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Used Car Resale Values: What Is My Used Car Worth?

If you’re thinking of selling your car, you’ll want to get fair value for it. Whether you’re planning on trading it in at a dealership when you buy your new car or prefer to sell it yourself privately, you’ll want to do some research first to make sure you know what your used car is worth. Fortunately, there are tools available to help you determine the value of your used car. The following process will ensure you price it properly.

Consult Pricing Guides

The first step is to look up the value of your vehicle on the three major pricing guides. These guides provide a data-driven estimate on the value of used cars based on recent sales. It’s best to consult all three since each one uses slightly different data and formulas to arrive at the value of your car. By looking at all three guides, you’ll receive a more comprehensive price range for your vehicle.

The three major pricing guides to consult are:

Information You’ll Need to Determine Your Car’s Value with the Pricing Guides

used car pricing guides - what's my car worth?To get an accurate value of your vehicle from these pricing guides, you’ll need to provide the following information:

Keep in mind that the pricing guides provide an estimate of your car’s value. The actual amount you’ll be able to receive will also be impacted by several factors that can’t entirely be estimated by these tools, such as the exact condition of your car (these tools segment the condition into broad categories) or your location. For example, an all-wheel drive vehicle will be worth more in a part of the country with heavy snowfall than it will be worth in warmer climates, as this feature isn’t as important when the roads are good year round.

Select the Specific Car Value that Matches Your Desired Action

After you input all the information listed above into the pricing guides, you’ll receive several different car values:

Research Prices for Comparable Vehicles in Your Local Market

used car resale valueWhen you sell a house, your real estate agent will evaluate the sales prices for comparable properties recently sold in your area to arrive at a fair asking price. The same idea holds for used cars. By researching the price of other cars matching your year, make and model with similar options, you will have a better idea of what this vehicle is worth in your local market.

You can conduct this research by visiting websites such as Autotrader, Cars.com or CarGurus. Enter the information for your vehicle as if you were a prospective buyer. When you get the results back from the website, look at the cars which most closely match yours. While the asking price is important, you should also look at how many similar cars are for sale since supply and demand factors can potentially impact the value of your car. It’s best to look at all three websites to get a more comprehensive picture of how much your vehicle is worth.

The Value of Your Car Is Important When Refinancing Your Car Loan

Determining the value of your car isn’t just important when you want to sell it. It’s also a critical component of the process when refinancing a car loan since the bank will want to make sure you don’t owe more than the car is worth. Depending on the lender, the trade-in or retail value may be used in determining whether your car is worth more than the amount you still owe. Therefore, you should always ask the lender which of these values is being used when conducting your own research.

iLending Makes Car Loan Refinancing Easy

If you’re looking to refinance your car loan, iLending will make the process easy and hassle free. Our You First Approach™ ensures you’ll enjoy a great experience throughout the entire process. You’ll benefit from working with a loan consultant who will:

On average, individuals save $145 a month after refinancing their car loan with iLending. This is a significant amount of money to inject back into your monthly budget, making it easier to cover the rest of your expenses. There’s no reason to remain saddled with bad car loan terms any longer. iLending will help you find the financial freedom you seek.

Apply now to start the refinancing process.

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