How to Calculate the Market Value of Used Cars
Dealing with a car salesman can be one of life's most frustrating experiences, especially when trying to determine the value of your trade-in. With terms such as "Blue Book" and "Black Book" and retail and wholesale, who can say what is a fair price? Truth be told, many factors must be taken into consideration. There are objective ways to determine value, such as year, make, model and mileage. But some facets are subjective, such as condition and appearance.
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Instructions
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Gather the vehicle's pertinent information: Year, make, model, mileage, options and trim package.
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Decide the vehicle's general condition. Most vehicles fall under the good or fair guidelines. In reality, there are no excellent vehicles. Any vehicle can be found to have a flaw. How does this vehicle look? How does it run? What does it need? How does it compare to others like it? Is it a popular color?
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Decide on the price or trade-in value you think the car is worth. Many ways to factor price can be found on the Internet. Kelly Blue Book, long the industry standard, is a safe guideline, as are Autotrader.com and even eBay.com. Take the numbers from all three sites and average them. This should result in a fair market price for your vehicle.
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Tips & Warnings
When calculating the value of your vehicle, round up to the nearest $500 and be prepared to lower your asking price from there.
