Whether you intend to sell your car privately or trade it in at the dealer, the Edmunds used car valuation tool provides you with an estimate of the fair market worth of your car. And with used car values hovering around record-high levels, this could be an excellent moment to sell.
As new car production fell as a result of supply chain disruptions brought on by the epidemic, computer chip shortages, and assembly plant closures, Russia’s invasion of Ukraine caused dramatic price increases for the components required to make new cars. The outcome? rising costs for used cars. To get a fair price, you can determine the market value of your car with the use of the Edmunds appraisal tool. Well, in this article, the answers to the following questions will be discussed:
- What is Edmunds value tool?
- How used car value estimated?
- What are the things you need to get an accurate estimate?
- How does Edmunds use the vehicle appraisal report?
- Research comparable vehicles before selling
So, let’s dive in!
Contents
What is Edmund’s value tool?
The Edmunds used car value calculator analyzes information from various sources to assist you in determining the current fair market value of your vehicle. Before trading it in or selling it to a private buyer, getting a precise appraisal of your car’s value will help you make sure you get a fair price.
How used car value estimated?
Edmunds gathers information from a variety of sources, including dealer transactions, consumer data, and car depreciation analytics, to produce used car valuations. You must enter the year, make, model, trim level, mileage, condition, and features of your automobile into the evaluation calculator to find out how much it is worth.
To get a precise estimate of your vehicle’s value, you must be honest about how well-maintained your car is. The valuation that the tool produces could not be correct if you claim that your car is in better shape than it actually is. You have a choice among five alternatives for determining the state of your car, including;
Outstanding
Only 5% of automobiles fall into this category, and they are in pristine condition with no visible evidence of wear and tear.
Clean
These cars only have minor wear and tear and no significant cosmetic or mechanical flaws.
Average
Vehicles in this category could have some cosmetic or technical issues in addition to showing indications of normal wear and tear.
Rough
This would apply to your car if it had numerous repairable technical or aesthetic issues.
Damaged
This category includes vehicles that may be dangerous to drive because of significant mechanical damage. Vehicle evaluations for damaged vehicles are not offered by Edmunds.
What are the things you need to get an accurate estimate?
It’s easy to acquire an estimation of your car’s value, but in order to receive an accurate appraisal from Edmunds, you must make sure the information you supply is quite specific. To find out how much your car is worth, follow these steps.
Enter your vehicle’s year, make, and model as well as the VIN (vehicle identification number) or license plate number.
Choose the trim or style of your car.
Select the colors for your car’s exterior and interior.
Indicate whether you purchased extra items from the dealer, such as wheel locks or floor mats.
Choose the mileage and general condition of your car (excellent, clean, average, rough, or damaged).
Answer questions about your car, such as whether it has water damage or has been in an accident, the state of the inside and exterior, and specifics on the mechanical systems, tires, keys, and other aftermarket modifications.
To create your report, enter the VIN or license plate number of your car.
How does Edmunds use the vehicle appraisal report?
The website will provide a report with the following details once you have entered all the necessary information about your vehicle:
Trade-in value
If you trade in your present car when you purchase a new one, the dealer may provide you with the trade-in value for it. It will be the report’s cheapest option.
Private party value
The amount you might be able to get for your car if you sell it to a private buyer as opposed to trading it in at a dealership. Usually, it exceeds the value of the trade-in.
Dealer retail value
How much a used car from a dealer might cost you a lot.
Certified used
The price a car might fetch at a dealership when it is “certified pre-owned.” Not every report contains this value.
The costs listed in the study are simply estimates; they are not commitments. You might receive a greater or lower offer from a private buyer or dealer. Based on the data you provided, the system may make you an offer from a local third party when it generates your report. You have the option of accepting or rejecting it.
Research comparable vehicles before selling
Before trading in or selling your car, it’s a good idea to examine recent car sales or current used car listings (of the same make and model, with comparable features) in your neighborhood. This can give you a general sense of what similar automobiles in your area typically cost.
The dealership may use the trade-in value of your old automobile toward the down payment for your new one if you trade it in. Trade-ins are simple and practical since they allow you to “sell” your old automobile and buy a new one all at once. When you trade in your car, you generally won’t get as much as you would if you sold it on your own.
Private car sales often result in higher sale prices, but they also involve more labor because a buyer needs to be found. Consider listing your car online instead of locally to reach the millions of people (including those in your area) looking for their next vehicle. Sites like AutoTrader and Cars.com have millions of users. Just keep an eye out for con artists and confirm that the buyer is genuine before concluding the transaction. Remember that other circumstances, such as the time of sale, the location of the sale, and the weather, might affect the sale price no matter how you decide to dispose of your car. For instance, you could have better luck selling an SUV with four-wheel drive than a two-seat sports car if you’re buried beneath six feet of snow in December.
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Conclusion
Used automobile values in the present market are quite high, making this a great time to sell. You may assess your car’s value using the Edmunds appraisal report, so you don’t get taken advantage of if you decide to sell it.
You may get a clear picture of the projected value of your car by combining it with data from other car value estimators like KBB and NADA. The assessment value won’t be the same across all websites because each site employs various data points and algorithms to determine used car pricing.
Before you try to sell your car, you can get a better idea of its potential value by comparing multiple values. That’s all for this article, where the following questions are being answered:
- What is Edmunds value tool?
- How used car value estimated?
- What are the things you need to get an accurate estimate?
- How does Edmunds use the vehicle appraisal report?
- Research comparable vehicles before selling
I hope you learn a lot from the reading, if so, kindly share with others. Thanks for reading, see you around!
