How to Determine Auto Diminished Value
Before selling a car, it is beneficial to have a good idea of what the car is worth. With cars that are more than a couple of years old, this can be difficult for a novice. However it is quite simple using both the Internet, and traditional media, to figure out what is a reasonable value for your vehicle.
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Things You'll Need
- Car cleaning materials
- Professional appraiser (optional)
- Local used car listings
Instructions
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Clean and detail your car. You want to get the car sold at the highest possible value, so your car needs to look its best.
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Assess the condition of your car. Note any dents, rust, or torn carpeting. Give your car an overall grade of Poor, Fair, Good, or Excellent based on what you see.
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Check to see if your vehicle is listed in an auto value registry such as Kelley Blue Book. These can give good guide points for setting a sale price, and help get a standard on which you can base future bargaining.
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If your car is especially expensive, or is not listed in a registry, consider hiring a professional appraiser to find the value of your car. They are expensive, but they know what they are talking about.
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Find a car similar to yours that is already on the market, this is easily done by browsing through local used car catalogs. This can give you a real world idea of what your car is worth in your area.
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Tips & Warnings
Don't be fooled by a car dealer offering you trade in value for your used car. You can usually get much more on the private market.
References
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Comments
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If you need to hire an auto diminished value appraiser, insist that the appraisal be done on the basis of actual dealer opinions rather than the use of a formula.
