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July 10, 2017

How to Determine Used Car Values

Car Buying MistakeA used car’s value depends on a number of factors, including age, mileage, options and condition. For any used car there are two prices: retail and wholesale. The retail price is always higher. It’s what you can expect to pay for the car at a dealership. If you’re buying from a private seller, the retail price will be somewhat lower. The wholesale price, also known as trade-in value, is what a dealer will pay for the vehicle, which will then be resold at a higher price for a profit.

The first step in assessing a used vehi­cle’s true worth is to check its book value. This is the figure provided by pricing publications and websites. These guides will give you a general idea of market value. Next, search local listings (print or online) to see what actual sellers are asking for similar vehicles where you live. Keep in mind that these are asking pricing, not what buyers are really paying for the car in question. Assume that all such prices are negotiable to a reasonable degree unless otherwise stated in the listing. Between the pricing guides and your own research, you can assess what a car is realistically worth in your area. Whether you’re buying, selling, or trading, you should arm yourself with this knowledge before approaching the other party.

 

Contact the PAACO Team Today

Do you have further questions about how to determine used car values? It’s time to give PAACO a call! We’re happy to provide personalized assistance, if you’re feeling overwhelmed with the car-buying process. In fact, for over 24 years, PAACO has been helping good people get the transportation they need and deserve. Because, here’s the thing: regardless of past credit challenges and financial transgressions, we at PAACO feel that our customers deserve respect. In fact, our primary goal is to provide people with a superior customer service experience, and give them the royal treatment they deserve. Our inventory selection is better than ever – we have over 900 vehicles to choose from! Contact us today to learn more – we’re always happy to help.

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