How To Determine Used Car Value – Many websites such as Cars.com and Kelley Blue Book () provide information about the value of a car. Whether you are looking to buy, trade or sell, there is a lot of free information available, but many are not sure which websites to use and which websites have the most accurate information.
The truth is that most major car-selling websites use different data sources and information to determine a car’s value, so you won’t get the same value on every site. Deciding which site is the most objective is the hard part.
How To Determine Used Car Value
Cars.com and Kelly Blue Book are helping consumers and businesses determine car value. We will break down both companies for you, but only if you need it
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Get your car valued or research a new or used car, we think there’s no better site for both.
Compared to Kelly Blue Book, Cars.com is a relatively young company; It was launched in 1998. However, in that short time, Cars.com has become a high-traffic website, primarily focused on classified listings.
They describe themselves as an advertising and research service that connects interested car buyers with dealers and other vehicle sellers.
As a valuation source, Cars.com uses the Black Book, a longtime rival to Kelly Blue Book, which dealers often use to set used car prices that an owner can expect to receive for their car as a trade-in. They consider a car’s equipment, age, mileage, condition and other factors when they say how much it’s worth.
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Black book value is basically the wholesale or auction price of a car. Pricing data from black book sources from wholesale auctions and actual vehicle transactions across the country. They update or verify their used car prices on a weekly basis. This doesn’t mean used car prices will change every week, but Black Book checks prices at least once a week. To keep their Black Book values current, they also adjust their prices to reflect market fluctuations, seasonal adjustments and regional factors.
When providing an estimate of a vehicle’s value, Cars.com only requires the year, make, model, style, mileage and zip. Additionally, they fill in information about the vehicle’s specific equipment and condition. According to the Cars.com website, dealers use black book values to ensure their profits when buying and selling used cars.
We are proud that Kelly Blue Book is the gold standard for car quality and pricing. Many buyers and sellers ask, “What is a Blue Book® standard?” Because generations of families rely on it as the most trusted source for what a car is worth and what a buyer should pay for their next car.
In 1926, Les Kelly began publishing a list of the used cars he wanted to buy and how much he was willing to pay for them, and so the Kelly Blue Book began. Since that time, Kelly Blue Book has had a consistent legacy of providing quality used cars for nearly a century.
Tools To Determine Your Car’s Value
Have a proprietary evaluation process that uses data intelligence to provide the most objective, data-driven information customers can find.
Kelly Blue Book uses predictive analytics, industry insights and field analysis to review trends and provide the most current, market-reflective information. We also see:
In addition, more than 250+ data sources with 3.0 trillion data points are used to create data-driven price estimates that both consumers and car dealers rely on. The fact that Kelly Blue Book generates over 40 million unique value reports per month shows that our data is a resource you can trust.
Part of Cox Automotive gives us more data and resources to drive results for both customers and clients. Our free valuation tool gives you an accurate price for your car — in under a minute. We will not ask for personal information, and you will not be contacted by third parties.
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By entering your license plate or VIN, you’ll get a more accurate appraisal that can increase your vehicle’s value.
What is the actual market value? True market value (TMV), also known as suggested price, is a pricing system that helps you determine the average transaction price — or what others are paying — for new or used vehicles in your area so you can start your negotiation with a fair price. can Price in mind. For customers valuing their cars for sale, TMV helps you understand how much you can expect to get when you sell.
We determine those prices based on a variety of factors, including actual transaction data from dealers. CarMax is one of the dealers from which transaction data is available.
As of June 2021, a wholly owned subsidiary of CarMax, Inc. However, other than including CarMax’s transaction data through the TMV® calculation, CarMax does not participate in or otherwise influence the way in which those values are set.
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How Values Are Calculated: We use data from a variety of sources, including dealer transactions, vehicle depreciation costs and consumer information. Appraised value is based on factors such as vehicle year, make, model, trim, mileage, depreciation and features.
Which vehicles can be appraised: Almost every make is covered, including luxury brands like Lexus and Mercedes-Benz. This tool evaluates vehicles from around 1990, so if you own a classic car, this method will not work. In that particular case, you’ll need to find a specialized classic car guide, such as Hagerty, to determine its fair market value.
What you’ll see in your assessment: We’ll help you make the best decision if you’re selling or trading. You’ll be presented with three or four automobile standards: trade-in, private party, dealer retail, and certified used. The trade-in price is what you can expect from a car dealership if you’re trading in your current car for your next car. It is always the lowest of the values.
If you plan to do a private sale, this is the private-party amount a seller can expect. This is always more than the car’s trade-in value. However, this option is more work, because you will deal with the buyers yourself.
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Dealer retail price for used car customers. This is an average when a buyer visits a dealership to purchase a pre-owned vehicle. If your used car is new enough, you’ll also see a suggested “certified used” number, an estimated sale price for customers looking for a certified pre-owned car.
What is the difference between CarMax offers and appraisal reports? True market value (TMV), also known as suggested price, is a pricing system that helps you determine the average transaction price — or what others are paying — for new or used vehicles in your area so you can start your negotiation with a fair price. can Price in mind. The TMV values shown on the appraisal report are estimates, not a firm offer on your vehicle.
Also works with CarMax to provide you with a firm offer on your vehicle purchases that qualify for instant offers. For those looking to sell, CarMax Offers gives you an easy way to sell your car directly to CarMax at your nearest CarMax location. The instant offer you receive is good for 7 days from the time you accept it.
The tool will ask you to describe your vehicle. Let’s talk about why it’s worth your time to use the right options.
How Much Car Can I Afford?
After you enter the car’s year and make, you’ll select the style, also called the trim level. The style may refer to the engine type, standard features or the number of doors it has. Here’s a refresher on the trim levels.
Key features such as a car’s transmission, engine type and all-wheel drive can have a big impact on a car’s value. The same goes for options like leather seats, navigation, a sunroof or automatic climate control. Great if you can remember your car options off the top of your head. If not, here are some suggestions on where to find the information you need
The car’s original window sticker (which has the car’s mpg and total MSRP) is the best place to find options. Unfortunately, very few people actually hang on to the stickers. Other than that, your best bet is to sit in your car and take note of its options.
If you’re using a smartphone, tablet, or laptop (assuming you’re in Wi-Fi range), you can check the options from the driver’s seat. It’s important to get the styles and options right. Without them, you may undervalue or overvalue your car.
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Our tool will ask you to choose from five condition levels: Outstanding, Clean, Average, Rough and Damaged. Most people will choose one of three: Clean, Medium or Rough
You may be tempted to choose “outstanding” to get more money for your used auto After all, you’ve been pampered the entire time you’ve owned your car, right? But the truth is that very few cars qualify for this rating.
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