Tips and Advices

How to estimate the price of your car

February 4, 2015
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Once you make the decision to sell your car, the first and the most important step is to estimate the price of the vehicle. Deciding the right asking price makes the difference between getting many offers right away for your car and having your phone not ring at all. In order to come up with an effective asking price, you’ll first need to find out what the car is worth and how much other people are asking for similar cars. There are many factors that affect a price of a car; including its launch year/age, condition, mileage, make, model and the existing market.

Know your market

First of all, you have to be aware of the market that targets your vehicle. When it comes to cars, there are universal hot commodities, generally easy to sell cars and then the kind of cars you have to decrease the value and look into additional ventures in order to sell it. For instance, if you have a high-end sports car or a convertible, they attract only a specific elite in the society to which you can directly address. On the other hand, if you have a family sedan, while it may not look as alluring as a convertible, there is a constant demand by the market for such inexpensive and useful vehicles which will guarantee you a good price. Similarly, the vehicles used in work such as vans and trucks also assure you an easy and profitable sale all year around.

Sell your car

Determine a rough value for your car

It is always a smart move to do a research on where your vehicle price-wise stand in the current market. Look in to the cars of different brands which offer the similar features as yours. Brand of the car plays an important role here since the first impression of a car mainly gets down to the reputation of its brand. For an instance, Hondas and Toyotas have a solid reputation of lasting without issues even after their first couple hundred thousand miles. Basically, despite you may be the 2nd or the 3rd owner of a car, if it belongs to a high quality brand, you have the ability to safely estimate a profitable price.

Consider the age and the usage of the car

Unless you have classic car which attracts collectors and old car enthusiasts, it is a known fact that the, older your car, the lesser price that you can demand in a re-sale. One way that you can reassure of a good price for an old car is the good usage and the maintenance of the outer appearance. Even if your car is old, you should not give up on its appearance. Make sure that despite the age, your car is in its best look for get a better price for it.

Determine the Mileage and the overall condition of the car

Mileage is a critical factor when pricing a car, since the value of a car can drastically go down despite how new or high-quality it is, if the mileage is high. A low mileage usually means that the car is less worn and hence in a better condition. If your car has a history of accidents and frequent repairs – especially the visible dents and scratches – those should be considered when estimating the car value.



Consult Your local dealers, Websites and Papers

If you prefer a more hands-on experience in the process, visit your local dealers and ask them of the trade-in value that they will give you if you buy a similar car to yours from them. There are websites which provide the service of considering the features, make, model, mileage and condition of your car and give you a rough estimate of value. Use more than one of such websites to make a general decision according to the results. Going through the classified paper advertisements and checking the pricing of the similar cars to yours will help you to give you an idea about the market worth for your vehicle. Make sure you check both the private listings and advertisements from the dealers and for a more accurate estimation.

There can always be exceptions to the rules of pricing, so you may follow your intuition when it comes to this, as well. And don’t forget to leave a little room for negotiation in your asking price.

About author

Carmudi LK

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