How Much Is My Car Worth?
If you’re looking for a new car, there is a high likelihood that you will trade in your current car. You might be wondering how much your old car is worth? Well, that depends. The Edmunds Free Car Value Calculator tool takes different variables into consideration to provide you an estimated value on your used car. You can use this value to understand what to sell your used car for, or what it’s estimated trade-in value may be. Here are the different factors the tool takes into consideration to value your vehicle.
Age of Vehicle
The first consideration that the Edmunds tool uses is the age of the vehicle. Cars depreciate over time, and the age of your used car will help determine how much it’s worth. For example, a used 2018 car will likely be worth more than a used 2008 car. The age can also determine what kinds of features are available in the vehicle that can increase its value.
Make, Model, and Trim of Vehicle
Everyone knows that a Ferrari is worth more than a Honda. The Edmunds tool requires that users enter the make (BMW, Honda, Kia, etc.) of your used vehicle as well as the model and trim to determine its value. The trim is also referred to as the style of the vehicle and differentiates the models by the type of engine in them and whether the vehicle has 2 doors (coupe) or 4 doors (sedan) or some other package that makes it unique. These packages will impact the value of your used car.
Some cars are very basic and don’t come with all the bells and whistles. Others have it all and are even custom made to fit the needs of a person. By asking about the additional options and features of a vehicle, the Edmunds tool can add on some extra value to your used car. It is worth including this information to determine an accurate valuation of your used vehicle. Things like sunroofs, sports seats, heated seats, and back up cameras will increase the value of your used car.
Last, but certainly not least, the Edmunds tool will take into account the mileage of the vehicle. The mileage of the vehicle is an important factor in the valuation because it is a direct measurement of the age of the engine of the vehicle. It tells you how much the vehicle has been used, and in some cases, how much life the vehicle has left. You could have a 2016 used car with 100,000 miles on it and it may be worth less than a 2012 used vehicle with just 40,000 miles on it. While the 2012 car is older, the engine inside of it has more life to live than the 2016 car.
If you’re shopping for a new vehicle and want to know how much your used car is worth as a trade-in or to sell it personally, use the Edmunds Car Value Calculator on our website. In a few simple steps, you’ll know what your car is worth and how you can use it as leverage on a new car!