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Blog / Informative / Tips for Calculating the Value of Your Car

Tips for Calculating the Value of Your Car

Tips for Calculating the Value of Your Car

Perhaps, someone in your family left you a car that is in pretty good condition. You love using it every day, it has proven to be an excellent mode of transportation, and it gets you from point A to point B with relative ease. However, now, it feels like it might be time to sell. Maybe you’re ready for an upgrade. Or, maybe you have an emergency medical bill that needs to be covered, and the only way you can make payments is to sell off the bit of collateral you have in your arsenal - it happens. In all cases, it helps to know the value of your car, and how much the going rate is if you decide to go down this route. The following are a few tips to help you do just that.
 
tips for car

Gather Preliminary Information:

To be able to calculate your car’s value, you need to gather several facts about your vehicle. The car’s history will illuminate different points, especially the factors that have contributed to its depreciation since its purchase. For one, you will definitely need to know the make, model, and year of the car. Verifying this information will help you get a more accurate reading since it's common to mistake one vehicle for another that is newer, or vice versa. 
 
Also, the mileage on the speedometer is key. If the car doesn’t have a lot of miles left, then this will immediately impact the value. Furthermore, the car’s condition is paramount, since its interior, exterior, and mechanical condition will influence the going rate. 

Consult a Pricing Guide:

There are plenty of price guides available on the internet these days, which makes it a lot easier for you to figure out your car’s value. Moreover, some states, including Florida, publish their own guides for certain titles. You don’t have to wait for decent title loans to come your way to gauge the offers; you can Go Now and figure out the value of a car to ensure you’ll get appropriate funding. Perhaps it will be a rough estimate, but it will help you eyeball things quite a bit. There will definitely be a few variations within several pricing guides or titles, but at least being able to compare data will help since the discrepancies won’t be hugely significant. 

Calculate Features:

While the make and model of the car and its condition are very important to note, the features are the icing on the cake and have a big impact on how much the car can be sold for. There are certain features that can help your car look more attractive on the market, such as a heated steering wheel, an excellent sound system, custom rims, comfortable leather seats, and so on. The lack of these features can hinder the value of the car, and make it far more difficult to sell. 

Trade-In Value:

You may want to ask your local dealership to help assess the trade-in value for your car. This basically represents what a local car dealer may be willing to give in return for your vehicle. The trade-in value is probably lower than the dealer value, but since they are somewhat related, it tends to be a good barometer for what you’d be able to get elsewhere on the market

Color:

Aesthetics aren’t everything when it comes to purchasing a car, but there are some elements that may affect the going price. Namely, the color. While it’s not the most important thing, the fact of the matter is that some colors are popular with certain models, and blue, white, or gray are pretty common so they don’t exactly have that “wow” factor people want. Sometimes, the paint and detailing on the car can make it a lot more desirable to buyers, and will automatically increase your car’s chances of being sold at a good price.

Call the Insurance Company:

Another way to help you get an estimate of what the car will cost is to call the insurance company since they would have the most up-to-date information on the vehicle. A car insurance expert will be able to suss out the fallout from any damages, previous issues that have come to their attention, and so on.
 
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In order to resell your car, you will first need to conduct as much research as possible. People will only pay what a car is worth at the end of the day, so setting out the goalposts for yourself will help circumvent feelings of disappointment. The more information you gather about your vehicle, the more accurate a quote you will receive. 

 

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