How to Estimate Used Car Values
There are several ways to estimate used car values. Pulling up an online valuation report is the easiest way to find different values on the vehicle. Taking the car to a professional auto appraiser is another option; however, there is a charge for the service while an online report is free.
- Find an online auto pricing website to estimate a used car value. Go to the section on used cars and find the year and make of the vehicle you want to price. Check the different models for the car to make sure you are looking at the correct one on the website.
- Type in the current mileage on the car, as well as any extra features or options. Items such as leather seats, a moonroof or sport wheels will add to the value of the used car. Once you add all of the additional features, pull up the valuation report.
- Review the report to help you price the used car. If you are trying to sell the car, use the “Retail” value on the report as the asking price for the car. If you are buying the car, use the lowest value as the starting point for your purchase negotiations with the seller.
- Deduct any repairs the used car needs from the value on the report. Get an estimate for the repairs to find the exact number to deduct. If you are selling the used car, consider having the repairs done before you try to find a buyer. If you are buying the used car, make an offer that is near the lowest value on the report, less the cost of any repairs that the car needs.
- Get an appraisal on the used car if you want a professional estimate. Contact a used car appraiser or take the car by a dealership that sells the same make. Compare the estimate with the valuation report to decide which price to use for the car.