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How Are Used Cars Valued?

Whether you’re trading one in, looking to buy one, or both, used cars can offer an exceptional value. Still, that begs the question: “Just how are used cars valued?” In this informational post from Pecheles Automotive, we’ll help drivers from Greenville, Washington, and New Bern understand how dealerships and appraisers determine the value of a used car.

Determining Used Car Value

The value of a used vehicle is going to go down, or depreciate, over the years. In fact, a vehicle begins to depreciate in value the second it’s driven off the lot. That’s not necessarily true for all cars, though. For example, some classic cars that have been refurbished and kept in pristine condition could be worth much more decades after their original production.

However, more often than not, the vehicle you’re trading in isn’t a classic car and is probably between five and 10 years old.

Factors that are going to affect the value of the vehicle are the condition of the paint, whether there are any dents in the vehicle, its mileage, as well as any history of accidents.

Estimating the Value of a Used Car

It may not hurt to check the Kelly Blue Book Value on the vehicle before heading to the dealership. When a buyer has done their research, they’re more likely to get a fair price when trading the vehicle in or trying to sell to a private buyer.

Perhaps you have a car and you are thinking about trading it in. If this is the case, then it’s important to make sure the car is in reasonable shape. It wouldn’t hurt to take it in to have it detailed so the car is clean. If there are any issues with the paint, check with the detail shop for some touch-up paint.

Often, by making a few simple changes, the trade-in value is going to go up. Factors that cannot be changed are the mileage as well as the year of the vehicle. If the car has low mileage and is a newer model year, the dealer or buyer is probably going to be willing to offer a bit more for it.

Learn More!

Everyone should know how much their vehicle is worth. It doesn’t matter whether you’re interested in trading something in or buying a used car. For more information, check out Pecheles Automotive—proudly serving drivers from Greenville, Washington, New Bern, and beyond. We have many high-quality used cars and we’ll offer you fair prices for your trade-in. Contact us today!