Learning how to properly estimate used car values is crucial for consumers who wish to sell their vehicles or trade them in as a down payment toward a new car purchase. Vehicle owners can conduct a car valuation assessment themselves and use online car valuation tools and guides to determine the true value of their pre-owned vehicles. This process applies to all forms of used vehicles, including classic and antique automobiles.
Mileage, Condition and Location Affect Estimated Used Car Values
A car’s mileage is important when estimating its value. The average consumer puts 12,000 miles per year on his or her vehicle. Because of this, this is the scale used to determine the actual age of a car. If a car is two years old but has 48,000 miles, the car is mechanically four years old.
The more miles a used car has, the lower its value, but a used car with a lower than average mileage can be sold for a higher than average price. The area a consumer lives in can also determine the resale value of his or her used vehicle.
Other factors used to determine the value of a used car are:
• Interior damage
• Exterior damage such as scratches, nicks, and dents
• Past mechanical problems
• Dealer upgrades
A consumer that is able to provide receipts proving that the car has had regular maintenance can expect a higher estimated value.
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