Knowing your car’s value is essential when you consider selling it or getting an upgrade. While recent data suggests that vehicle prices are dropping, information on car values online can be very conflicting and leave you confused about the true value of your car. However, it is no excuse to sell your vehicle way below its price.
I recently have a few LandCruisers for sale. Trying to set a reasonable price is the most crucial thing of a sales listing.
Whether you want to know your car’s value or stay informed when negotiating a price with a potential buyer, below are four ways to estimate your vehicle’s value.
- Gather information
Before you put any value on your car, it is best to figure out all you can about it. Think of the owner’s manual, title, or even the VIN, which is like a social security number for cars. The year, model, and even the fancy trim level also matter. Little elements, such as the car’s colour are also essential. For instance, is it a classic black or a head-turning cherry red? Fancy features and car improvements like heated seats or sunroofs can add value, too. Find out how many kilometres your trusty car has racked up. The higher the odometer reading, the more wear and tear, which can affect the price.
For example, my 1998 Toyota LandCruiser is a Diesel – which normally puts it at a higher value than its petrol counterpart. It also comes with Cold Weather Spec which includes heated seats, heated mirror, a larger heater core, roll down screen for radiator, and power heater. All these features add value to the vehicle’s price.
- Online car valuation
Sometimes, all that car research can be a headache. Thankfully, some online appraisal tools crunch the numbers for you. Just enter some details about your car, and websites like Edmunds will give you a quick estimate of its worth. Think of it like a platform that knows all about cars. Online car valuation works especially well for common vehicles where there are lots of similar ones to compare. Meanwhile, if you have a classic car or something super rare, some tools might be less helpful, as the value depends more on who’s looking for that exact car at that moment.
- Use live examples to determine the price
Online tools are great, but seeing what similar cars are actually selling for in your area can be even better. Imagine you’re trying to sell your trusty Honda Civic, which has 30,000 miles on the clock and is in good shape. Online estimates might say your Civic is worth somewhere between $15,000 and $16,500 for a private sale. But that’s just an estimate. To get the real picture, you have to look at what similar Civics are actually selling for around you. These are all real-life examples that can help you figure out the price range your car falls into.
- Consult multiple sources
You may have gathered information on your car’s make and other features and used live examples and appraisal tools. However, using a combination of multiple methods can get you the most accurate picture. After doing this, the final price you get might be a bit higher or lower depending on your negotiation skills, how much people want your car right now, and even where you live. Remember, cars can cost more or less in different provinces.
These simple yet effective tips will help you arrive at the right estimate for your car and make a successful sale.