Figure Out How Much To Ask For Your Car
You want to sell your car, and you want to know how much it is worth. You can check something along the lines of the Kelly Blue Book value or www.vmrCanada.com, but that doesn’t take the availability of the car in your area into account. Areas with more used cars tend to have lower sale prices, because there is more supply, and thus more bargaining ability.
So how do you figure out how much your car is worth? Well you need to look at features, and mileage, any repairs that need to be done. Mileage is a big factor on cars so don’t discount it. Here are the steps to approximate your car value.
- Find 3-4 similar cars in your area. Aim for nearly identical feature sets.
- Call and find out as much as you can about the car, similar features, and mileage is best.
- Determine any work that may need to done, brakes, transmission, tires, etc… If there is damage to the car that wouldn’t be repaired, such as rust take off some value for that as well.
- Call repair shops to determine the cost of repairs that will need to be done.
- Add required repairs into the price of the cars.
- Now calculate the price for the mileage. Just divide the price by the mileage, a car that was selling for $6,000 with 120,000km would be $0.05/km. Now take the average values of the mileage, the price, and the price per km.
- Subtract your mileage from the average mileage. Now multiply that value by the price per KM. The value can be negative if your car has more mileage than the average mileage.
- Add the calculated value to the average price.
- Subtract from the calculated price any repairs you need done on your car.
It is actually pretty straight forward.
Example
You have a 99 Civic to sell with 129,367 km.
You find 3 comparables:
| Car 1 | Car 2 | Car 3 | |
|---|---|---|---|
| Cost | $8,950.00 | $7,995.00 | $6,495.00 |
| Mileage | 113,086 km | 178,591 km | 143,089 km |
| Repairs Needed | $1,700 | $500 | none |
| Cost With Repairs | $7,250 | $7,495 | $6,495 |
| Cost Per Km | $0.064 | $0.042 | $0.045 |
The average price is $7,080
The average mileage is 144,922KM
The average price per KM is $0.05
Your car has 15,555 less KMs. Those KMs are worth $777.75. (15,555 x $0.05)
Your car with 129,367KM could then have an asking price of $7,857.75. You would then raise or lower the price based on how quickly you wanted to sell the car.
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