How To Purchase Gap Coverage
- From a car dealershipâyour dealer will usually offer you gap coverage as part of your financing bundle. Though this can be a convenient way to secure coverage, your gap insurance may be included in your loan, meaning you could be paying interest on it.
- From your lenderâsimilar to purchasing gap insurance through your dealer, you can buy it through your lender with the caveat that you may be charged interest on your gap premiums.
- From an auto insurance companyâmost major insurers, like . Though you typically must have collision insurance and comprehensive insurance to add gap coverage, this is generally the more affordable route since you wonât be paying interest.
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Are Kelley Blue Book Values Accurate
The question Whats the Blue Book Value? has been part of buying and selling a car for over 90 years. And simply put, no one has more experience with vehicle values and pricing than Kelley Blue Book. Weve been the go-to source for both consumers and the automotive industry since 1926. We leverage massive amounts of data, including actual transactions – then adjust for local market conditions and seasonal trends. Our values reflect both wholesale and retail transactions to provide a 360 degree view of the market. We update our pricing at least weekly to reflect the market and give dealers and consumers the most up-to-date pricing.
What’s The Difference In Value If I Trade In My Car Compared To Selling It Myself
You can typically get more by selling your car to a private party buyer than trading it in to a dealership. However, private car sales take more time and effort, while a motivated dealer will likely work to make the trade as effortless as possible. Dealers can handle all the necessary paperwork and make any loan payoff.
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Can I Look Up The Price Of Any Car Truck Or Suv For Free
Yes. Simply enter your VIN or license plate into the Carfax History-Based Value look-up tool to get the Carfax Value on your car, truck or SUV. Our unique VIN-specific value report considers reported accidents or damage, number of owners and the cars service history. Other factors include how the vehicle was used . The result is a clear picture of what your car is worth right now. This more detailed information will help you regardless of whether youre buying a car, trading yours in, selling yours, or getting an appraisal.
If You’re Trading In Your Vehicle
When filling out an appraisal form, you’ll often be asked if you want an instant cash offer. The offer lets you sell your vehicle at participating dealerships. Alternatively, you can simply take your car to the dealership and ask the staff to appraise it. Regardless of the route, you’ll want to have a reference point to see if the dealership’s trade-in offer is in the ballpark. This is where the Edmunds trade-in value comes into play.
The process is simple. Just compare your trade-in offer with the Edmunds trade-in value. If the offer is more than that value, you’re in the best-case scenario and should take the offer. If the offer is less than the trade-in value, it could be due to a number of factors. Sometimes the dealership has too many vehicles like yours on the lot. Perhaps you made an error in selecting optional equipment, or you were too optimistic about your car’s condition. Or perhaps market conditions have shifted, as they did at the beginning of the COVID-19 pandemic, and online tools haven’t caught on to the trend.
Ultimately, keep in mind that the appraisal is an educated guess. The more real-world offers you get on your car, the better feel you’ll have for its real-world value.
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How Much Is My Car Worth
To find the value of your current car, use our Appraisal Tool, found by clicking “Appraise My Car” at the top of our website.
The tool will give you estimates for the following values:
- Trade-In: Estimated value if you trade the car in at a dealer
- Private Party: Estimated value if buying from a private seller
- Dealer Retail: Estimated value if buying from a dealer
*Please note that we only provide values for passenger vehicles back to model year 1990. We do not provide values for motorcycles, RVs, boats, etc.
How Do I Get A Good Deal On A Used Car
Rely on the Kelley Blue Book® Fair Market Range for Used Cars. Our valuation experts have done all the calculations for you to show you what you can expect to pay. The Fair Market Range takes into account all the factors that can make used car pricing confusing: mileage, condition, options, plus hard-to-figure elements like seasonal trends and regional variations in over 100 geographical regions across the U.S.
But please take note: you have to make sure you’re using the right info when you look up a car. Most vehicles are available in a variety of styles . If you check a price for a base model but then actually shop for a well-equipped style, your expectations may be off. And if you’re looking at a specific vehicle from a private seller or on a dealer’s lot, you’ll need to configure the vehicle accurately – including options and mileage – in order to get the right price for that vehicle.
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Why Do Some Cars Depreciate Faster Than Others
Car prices trend downwards over time. A new car typically loses 20% of its value in the first year, then 15% of its value each year after that. So after 5 years, it may be worth only 40% of its original purchase price. Our History-Based Value considers data that affect depreciation prices, including the cars brand, accident or damage history, title history, service records, and the number of owners its had.
Finding Out What Your Used Car Is Really Worth
If your car no longer suits your needs or youve simply had one too many trips to the repairman, you might be asking yourself: do I need a different car? This question might be easy to answer, but the hard part comes in deciding what to do with your old car. Dont worry we have a solution that can bridge the gap between your current car woes and your future car dreams.
With TrueCar, all you have to do is enter your license plate number and answer a few easy questions about your car. When youre done, you will receive a True Cash Offer in minutes. Yes, it really is that easy! The final step take your True Cash Offer to a TrueCar Certified Dealer with your True Cash Offer. You and the dealer will inspect your car side-by-side, and if everything checks out, you have a deal! On top of that, you can also ask questions at the dealership and get the answers you need no surprises or confusion when you see the final price. So whether you want to trade in your car or sell it on the spot, weve got you covered.
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Why Should I Get A Car Valuation
Discover a car’s value in seconds. Our free car valuation report gives you an idea of the market value of your car. Whether you’re buying, selling or part-exchanging, it’s important to do your research so you don’t get stung financially:
When buying a car, you want to make sure you’re not paying over the odds and are getting a good deal for your money.
If you’re selling a car, knowing how much to ask for it isn’t always straightforward. Undervaluing a car could mean you losing out some of the cash value while overvaluing could make it a hard sell.
If you’re thinking of part-exchanging, you don’t want to feel pressured into accepting an offer without knowing if it’s a good price or not.
Is Age Or Mileage More Important When Buying A Used Car
Most people think that a low-mileage car is the better deal, even if it’s 5-10 years old. But, unfortunately, that’s not necessarily true. It really comes down to how the vehicle has been maintained and treated over its life.
An older vehicle with low mileage has parts that may’ve rusted or deteriorated over time, especially rubber components like hoses, seals and tires. On the other hand, a higher mileage newer vehicle can still be in great condition if all the maintenance like oil changes and tune-ups have been done religiously.
Here are a few things you can do to give you more context on a specific vehicle:
- Research the model’s history. Check to see if there are repetitive problems, such as serious issues with the transmission or engine.
- Know the car’s history. Ask the dealer or owner to show you a vehicle history report like Carfax or AutoCheck. Or you can buy a used car report yourself for around $40.
- Have the vehicle inspected before you buy. Either bring it to your own mechanic or take it to an independent inspection source like Alliance Inspection Management .
For more information from our Kelley Blue Book editors, read the full article.
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You’ve Got An Appraisal Now What
Appraising your car is the first step to getting a good return for it. Nearly every vehicle depreciates over time, so it’s important to know where yours stands. Knowing its value will help you determine what steps to take next.
Many people aren’t sure how to proceed after getting an appraisal, however. It’s great to have a value, but what are you supposed to do now? With this in mind, we’ve come up with a few scenarios that will help you formulate a plan.
Coming Clean On Condition Levels
Our tool will ask you to pick from five condition levels: outstanding, clean, average, rough and damaged. Most people will choose one of three: clean, average or rough.
You might be tempted to choose “outstanding” to get more money for your used auto. After all, you’ve pampered your car the entire time you’ve owned it, right? But the truth is that few cars qualify for this rating.
“Outstanding” is reserved for older, low-mileage vehicles in cases where well-preserved examples are hard to find, says Richard Arca, senior manager of pricing for Edmunds.
Edmunds True Market Value used car prices are all set at “clean” condition, Arca says. The price of a car in a less-than-clean state is adjusted downward from there, and it reflects what it would cost to bring the vehicle up to a clean state.
If your vehicle was in an accident, it could still be considered “clean” if it was repaired with factory parts and according to the manufacturer’s specifications, Arca says.
“In reality, cars that have been in accidents tend to lose market value, but there is really no way to gauge how much,” Arca says. He adds that some of the factors that affect the value are the severity of the damage, the quality of the repair, and the demand for that particular model.
Be honest and objective about the state of your used vehicle. Try to see things from a potential buyer’s perspective.
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How Does Carfax Calculate A Vehicles History
Vehicle history is an important factor in determining a cars estimated market value. To start, it takes into consideration a vehicles year, make, model, mileage, location and condition. On top of that, the Carfax History-Based Value is powered by vehicle-specific data thats tied directly to each car through its vehicle identification number such as ownership history and how it was used. See Comparison Chart.
What Can Affect The Value Of My Car
Having no damage Providing a complete service history Certain car colours How and where the car is sold Modifications Car documents that aren’t up to date A higher number of previous ownersHaving no damageProviding a complete service historyCertain car coloursAdditional featuresHow and where the car is sold ModificationsWear and tearBroken car partsCar documents that aren’t up to date,A higher number of previous owners
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How Does An Accident Affect A Cars Value
The average impact on retail price is just under $500 for a vehicle that has been in an accident, but that impact jumps to an average of $2,100 for a vehicle thats sustained severe damage. Only Carfax gives you a VIN-specific price for every used car based on its complete history. Instead of providing you with only a suggested retail value, Carfax can tell you what a specific vehicle with a specific VIN is worth based on its history as reported to Carfax. See Comparison Chart.
The Importance Of Style And Options
After you’ve entered the vehicle year and make, you’ll select the style, also called the trim level. The style can refer to the type of engine, standard features, or the number of doors it has. Here’s a refresher on trim levels.
Major features, such as the car’s transmission, engine type and all-wheel drive, can have a big impact on the value of the car. The same goes for options such as leather seats, navigation, a sunroof or automatic climate control. If you can remember your car’s options off the top of your head, great. If not, here are some suggestions on where to get the information you need.
The vehicle’s original window sticker is the best place to find the options. Unfortunately, few people actually hang on to the sticker. Without it, your best bet is to sit in your car and make a note of its options.
If you’re using a smartphone, tablet or laptop , you can complete the options check from the driver’s seat. It is crucial to get the style and options right. Without them, you may be under- or overvaluing your car.
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If You’re Shopping For A Used Car At A Dealership
This option is for people who are buying a used car, not selling. In this case, go on Edmunds and enter the details of the vehicle as if it were your own. The dealer retail value will be the most pertinent to you. This is an estimate of what you’ll pay for that same car at a dealership.
The dealer retail value gives you a reference point. It shows whether or not the advertised price is a fair or great deal. If the dealership’s asking price is higher than what you see on Edmunds, you can reference it and ask the dealer to match or beat that price. This sort of “informed negotiation” typically goes over better with a salesperson since it shows that you’ve done your research.
About Kelley Blue Book Values
For over 90 years, Kelley Blue Book has been The Trusted Resource for used car values, helping car owners understand what their used car is worth. Depending on the method of disposal, there actually may be more than one Blue Book Value for the consumer’s car, truck or SUV. The Kelley Blue Book Trade In Range shows what a consumer can expect to receive for their car this week when trading it in at a dealer. The Kelley Blue Book Private Party Value reports on a fair price when selling the car to an individual instead of doing a dealer trade in. Our Values are the results of massive amounts of data, including actual sales transactions and auction prices, which are then analyzed and adjusted to account for seasonality and market trends. Kelley Blue Book Values reflect local conditions in over 100 different geographic regions and are updated weekly to give consumers the most up-to-date used car pricing information.
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A Quick Guide To The Car Value Tool
How values are calculated: We use data from a variety of sources, including dealer transactions, car depreciation costs, and consumer information. The appraised value is based on factors such as the car’s year, make, model, trim, mileage, depreciation and features.
Which vehicles can be appraised: Just about every make is covered, including luxury brands such as Lexus and Mercedes-Benz. The tool appraises vehicles dating back to 1990, so if you own a classic car, this method will not work. In that specific case, you’d need to find a specialized classic car guide, such as Hagerty, to determine its fair market value.
What you’ll see in your appraisal: We will help you make the best decision if you’re selling or trading in. You will be presented with three or four automobile values: trade-in, private party, dealer retail and certified used. The trade-in price is what you can expect from car dealerships if you trade in your current vehicle for your next car. It is always the lowest of the values.
If you plan on doing a private sale, the private-party amount is what a seller can expect. This is always higher than the car trade-in value. This option takes more work, however, because you’ll be dealing with buyers yourself.
If You’re Selling Privately
This option takes the most time and effort, but it could also yield the highest payment. You’ll need to photograph your vehicle and list it on a classifieds site, meet with strangers safely , and exchange money and file paperwork to close the sale. Selling privately can take anywhere from a few days to a few months, so this method generally isn’t best if you need the money quickly. We don’t mean to scare anyone off we just want to be honest about the work involved.
Once you’re ready to publish your listing, use the Edmunds private party-value to set the asking price. There’s a strategy to setting a price, which we elaborate on here. Essentially, you’ll want to ask more than the private-party value to build a cushion for buyers who want to negotiate. The same rules mentioned above regarding the vehicle condition level apply to private-party prices as well.
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