Buying or selling a used car can be intimidating. Fortunately there are plenty of resources available to guide consumers in determining a suitable value for the vehicle.
Car Valuation Guides
Several services will help a seller or buyer determine the value of a used car. The oldest and most well-known is Kelley Blue Book, so much so that "Blue Book" has become a household name. Other widely-used and respected services are NADA Guides and Edmunds.
Factors
While car valuation services do not disclose exactly how the value of a used car is determined, the factors commonly used are year, make, model, mileage, how well it runs, condition and appearance of body, options added and upgrades made to the vehicle and geographical area. Since some of these are subjective, different evaluators may place different values on the same car.
Prices
Trade-in or wholesale value is the price you can expect to get when you are trading your car in towards the purchase of another car. Retail value is the price you would get or pay for the car in perfect condition and private party value is the price you can expect a private party to pay for the car.
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