Figuring out the value of your car can be difficult because of the variety of factors that contribute to the overall total. It can be helpful to know the worth of your vehicle even if you have no intention of selling.
For example, it can be helpful if you get into an accident and need to file a claim because depending upon the severity of the damage and the vehicle value, often times the cost to repair exceeds the total vehicle cost. This means that the insurance company will not pay to repair, rather give you their estimated fair market value.
Get an Estimate from Websites
The easiest way to find out the value of your car is by going to reputable websites, like Edmunds or Kelley Blue Book (KBB). They’ll provide you with a ballpark figure for the value of your car. For instance, KBB sets the value of a car based on its price when it was new, what people are looking for now, market conditions, vehicle condition, reported accidents and mileage. There may be a difference in the value if you try to sell or trade it in.
Find Listings for Cars Similar to Yours
You can easily search for specific vehicle models on used-car listing sites in your area and find out what price has been set by others. When comparing the same models, also keep mileage in mind as this plays a significant role in determining value. Two cars with the exact same year, make, and model will not have the same value if one has 20,000 miles and the other has 100,000.
Used-car listings can also help you if you’re trying to sell your car yourself. It gives you access to what other buyers were willing to pay and set your price dependent on that.
Consider the Condition, Mileage, and Extras
Not all cars are created equal, even if they are the same model, make, and year because you have to also factor in the maintenance. Mileage is a massive factor when you’re trying to find the worth of your vehicle. A car that has 50,000 miles on it has more to offer than one that has been driven for 150,000 miles.
Mileage isn’t the only thing to consider; there are other things like convertible tops, sunroofs, sound system, larger rims, leather interior, and other amenities like heated leather seats that will raise the value.