What’s My Car Worth? How to Find Its Resale Value – NerdWallet

In the end, the veridical price of your car is what person else is volition to pay for it. possibly you ’ ve decided to sell your car and you wonder how to set a competitive price. Or you may be thinking about refinancing your car lend and are worried you might owe more than the car is worth. fortunately, there are many other tools to help you estimate your car ’ sulfur value — and now, many of them will offer to write you a check. But inaugural, here ’ s a quick overview of the serve.

  1. Consult price guides. Enter as much information about your cable car, the mileage and condition horizontal surface as you can into one or more vehicle-pricing estimators .
  2. Pick the cable car value you need. Are you trading in ? Selling to a private party ? Decide which price you need indeed you ’ ll know which sum to look for .
  3. front for comparable vehicles for sale in your area by searching on-line classifieds like AutoTrader. Note the ask price and act of like cars for sale locally .
  4. align your car ’ s prize for depreciation by comparing the price guides with real-world data from the on-line classifieds and offers from on-line purchasers such as Carvana or CarMax .
  5. Consider early factors that might influence the price, such as the time of year, local popularity of the vehicle and any modifications you ’ ve made to the car .

» MORE Get on-line offers to sell your car

Car value estimators and pricing guides

Your beginning break for pricing information should be free on-line pricing guides. Since none of them is writing a arrest for your car, take them for what they are : a data-driven calculate based on recent sales. here ’ s a breakdown of the major price guides .

  • Edmunds pioneered the concept of “ true market value ” price, based on real-world franchise transactions, to show the average price paid for a car in your area. Providing this unprejudiced information helped consumers to negotiate based on real-world data. originally, it was created to help consumers and offered prices that were considered unprejudiced .
  • Kelley Blue Book offers an easy-to-use car value calculator that shows trade-in, private party and even certified pre-owned car price. Kelley has sometimes been criticized for presenting prices that favor car sellers — low numbers for trade-ins and high prices for dealer sales .
  • NADA guides, created by the National Automobile Dealer ’ second Association, habit data on millions of car transactions to get an approximate value. This pricing calculator is besides backed by car sellers although it is considered accurate by experts .

You ’ ll credibly poster some variation in pricing among the guides. That ’ second because each uses unlike data and unique algorithm. however, the cable car values should be within respective hundred dollars of each other.

Information you’ll need to estimate your car’s value

Pricing guides are precisely that — guides that help you estimate your cable car ’ south value. You won ’ metric ton be able to follow any of them to the penny. even so, you ’ ll typically need to provide the postdate information to get the most accurate price : year, make and model. Say you have a 2015 Nissan Sentra SL. “ Sentra ” is the exemplar, and “ SL ” is the trim charge. To find your shave degree, count for the chrome letters on the back of the cable car. You can besides find this in your owner ’ second manual or on your vehicle ’ south claim. semblance and optional equipment. Some colors, such as silver and white, are more democratic and will command a higher price. optional equipment includes any features that don ’ metric ton come standard with the model. Examples are heated seats, a sunroof or leather upholstery. sometimes, optional equipment is grouped in a box and given a fancy mention, such as the sport or appliance box. Vehicle condition. different price guides use different ways of describing the condition of the vehicle. For case, Edmunds uses Outstanding, Clean, Average, Rough and Damaged. Whichever words they use, read the description of the condition flat carefully and be honest when evaluating what matches your car — people tend to overestimate their car ’ mho condition. Unless the car is showroom fresh, it is improbable to be “ outstanding, ” for example. mileage. Every mile you drive reduces your car ’ s value. If you ’ ve drive more than the average amount of about 12,000 to 15,000 miles a year, the value of your car is reduced. If you ’ ve kept your car in the garage and it has fewer miles than the average, your cable car is worth more.

Understand car values

once you ’ ve input all of your vehicle information, you may see respective different prices .

  • trade-in prize : This is the lowest come you could be offered for your car, sometimes called the wholesale price. This tells you about what you should get if you trade in your car at a franchise when you buy a new car. In most states, you ‘ll need to consider the tax savings that may make a trade offer much more attractive .
  • Private party resale prize : This is the price for selling your car to anyone other than a dealer. If you advertised and sold your car yourself, this is about what you should expect to get after negotiations .
  • Dealer retail value : This is even higher than the trade-in or the individual party price. It ’ randomness about what the ask price would be if your car were being sold by a trader .
  • Certified pre-owned prize : Some use cars are inspected and sold along with a bumper-to-bumper guarantee. These certified pre-owned cars command a higher price as indicated by some price guides .

Research prices in your local market

When selling a sign of the zodiac, a good real number estate agent estimates its value by looking at “ comps, ” or comparable properties. You should follow the lapp general drill when determining your car ’ s resale value. A four-wheel-drive pickup truck will bring more in a New England winter, relatively, than a two-wheel-drive. Go to online used cable car listing sites such as Autotrader, CarGurus or Cars.com and enter your car ’ south information, as if you were searching to buy your own car. When you see the results, find cars that closely match yours. Pay care not lone to the asking prices — what the seller would like to be paid — but besides to how many alike cars are for sale.

It ’ s besides worth doing searches for cars like to yours on both Craigslist and Facebook Marketplace, which are localized, and eBay Motors, which can reach buyers across the country. last, get cash offers to sell your car on-line from major on-line dealers such as CarMax, Carvana and Vroom. You ‘ll need basic information such as the 17-digit vehicle designation count or license plate, mileage, model and options details. There ‘s no duty. What they offer you, versus what they ask for that same model on-line, represents the cost of reconditioning your car, shipping it to a distribute and making a profit .