What is the value of your car?

Understand the value of your car

A car has different types of values. How you’re selling it and who’s paying for it affects a vehicle’s estimated value. Here is a quick look at the types of values that are often discussed online when you’re researching your car’s worth:

• Trade-in value: This is the lowest amount you will likely be offered for your car by a dealership, sometimes called the wholesale price. This tells you about what you should get if you trade in your car at a dealership when you buy another car.
• Private resale value: This is the amount you’ll likely get for selling your car to anyone other than a dealer. This value is often more than the trade-in value but less than the retail value. If you advertised and sold your car yourself, this is about what you should expect to get after negotiations.
• Dealer/Vendor retail value: This is even higher than the trade-in or the private party price. It’s about what the asking price would be if your car were being sold by a dealer.

Information you need to estimate your car’s value

You’ll typically need to gather the following information to get a price on your vehicle. The more accurate you are, the more reliable your estimate or offer will be.

• make,model and Year. You may find this in your owner’s manual or on your vehicle’s title, or by looking up the vehicle identification number (VIN) in a free online database.

• Color and optional equipment. The color of your vehicle can have an impact on its value, so be specific if given an option to select more than just standard colors. Optional equipment includes any features that don’t come standard with the model, such as heated seats, a sunroof or leather upholstery. Sometimes, optional equipment is grouped in a package and given a fancy name like the sports or convenience package.

• Condition of Vehicle. Pricing guides use varying terms to describe the condition of vehicles. Read the description of each condition level carefully and be honest when evaluating what matches your car to avoid receiving an inaccurate estimate.

• Mileage. Every mile you drive reduces your car’s value. Research has shown that the average driver travels about 14,000 miles per year. If you’ve driven more than that, the value of your car is likely reduced. Provide the exact mileage of your vehicle for the most accurate offer.