Car Value Estimator
How do you know what your car is worth? How do the used car dealers decide what to offer you? To learn how to determine what your car is worth is actually easy. Follow a few simple steps and the resource I provide below, and you will know the estimated value of your car in a few minutes.
What you will need to know first:
- Make and model of your car or truck.
- Body Style – 2 Door, 4 Door, etc.
- Automatic or Standard Transmission
- Write Down all Extras. Sunroof, bed liner, aluminum wheels, leather, etc. Some of these things may apply when completing your estimated value.
- Note the condition of the vehicle. Interior condition, motor condition, exterior condition, etc.
If you would like a more in-depth inspection checklist worksheet that you can print and take with you, visit this DMV page.
Once you have all of this information, you can get the Kelly Blue Book estimated value. The site will ask you for the information you recorded and will walk you through the process step-by-step. You will be provided two different values, retail, and trade-in. Retail is the value you can expect if you sell the car yourself, or when buying from a car from a used car dealer. Trade-in value is the value you can expect a used car dealer to buy your car for or take in as a trade. The trade-in value is going to be lower, as the amount between the trade-in and the retail value is the profit margin for the dealer. If they can’t make a profit, there is no point for them to have a business. Used car dealers can usually turn the used cars much faster than individuals and take the hassle away from trying to sell the car yourself.
Kelly Blue Book also takes your location into account, as this may slightly increase or decrease the value of your vehicle.
To determine your cars value visit:
- http://www.kbb.com/ and follow the directions. This will only take a few minutes.
To get a variation you can also check the car value with another resource called NADA.
Car Safety Ratings
If you are looking to buy a car, be sure to check the safety ratings. If you are going to invest your money in a car, you want to make sure that it has high safety ratings. This is where cars have been tested in different types of collisions and provided a rating from 1 star to 5 stars. 5 star is the best rating.
To check a car’s rating is very simple and only take seconds. Most car from 1990 to present can be checked. If no tests have been performed on the car you are checking, it will tell you no testing has been tested on this model. To check the safety rating visit:
- http://www.safercar.gov/Safety+Ratings and follow simple online directions.
It is also a good idea to ask for the car history report. This is a report that will provide you with information if the car has ever been involved in an accident, in a flood, etc. There is usually a charge for this report, but most used car dealer will have it in the file. If not, it may be worth buying one yourself.
Last, but certainly not least, be sure to get a quote from your insurance company or find an auto insurance quotes online before investing in a car. You can usually call the insurance company and they can give you a quote within minutes. The last thing you want is to buy a car and find out the insurance is extremely high and you can not afford the cost. This is another reason to check the safety rating as well. The safer the car is, the better your rates may be. Insurance companies also take into consideration how much a specific car will cost to repair if it breaks down or involved in an auto accident, as some cars are much more expensive to repair than others.
Give them a call or use your smartphone to check online, it will only take a minute, but may prevent you from buying a car that is too expensive for you to insure. Good Luck
For additional information and to dig deeper into this topic, visit http://www.carinsurance.org/
While we’re talking about auto insurance, watch this video discussing some of the lowest cost insurance companies.