How much is a used car worth?
The answer to how much is a used car worth really depends on the used car we are talking about.
There are many factors that are taken into consideration when determining the value of a used car.
To figure out how much a used car is worth let’s discuss a few things that help determine a fair market value of a used car.
Condition – The condition of your car is an important factor when you are wondering how much your used car is worth. Sites such as Kelley Blue Book and the NADA Guide use ratings such as good, fair and poor. If there are rips and holes in the upholstery, chipped paint, or dents will bring less money than a car in near new condition.
Mileage – Another thing to consider is how much mileage has been driven on the vehicle. Obviously, lower mileage will bring a greater price than if the car has been driven a lot and has high mileage.
Options – The extra options available on the used car will also make a difference when looking at how much a used car is worth. If the vehicle is a 4 X 4 it will bring more money than if it is a 2 wheel drive. Other things such as a stereo system, electric locks and windows, a sunroof or alloy wheels add value to the used car.
Season – Depending on the vehicle, you may get more money depending on the season. If you are trying to sell a convertible, you will most likely get more money selling it during the Spring or Summer.
Make and Model – There is more demand for certain makes and models over others. For example the Ford Mustang is a popular model and usually carries a higher value than the Ford Taurus.
Vehicle History – If the car has had prior damage from an accident or weather related mishap such as hail, this will decrease how much a car is worth.
Economy – Factors such as the increase in used car sales can make a difference in the price of buying a used car. In addition when gas prices are high the economy cars are typically worth more than a 4 X 4 pick-up truck.
Overall Appearance – If you have taken care of your vehicle by keeping it clean, washing and waxing it often it will be worth more than a car that has been abused.
To get more money for your car, avoid smoking in the car because that smell almost never leaves the car. Most people don’t want to buy a smokers car therefore decreasing the value of the car.
These are the major factors that determine how much a used car is worth.