#used car worth
How to Sell Your Car What s It Worth?
Blue book is a term that car dealerships use to determine the value of a vehicle. When a used vehicle is traded in for a new car the salesperson or manager gets out the blue book to determine what the car is worth. When the dealer puts the trade-in on the lot, the price the dealer sells it for is also determined by the bluebook. The blue book also shows the private party value, which is the most important value when selling a car from person to person.
How to Find the Value for Selling Your Car
There are a few companies that determine car values that can be accessed on the Internet. One of the popular car value companies is Kelley Blue Book. Before determining the value of a vehicle there’s certain vehicle information that must be known before proceeding.
- Year of the Vehicle
- Make of the Vehicle (Ford, Chevy, Toyota etc.)
- Vehicle Model (Taurus, Impala, Camry etc.)
- Vehicle Trim (XL, SE, CE, etc.)
- Current Mileage
- Engine Size
- Transmission Type (automatic or manual)
This is some of the basic information that’s needed. If there is any other optional equipment on the vehicle, this also needs to be inputted because it will add to the value of the vehicle. With Kelley Blue Book, there is a checklist where optional equipment can be clicked. The next step is to understand what the different values represent.
Used Car Trade-In Values
If a quick sale is needed, many car dealers will buy a used car from a private party. The dealer will use the trade-in value from the blue book. This is also the value that a dealer will use for a used car when it is traded in for a new car. Most dealers will start at this value when deciding on how much money is given to the customer. Once the book value is determined, the dealer will usually start deducting money from the trade-in value for any repairs that need to be made.
Used Car Private Party Value
If a used car is sold from one person to another person, the private party value is what’s used to determine how much the vehicle is worth. For a fast sale it’s a good idea to list the selling price at a value less than the private party value. Show the potential buyer the actual value as it’s listed in the blue book and let them know the selling price is less than what’s recommended. If leasing or buying a new car, selling the old car close to private party value could result in a larger down payment versus a trade-in.
Used Car Suggest Retail Value
This is the value that a new or used car dealer will use for the selling price of the vehicle to a retail customer. Even though this is the highest value that’s listed in a blue book, purchasing a used vehicle from a dealer can have some advantages versus buying from a private party.
Now that the value of the vehicle is determined, the next step is to find potential buyers. There’s the old fashion method of putting a for-sale sign in the window or using print ads. With today’s technology, one of the best methods is to sell your car on-line. With websites like Craig’s List, the car can be listed for free with good results.