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USED CAR SERVICES:
Extended WarrantyVehicle History Auto Insurance Car Financing Research Report Used Car Buying Guide |
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Determing Used Car ValuesWhat gets factored into the price of a used vehicle?Knowing used car values is essential in both buying and selling. By knowing the value of a used car, you can recognize a fair price or one that's outrageously high or low.A used car's value is determined by numerous factors, including: * Make and model: Those that sold for more as new cars are more likely to hold a greater value as used cars. Reliability and average lifespan also factor into used car values. * Mileage: A higher number on the odometer usually results in a lower price. * The extras: Options such as power steering and stereo and GPS systems increase value. * Location: Different types of cars are worth more in certain areas than in others. * Condition: Obviously, a car that's in excellent shape has a higher value than one that's a bit worse for the wear. The Kelley Blue Book (kbb.com) is considered by many to be the gold standard in determining used car values. It uses all of the above factors to calculate the Retail Value (what you'd expect to pay at a dealership), the Private Party Value (a fair price for a private seller) and the Trade-in value (what you'd anticipate receiving toward the purchase of another car at a dealer). Finding the value of a used car on kbb.com is simple and quick. In addition to their website, Kelley Blue Book offers free mobile apps and sells printed guides. The National Auto Dealers Association (nada.org) also allows you to calculate used car values, using a similar process as Kelley Blue Book. They, too, sell printed guides and offer mobile apps. They also offer information about topics such as safety ratings and vehicle history reports, though not all of it is offered free of charge. Ultimately, used vehicle values are what buyers are willing to pay for them. That's why checking out classified ads and local dealerships can also help you determine how much your car is worth where you live. Although it's unlikely that you'll find a car just like yours in the same condition, finding out what similar vehicles are going for can provide insight into how much your ride, or the one you want to buy, is worth. Used car values aren't just numbers, they're tools to help you get a fair price no matter which side of the car-buying equation you're on. Don't buy or sell until you know what your car is worth! Related Articles: How to buy a used car the smart way from start to finish. |
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