What is the Best Way to Price a Used Car?

Finding the price of a used car can be exceptionally important, regardless of whether or not you are buying or selling. After all, this is the only way to ensure that you are getting a fair deal on the automobile you are purchasing. So, how can you best ensure that you are getting the best possible price on a used car?

What is the Best Way to Price a Used Car

First, keep this in mind: Cars quickly lose their value. The second it drives off the lot, it loses 10%, and then as much as 20% the first year you own it. As such, don’t be surprised that your car rapidly loses a ton of its overall value, even if you haven’t driven it all that much and have kept it in good condition. 

From there, a variety of factors go into determining its value. These are mostly obvious and include things like vehicle history, accident history, overall miles driven, appearance, demand for the car model you are driving, and more. All of these factors will interact in order to influence your car’s overall value.

There are two websites you can use to determine your car’s value: Edmunds and the Kelley Blue Book. Both of these are industry-accepted ways to determine the value of a car, be it if you are buying or selling. Keep in mind that both sites come with free options, but you may need to shell out a few bucks if you are looking for a more formal or customized valuation. This can be well worth it, however, it if can save you hundreds or thousands on the purchase or sale of a used car.

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Keep in mind that these valuations are important, but they aren’t the be-all, end-all of car values. Dealers can and will alter the value of a car based on a variety of circumstances that may not be immediately visible to you. However, that obviously doesn’t mean that you should take the first deal that is offered to you. Use the Edmunds of Kelly Blue Book valuation as a starting point. From there, shop around, and see what sort of offer you can get. You may be able to get a better offer at one dealership or another, perhaps because they are looking to purchase the car you want to sell or are looking to clear inventory off of their lot.

Regardless, remember, there is a set method of evaluation that is used to determine the price of a used car. Knowing the above can help you navigate the purchase or sale of a new car. This, in turn, can result in more money in your wallet. 

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