How much is a Used Car Really Worth

How much is a Used Car Really Worth

To determine the worth of a used car, it all depends on which used car is been valued. There are various factors which are considered when determining the worth of a used car.

  • Condition - The present situation of the car is essential when determining the worth of a used car. In order to determine condition of the vehicle focus on three main points:
    1. Exterior: Paint and body, minor scratches, dents, paint flaws or rusts. Also, windshield glass, lights, lenses, and wheels.
    2. Interior: Upholstery and carpet, electronics (windows, radio, NAV, etc.)
    3. Mechanical: Engine, transmission, steering, brakes, tires, suspension.

  • Make as well as Model of the car - There are more interest and demand for specific models and makes over others. Chevrolet tops the list of most-available brands in the U.S. (with about 450,000 available), followed by Ford (425,000). There are "only" about 280,000 Toyotas on the market at any given time.

  • Mileage - Another thing to check out is how much mileage has been driven on the car. Certainly, cars with lower mileage will surely bring a greater selling price compared to if the car has been driven a lot and already has high mileage. Consumers lose as much as $4 billion a year due to odometer fraud, with the average rollback being over 15,000 miles.

  • Season - Based on which type of the vehicle, is possible to get more money depending on the season. For example between July and October larger dealers typically lower vehicle prices to attract off-season buyers.

  • Vehicle History - In the event that the car has had previous damage from a major accident or weather-related mishap such as hail, it will definitely decrease how much the car is worth. For example, let's say you found two cars of the same year, make, model, equipment and have similar miles, but one has damage reported on the Vehicle History Reports while the other does not. You would expect to pay less for the one with the damage and because buyers expect to pay less for that car. Also, if you are going to trade in your vehicle towards the purchase of a newer car the Dealer typically will offer anywhere from 10-30 percent less for your trade.

 

How to find out the market value or Present Worth of a Used Car

When negotiating, most car dealers do make use of Kelly Blue Book values. You can also check out the Kelly Blue Book website and check the worth of the car you intend to purchase. Also confirm the value of the same car model produced two years back. For example, if you are buying a specific car make and model then check out the value for the exact same model and make for both the 2010 and 2008 models. The difference between the 2008 and 2010 cost is the depreciation. This gives you a great idea on how much the car depreciates on average. Now if the recent model year is 2012, then you can certainly use your rough depreciation estimate to figure out the reasonable worth of the 2010 model. For instance, if the Kelly Blue Book listed prices for 2010 and 2008 models are: $30,000 and $25,000 respectively, then the depreciation is $2,500 yearly. So if you go to the dealer and the 2010 model is priced at $31,000 then you can definitely argue that as a result of depreciation the 2011 model should sell for $31,000-$2,500=$28,500

Negotiating Power when Buying a Used Car

  • Do your own research on the car you wish to buy.
  • Set your price - Decide on the amount you want to purchase the car.
  • Talk to several car dealers.
  • Don't reveal your eagerness to purchase the car.
  • Have it checked out by a private mechanic.
  • Give an Ultimatum - Request for some time to consider purchasing the car.
  • Be willing to walk away.

 In determining the worth of a car or when thinking of buying a used car, it is very essential to carry out this process and do research on the worth and value of the car. If this research is not carried out, is either you are over charged as a buyer or under charge as a seller.

 

Comments

Post a Comment

Popular posts from this blog

Exposing Deceptive Practices and fraud by unscrupulous vehicle sellers

Image
Exposing Deceptive Practices and fraud by unscrupulous vehicle sellers What you should know before you make your next purchase.   Vehicle seller fraud is an unfortunate part of the  automotive  industry. Vehicle seller fraud can take various forms and it's crucial for buyers to be aware of potential scams. Therefore, we've opted to compile a list of scams and deceptive practices based on direct experiences and firsthand accounts shared with us over the years.   Odometer Rollback:   Odometer Rollback is an old deception where the seller misrepresents the number of miles the vehicle was driven by illegally manipulating the odometer to show a lower  mileage . By changing the vehicle mileage , the vehicle may appear less used than it actually is and fetch a higher premium.   The buyers may end up paying more for a vehicle than its true value and they may face unexpected repairs sooner than expected. The good news is that with the widening adoptions of state and federal mandated rep
Read more

What You Should do if Your Vehicle has an Open Recall

Image
What You Should do if Your Vehicle has an Open Recall Every year, automakers recall millions of automobiles. When these recalls are issued it is the responsibility of the auto manufacturer to work with dealers in order to repair the affected vehicles. You can check the National Highway Traffic Safety Administration's recall database if you're not sure if your car has been subject to a safety recall. If your vehicle has been recalled, read the recall notice carefully and follow the instructions to ensure your safety on the road.   Every year, tens of millions of automobiles are  recalled  to fix problems ranging from software issues that cause  cars  to halt suddenly to leaks that may cause fires. Some recalls affect millions of automobiles, while others affect just a few hundred. Every recall, however, is significant, and each owner of a recalled vehicle has the same rights.   A recall can be a slow, annoying process. Sometimes it takes weeks for the car to be picked up and it
Read more

How to replace your windshield wipers

Image
windshield wipers Replacing car windshield wipers does not have to be difficult and it is something you can do yourself in just a few short minutes. Replacing your vehicles windshield wipers is generally a straight forward process but it can vary based on the design of wipers and the   make and model   of your vehicle. Here's a general guide considering the differences in wiper designs:   Purchase the Right Wiper Blades:   The first thing you must do is purchase the windshield wipers that is right for your car. Keep in mind windshield wipers do not just vary by size they also may feature different attachment mechanisms so, be sure to purchase the wipers specifically designed to fit your vehicle. Don't presume that the size of one windshield wiper, such as the front left, applies to the right side. Vehicle manufacturers often use different lengths for wipers on various sides of the windshield. Additionally, if your vehicle has a rear wiper, it will also have a designated size an
Read more