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What Is My Car Worth?

What Is My Car Worth?
 by: Graeme Sprigge

The question you ask when selling your car is, 'How much is it worth?' Well this question is actually incomplete. You have to add three parts and you get three different answers.

How much is it worth when I sell it to a:

  1. Dealer

  2. Private individual

  3. Dealer as a trade-in

You can answer these 3 questions by going to online valuation web sites such as: Kelly's Blue Book in the United States or The Red Book in Australia. You can get these prices for free.

The other way to value your car is to see how much they are going for in the classifieds.

Neither one of these ways is entirely accurate for the following reasons.

  1. Classifieds may have only one or two cars of your type and they could be overpriced or underpriced. The quality of your estimate depends on getting a good range. It's a good idea to check the prices over several weeks if you can.

  2. Online Valuation services may have inaccuracies for particular models and should not be relied on exclusively, just because they seem to be the authorities. Their valuation is only as good as the data they have to go on. Since a large number of transactions bypass their data collection you can only consider it an estimate. It could be out by as much as $1000 easily.

  3. Seasonal demands influence the prices of cars. Convertibles sell for higher prices in the summer time. These swings can exceed the ranges given in valuations.

There is one more factor that overides all the above. The final price you get is not it's worth. It's worth is it's value. A good, reliable car with no rust, that has been maintained can be sold for more money. It is worth more than a newer car that has been poorly maintained. If you have such a car then you absolutely can sell it for a good price because you are giving value for money.

Graeme Sprigge

About The Author

Graeme Sprigge is the author of The 90 Minute Carsalesman and lives in Sydney, Australia. His professional background is residentential direct sales in the telecommunications and energy sectors. He now writes books and buys and sells cars for profit. He is currently working on developing joint venture partnerships with related businesses.

This article may be shared or reprinted so long as it is left intact.

Copyright 2005 Graeme Sprigge - All rights reserved