While used car prices might have plateaued in August, demand is still very high due to supply shortages, with the average median listing price up 34.3% compared to last August. Even if you don’t intend to sell your car, it’s always a good idea to check in on your assets to see how much they might be worth—and doing it doesn’t take much effort.
Why the used car market is so hot
Pandemic-related supply issues have reduced production of new cars, which in turn has led to increased demand for used cars. CarGurus has assembled a tool that shows you how prices have increased based on a particular model and brand—and every graph shows a pretty dramatic climb.
With prices so high right now, this is a great time to sell your used car, or to sell your lease for a profit (read more on how to do that here). But before you can do that, you’ll need to know how much your car is worth first.
How to find out how much your car is worth
Fortunately, there are plenty of websites that can give a free estimate for your vehicle. All you’ll need is the following information:
- Your vehicle’s make, model, and the year it was made (check the owner’s manual if you’re not sure)
- Your location
- Your vehicle’s VIN or license plate number
- Your mileage
You’ll also need to add some quirkier details like you car’s color (unusual colors do surprisingly well in the secondary market), as well as a complete accounting of its features, including any custom upgrades like fancy tires.
For quotes, you can check out estimator sites like Kelley Blue Book, the National Automobile Dealer’s Association’s site or Edmunds. Your car’s estimated price will vary depending on the site, as they all have different ways of calculating value, but it should give you a ballpark figure to work from.
Clark Howard, a popular consumer advice expert, recommends Carvana’s estimate tool, as he claims the company, which primarily sells cars over the internet, offers the most accurate pricing of all sites that provide estimates. Whichever you choose, it doesn’t hurt to run your info through more than one site for a quote. Also, if you bought your car at a dealership, check and see what they’ll offer—you could get more than you’d think, since dealerships are desperate for inventory.
The different ways of defining a car’s “value”
Car value estimators will give you different figures depending on how you plan to sell your ride. These include:
- Retail value: what a car dealership would sell your car for in the retail used vehicle market.
- Trade-in value: what a dealership is willing to pay you for your vehicle; this number is typically significantly lower than the retail value. The difference in price accounts for the work the dealership will take on to transfer ownership and conduct inspections. Basically, selling to a dealership is a convenient way to unload your car quickly, but that comes at a cost.
- Private resale value: how much you could make if you sell your car yourself. This tends to net you more money than the trade-in value, but you will have to do all the work to line up a buyer and negotiate a selling price, which will take up more of your time.
For more on which option is best for you, check out this post at our sister site Jalopnik.
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September 17, 2021 at 03:00AM
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How Much Is Your Car Worth Right Now? - Lifehacker
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