How Much Is My Car Worth?
How Do I Sell It At The Best Price?
Where Do I Sell My Used Car?
by Cheryl Levy
You want a new car. Only problem is you want to know, “How much is my car worth?”
Some Carjojo customers have asked if we can help them sell or trade-in their old vehicle. While we don’t purchase or provide an appraisal service for trade-ins, we can offer you advice to help you choose the best way to dispose of your car and get the most money for it.
There are a number of factors to know before we address your questions – how much is my car worth? Of course, the trade-in value (a.k.a selling price) of a used car depends on the vehicle’s make, model, mileage, condition, features, add-ons, and even its color, and you can’t change those things. But who you’re selling it to makes a difference too, and you have complete control over that.
“How Much is My Car Worth?”
To get the most money for your old car, there are two price points to be aware of:
Obviously, you want the highest amount possible when you trade-in or sell your vehicle. Because the dealer needs to turn around and sell the car to another party for a profit, this wholesale price is lower than the retail price.
How much is my car worth? As a very loose rule of thumb, the difference between the wholesale and retail prices for a given vehicle is roughly based on its original selling price:
Vehicles priced below $40,000
Vehicles priced above $40,000
To get the highest price for your current car, make a note of the wholesale and retail values before going to a dealer. A dealer should offer you something close to the wholesale price. If the a dealer offers a lot less, try to negotiate for a higher price, or try another dealer.
If you decide to sell the car yourself, use the wholesale-retail scale above to decide how to price your car. Of course, the closer you price your car to retail, the longer it will take to sell. Conversely, the closer you price your car to the wholesale price, the quicker it will sell.
It’s important to research your vehicle’s value. You’ll have a better idea of what to expect with each of the selling options reviewed above. Here are two ways to find out the value of your car. To be most informed, use as many of these resources as you can, and document your findings to back up your negotiations
5 Places to Sell Your Old Car and Their Pros and Cons
Trade your car to the dealer at time of purchase
It is always your prerogative to negotiate the value of your trade-in. Just be sure to negotiate the old car’s value separately from, and after you have agreed to, the price of the new car you’re buying.
Sell the car yourself on Craigslist or another classified site.
Also, you will be taking a lot of money from the buyer. So you have to have a mechanism that minimizes the likelihood of fraud. Cash or cashier’s check are the traditional ways. Another significant concern is if something goes wrong with the car after you’ve sold it and the buyer comes back to you.
Sell the vehicle on a classified car lot.
Here your car is physically on a lot and buyers can inspect the vehicle. In this case, the owner of the car lot will take a portion of your car’s selling price. An example is Wheelsanddeals.com. When you get to the lot as the owner of the lot “How much is my car worth?”
Sell to a used-car dealer or other dealer than the one you are purchasing your new car from.
Sell the car using a “peer-to-peer” car-selling website.
Over To You
Now that we help you get closer to knowing “how much is my car worth?” we recommend selling the vehicle yourself. It’s a lot more work to sell the vehicle yourself. However, that is the best way to get a better price for it. Only you can decide if the extra effort is worth the higher sum you’ll get for your car. If you’d rather opt for the convenience of selling it for a little less money, consider selling it to a dealer.
What are your best tips on selling a car yourself?