Mar 23 2009
How to Estimate the Value of a Used Car
One of the most important factors to consider when you are shopping for a used car is whether the car you intend to buy is really worth its price. Even though the car may look like it’s in a good condition there is still a possibility for you to become a victim of auto dealer fraud. Following are a few tips to help you estimate the real value of a used car.
1. First of all, do a little research on the car you consider to purchase. Find out how much that car costs if it were brand new. Check if the car is still in production and if its parts are still available. If you find out that the price of the car is too low it may have more problems than you think.
2. One of the most comprehensive used car value listings can be found in Kelly Blue Book.
3. Remember that brand new cars generally lose up to 30% in their value in 3 years. By the time the car is 5 years old, it may have lost up to 65%. So the older the car the cheaper it should become.
4. Another good idea would be to take a qualified mechanic along with you. The mechanic will be able to whether the car really is worth the used dealer’s tag price.
5. Get some information about the used car history. You can obtain a detailed vehicle history report on CarFax and other sites on the internet. The vehicle history should include any accident history and insurance data.
Keep in mind that some used car dealers will offer you defective cars, so try to look for a reputable dealer if you want to avoid all kinds of car scams.
