So, you bought a brand new BMW when you were in college to flex on your classmates. The coupe you got was reliable and held up well.
Now, you’ve got a family on the way. You need something with a bit more space. You try to list or trade in the vehicle, only to find that its value has dropped significantly.
The worst bummer when selling a used vehicle is finding out that it doesn’t have the resale value that you hoped. Finding that value alone can get tricky. Not sure how to find a used car value? Our guide will tell you what you need to know.
KBB: The Holy Bible of Used Vehicle Sales
There are many sites where you can determine the value of your used car. If you want to know how to find a used car value that’s accurate most of the time, Kelley Blue Book should be your Holy Bible.
Many car dealerships base what they offer you as trade-in value off of the car’s Kelley Blue Book value. Your car’s KBB value can also play a role in determining your insurance rates, as more expensive cars pose a higher risk.
However, dealerships and resellers can have their own software to determine the car’s value. Compare it against the KBB value and decide for yourself if you’re getting a fair deal.
Look at the Make and Model
If you’re not sure how much your car will sell for, one way to get a general idea is to look at its make and model. Certain carmakers, like BMW, or models, like the Ford Mustang, speak for themselves to potential buyers.
Don’t know cars very well? Can’t remember the model of the vehicle you have? You can always research it by the VIN, or Vehicle Identification Number.
The Vehicle’s Condition is Key
Naturally, with any used vehicle, its resale value depends upon its condition. If the odometer reading is over a certain amount, this can indicate that the engine is (or will be) on its last legs. No one wants to inherit something that will break down immediately.
Does your car show any major signs of damage? If so, you’d be better served to find a specialist to sell your junk car.
Are there any Unique Vehicle Features?
One last thing to consider is whether or not your vehicle has any unique features. If you purchased a special package or added certain upgrades, that can affect the resale value of your car. Make sure you account for those during your search.
Let’s Review How to Find a Used Car Value
Still to sure how to find a used car value? Let’s review the important parts.
First, check Kelley Blue Book before all other options. Then, research according to the vehicle’s make and model, odometer reading, and unique features. By doing this, you ensure that you can find the best and most accurate resale value for your car.
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