234!
Recommended Read: Car Dealer Secrets: How To Prepare Your Used-Car For Trade-In