How To Know My Car Value – How much does my car cost? Find out how to determine your car’s value before you go on the market.
When it’s time to upgrade your car, the first step is to download your current car. You have two options: sell or trade. Both options have their pros and cons, but first you need to know how much your car is worth in order to properly budget for your new car.
How To Know My Car Value
Fortunately, there are valuation tools to answer the question, “How much is my car worth?” We’ll look at these tools and offer some simple alternatives to the standard ones below.
Sell Your Car
To get the best value for your car, you can spend countless hours searching the internet to find similar cars for sale and their prices. However, year, performance, and mileage aren’t the only factors to consider when determining price. You must check the condition, Carfax history, color, location, financing rate and more! Or, you can go to a car inspection service that has already done it for you.
Sites such as Kelley Blue Book and Canadian Black Book search data on new and used cars to determine their base value, value of added options and more. They then measure the resale value based on the condition and mileage of your vehicle and whether you plan to use it as a business or sell it yourself.
There can be a big difference in the price of your car depending on whether you are trading it in or selling it privately due to taxes. For example, if you own a Honda Civic that can be sold privately for $10,000 in Ontario. It will be worth $11,300 if it is worth $10,000,000 as a business. When you trade in your car, the dealer does not charge tax on the difference between the value of your car and the new car being bought. So the total amount you save when trading in the example above is $10,000 + $1,300 = $11,300.
These valuation sites are free, but there is no guarantee that you will get the correct price for your car. These services give you the best price, but the final selling price depends on the demand for your car in your area and the ever-changing market.
Instant Used Car Value And Trade In Value
If you decide to sell your car on the open market, you must set a starting asking price. Canadian Black Book and Kelley Blue Book can provide you with a list of the best prices for your car.
If you’re using the Canadian Black Book (CBB), start by selecting a pattern from the drop-down box at the top of the screen and click Search. As an example, we will use the Ford Focus. On the next page, click “Get a quote for the asking price.”
As prompted, enter your vehicle’s personal details. For our example, we’ll use K2H1A1 for our zip code, 2018 for the model year, and 50,000,000 for our mileage. Click “Next”.
Now, select the cut. For our example, we will choose the Titanium coating. If there is an invalid body type, you will choose the next one. For our example, we will choose “Sedan 4D”.
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Next, choose the options your car has and its color. For our example, we will select “No options available” and “white”.
On the next page, CBB asks which car you plan to buy when you replace your car. For our example, we chose the 2021 Ford Mustang and say we plan to make this purchase in the next six months or so.
On the next page, if you wish, you can enter your personal data or skip it by clicking the “Skip” button.
On the last page, you will see the asking price for your car. For our example car, it cost $18,675.
How To Calculate The Trade In Value Of My Car
In Kelley Blue Book (KBB) click on the “Select Make” tab and select the make of your vehicle, then do the same for the model and click “Search”. We will use the 2018 Ford Focus Titanium 4D Sedan for this example.
Scroll down to find the year, fuel type and transmission type that matches your vehicle on the next page. Then click on the trim level that matches your vehicle.
On the next screen, click “Private Party Value” and enter your vehicle’s mileage. For our example, we chose 50,000,000 km and “Very Good” condition. If you want to add a random device, click the “Change random device” button.
For our Ford Focus example, KBB estimates the private party is worth $18,005 and the best price is between $17,198 and $18,813.
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When trading in your car, CBB and KBB are great sources, but expect values to be lower than private party values. This is because dealers have to calculate their price and the amount of repairs the vehicle may need.
If you are using CBB, select an active model from the drop-down menu at the top of the screen and click Search. We will continue to use the Ford Focus as our example. On the next page, click Get Business Value.
Enter your vehicle’s personal details as required and click “Next”. We’ll use all the details as before: K2H1A1 for our zip code, 2018 for the model year and 50,000,000 for our mileage.
Now, select the cut. If there is an invalid body type, you will choose the next one. Click “Next”. We will continue with the previous model, which was the Titanium trim 4D Sedan.
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Next, choose the options for your car and its color and click “Next”. For our example, we will select “No options available” and “white”.
On the next page, CBB asks you to indicate the next car you plan to buy when you trade in your car. We’ll use the same car as our previous example: a 2021 Ford Mustang that I plan to buy in six months or so.
On the last page you will find the lowest and highest price for the sale of your car. For our example car, it ranged from $14,360 to $15,640.
For KBB, the process is very similar to finding a private party that has used the value of the car. Click on the “Choose to create” button and choose to create your machine. Click on the “Select model” button and select the model of your car. Click “Search”. We will use the 2018 Ford Focus Titanium 4D Sedan for this example.
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Then, scroll down and click the year, fuel type, and transmission type that match your vehicle. Now click on your car level.
On the next screen, click Trade-In Value and enter the vehicle’s mileage and valuation. For our Ford Focus example, we chose 50,000,000 km and “Very Good”.
If your vehicle is equipped with the wrong equipment, click the “Change optional equipment” button and select the available options. KBB will then show the value of your vehicle as a trade-in.
For our Ford Focus example, KBB estimates a trade-in value of $12,758 and an expected trade-in price of $11,931 to $13,586.
Help Me Sell My Car When I Am Upside Down On The Loan
While these expensive tools provide great insight into your vehicle, they don’t know everything. Several variables can change the value of your vehicle without the KBB and CBB calculations. There are a few changes to keep in mind:
Car buyers want a vehicle that will last and a full vehicle service history is a great way to show that your car has been well maintained. With these documents, you can expect the buyer to pay at the higher end of the price range for your car.
If a buyer tries to match you up, use this perfect service history as a selling point for your car. The best way to prove this is to keep all service receipts or take your car to a dealership that records the service history on a Carfax report.
Car history is another concern in the car buying process. If a car has been in an accident, flooded or has other damage, it can reduce its value. If your car has never had any of these problems and you want to prove it, create a Carfax report to show the buyer.
How Do I Find Out The Exact Value Of My Car?
Most people trying to sell their cars privately compare the price of their car to what the dealer is selling it for. After two weeks of not being able to sell, they ended up lowering the price but wondering why the dealer would trade one car for another.
If you were buying a Toyota Corolla, would you rather pay $15,000,000 to Joe from Mississauga? Or buy that Corolla from a big, well-known dealership that sold hundreds of cars that month for the same price. Most people prefer the latter.
Getting a quote from KBB or CBB does not guarantee that you will get the private party or business value they give you. These are only estimates based on statistics. Then there is the hassle of going to a traditional dealership to get a quote when they try to sell you on another vehicle or book a car for sale yourself and you spend time on emails, texts, phone calls, several balls, carriers tires and no show.
You can skip all the hassle with Clutch, Canada’s first 100% online car dealership. We have an online vehicle tracking tool for that
How Is The Value Of My Car Determined
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