What's my car worth?
If you are thinking about trading in your car or perhaps selling it in the paper, then like most everyone you are wondering what's my car worth? Interesting enough over a person's lifetime they will spend more money on buying automobiles than real estate. However, unfortunately, while real estate will usually go up in value, when you purchase an automobile it's a given that the value will indeed go down. For this reason, you really want to get top dollar anytime you trade in or sell your car out right or other vehicles you are going to be selling.
So, how does a person go about getting top dollar when selling or trading their autos? Believe it or not, most people never really get top dollar of the value of their vehicles. If they simply trade it in at a car dealer, they usually just accept what the dealer says they will give them on trade leaving money on the table they could have been made. On the other hand when they sell it in the local papers they may arrive at a selling price after looking at similar cars and what they are selling for while making a fatal mistake because no two cars are ever alike and the same with their value.
Remember buying cars is one of the biggest investments you will make over a lifetime and as far as resell value, also the worst. So knowing this, here is some key information that will help you research the value of your car, so you can get top dollar for it when you head out to trade it in or sell it outright. First, you need to understand that the value of a car depends on the market and the demand for your vehicle and it actually varies form state to state. Here's a good example, lets say you have a 1990 Chevrolet �-ton pick-up truck and you live in Detroit, Michigan. More than likely, your truck will not be in big demand one being you live in a big city and pick-up trucks are not as popular along with the fact that the weather up north is known to rust out the bodies fast due to all the salt they use on all the roadways.
Now, lets say you have a 1990 Chevrolet � ton pick-up truck and you live in a town somewhere down in Texas that's a farming community, the weather is fairer so the bodies in much better shape compared to the same �-ton pick-up truck that's in Michigan. Your truck could be worth a couple thousand dollars more in Texas where they are very popular and the demand is high, as they are needed for every day work around farms and ranches.
Secondly, what people will pay for your car varies from person to person. People in general, buy cars based on emotions, Lets say you have a really slick looking corvette but it really has super high miles so compared to ones that are similar its really worth a thousand or two less. If the car looks sweet and runs good, then go ahead and ask top dollar because if there are not many around like yours, a person who loves and wants a corvette will more than likely pay top dollar for yours simply because he wants it and there aren't any more around to shop and compare. It a good deal for both, you the seller and the buyer, He bought the car he really wanted and did not mind paying a little more and you got top dollar for your car maximizing your profit based on demand. Both you and the buyer went away happy because you both got what you wanted. Now, book value is always a good guideline to help you figure out a general idea of your car's value. One of the most popular and well-know is of course, the NADA. NADA stand for National Auto Dealer Association and is used by both new and used car dealers nationwide for appraising the value of cars and other vehicles. Individuals may also use this guide to determine the value of their autos and I recommend that you use it before you head out to trade in your car, so you have a heads up on its value before you trade at a dealership.
This way you'll be able to strike up a better deal because you know in advance what your cars worth just like the dealer would. There are many other things you can research and consider to find out what your car is worth. Nevertheless, a good starting place is NADA for quick analyses, but remember if you want more than the book might say ask for it and if the demand is there you just might be pleasingly surprised at the extra profits you can pick up.