If you are thinking about trading in your vehicle, it is important to know how much your car is worth. You can find the average price for your car, but it is also useful to get a car appraisal for your vehicle.
What is an appraisal?
An appraisal for your vehicle is simply an examination of what your car is truly worth. Any institution giving your car an appraisal will take the normal cost for your vehicle and factor in what condition your car is in. An appraisal takes into consideration both car value depreciation as well as any other damage that may have occurred to the car. After the appraisal is complete, you will know the price at which you will realistically be able to sell your car.
What does an appraisal look at?
Other than looking at what your particular make and model sold for when it was brand new, an appraisal will also look at the age of your car, the mileage, and any additional damage that may have happened to the vehicle. An appraisal will also look at the cost of comparable modern cars so the value is not based solely on the age of your car. If you have maintained your vehicle properly, it is a strong possibility that the condition will be listed as “clean.” It is highly unlikely that any used vehicle would be classified at the highest condition which is “outstanding.”
Why do I need an appraisal?
Appraisals give you a realistic idea of how much your car is worth, which is extremely useful when attempting to trade in your vehicle. Knowing the value of your car will allow for stronger negotiating with dealers when you are attempting to get a higher offer. When trying to sell privately, an appraisal will tell you what price you can expect to get for your vehicle and be helpful with the process of negotiating with your potential buyers.
Where can I get an appraisal?
Most dealerships are able to give your car an appraisal, and often they can perform the appraisal in under 30 minutes. If you do not wish to get your car appraised at a dealership, another option is to hire a professional appraiser. However, when considering a professional appraiser, keep in mind that they usually charge an hourly rate for their work and will generally cost more than an appraisal through a dealership. Additionally, you can get a less thorough appraisal of your vehicle online through sites like Edmunds.com
Dealership Appraisals
One of the easiest places to go for a car appraisal is at an auto dealership. Often, an appraisal will take place while you are there to purchase another vehicle as part of a trade-in deal. The entire appraisal process generally takes around thirty minutes while you wait at the dealership.
The important thing to remember when having your car appraised at a dealership is to not let the dealer devalue your trade-in. This could include acting as if any small dent or minor imperfection in your car is a serious factor in the total value, which allows them to offer less for your trade-in. Simply be firm but reasonable about how much you think you should get for the trade-in and allow the dealer to finish their appraisal as quickly as possible.
Online Appraisals
If you are honest about the condition of your car, you can fill out your own appraisal forms online at sites like Edmunds.com or Kelley Blue Book. Getting an appraisal this way is a quick and easy option, but some institutions may not accept these kinds of appraisals as official. Instead, they may still want to have their own appraisers take a look at your car because car owners will often over-estimate the condition of their car. However, using an online source like this is a good way to get a general idea about the value of your car.
Professional Appraisals
Besides dealerships, there are also other businesses that specialize in giving detailed appraisals of vehicles. Because most professional appraisers charge hourly rates (usually in the case of insurance claims or legal disputes) or additional travel fees if the car is not brought to their location, you can expect to pay somewhere between $100 and $500 for a professional appraisal. In some cases, the price may be even higher than this.
The benefit of a professional appraisal is the depth of the appraisal. A professional appraisal will include a written description of the vehicle quality along with a list of the appraiser’s qualifications. Because of this, appraisals from professional sources will be accepted as valid in most situations.
Which is the best?
The easiest way to get an appraisal would be to use an online appraisal tool. However, in order to make sure you get the best value for your car, a professional appraisal is your best option. Even though you will have to pay for a professional appraisal, if will be the most accurate representation of the true value of your car. A dealership appraisal may seem the most cost efficient, but dealers will often be looking for ways of devaluing your car so that they can offer a lower trade-in value.
In order to get the most accurate appraisal you can, perform any simple maintenance you can on your vehicle before submitting it to be appraised. Additionally, you will want to wash and wax your vehicle. Presenting your vehicle as the best that it can be will give you the highest possible value from the appraisal
Featured Image: Thinkstock/bowdenimages
Posted on May 5, 2023