What is the Value of my Car?
Maybe you are like many individuals who have considered selling one of their cars.
The only thing stopping you might be your fear of how little the car might be worth versus how much you owe on its loan. This article goes through the best ways of determining the value of your car.
Car Value Guides
There are two nationally recognized and extremely popular pricing guides for quickly determining the value of your current car. These are the Kelley Blue Book and the NADA value guide. Both of these companies offer free online reports and quotes for anyone who logs on. Their two websites are KBB and NADA, respectively.
Kelly Blue Book Value
You should not consider putting up a car for sale until after you know the value of it. Kelley Blue Book is widely used by banks and car dealerships throughout the Canada. Published for the first time in book form all the way back in 1926, it was created by the owner of the world’s largest car dealership, Les Kelley. He maintained a vast car prices list for both buyers and sellers. Today, these Kelley Blue Book values are widely accepted as the actual fair market value throughout the car industry.
Your car’s Blue Book value will be based on a variety of factors such as the car’s make and model, mileage, age, and condition that the car is in. Kelly offers four different prices on any car. These include this Blue Book value, a dealership selling price, a private party price, and a trade in value price.
The highest of these prices will be the one for which the dealerships sells your car. Naturally, they would not give you this price if you brought your car to the dealership facility. This price is a good one to work toward when valuing and selling your car yourself.
The private party priced Blue Book value of your car is the amount which a person would probably pay you for your car if you sold it to them outright yourself. The majority of banks, organizations, and governmental agencies all take this value as the car’s fair market value. You may safely consider this to be the value of your car as well.
The Kelly Blue Book trade in value is the one which a dealer would probably give you if you took the car to the dealership to buy a new car with which to replace your existing one. In practically every case, this will turn out to be lower than the private party price. In fact, this amount can be a full fifty percent lower than the private party Blue Book value.
NADA Price Guide Value
This second guide will give you another place to compare the Kelley Blue Book value of your car. The NADA only offer three of the four price categories’ information. The prices which they return will commonly prove to be within a few hundred dollars of the Kelley Blue Book value at the most extreme.
If you would like to read more about learning the value of your car, simply click here and visit the website.
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