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How to Determine the Value of a Used Car

honda insight how to determine value of used car

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Shopping for a used car is a great way to get behind the wheel of a reliable vehicle that’s usually more affordable. So, how do you determine the value of a used car?

To help drivers in Miami, Doral, and Hialeah learn more about buying or selling a used car, Braman Honda in Miami explores what goes into the value of your trade in or your next used car.

How to Determine the Value of a Used Car

A used car’s value is determined by four things: its retail price, how old it is, how many miles are on it, and what kind of condition it’s in.

The retail price is how much that vehicle was worth when it was new. Once it’s been purchased and driven off the lot, its value starts to go down. Over time, the value of a car depreciates as newer models are released and more and more miles are put on the car.

This is why used cars are often more affordable then new cars. It’s also why getting one that’s in good condition is such a great opportunity.

Certified pre-owned cars fall in between new and used cars because they’re required to be only a few years old, have low mileage, and pass a thorough inspection.

If you’re looking at how much a used car is worth online, you’ll be able to find an estimate based on its mileage and the year it was manufactured. This is only an estimate though because a dealership or seller will inspect its condition before putting an exact price on it.

How to Find the Value of Your Used Car

determining value of used car

There are lots of reliable sources online where you can get an approximate estimate of how much a used car is worth. These are great for drivers who are trading in their car. They’re also a useful tool if you’re thinking of buying a used car and want to make sure you’re getting a fair price on it.

Some sources that offer free trusted appraisals online are Consumer Reports, Edmunds, and Kelley Blue Book®.  Most dealerships also include a value your trade in tool on their website, so you can find out how much what you’ve been driving can help you buy your next car.

All you have to do is enter the car’s make, model, mileage, and the year it was made. Then, the site will give you an estimate. Again, this price is only an estimate. The offer you’ll get on your car will always factor in what kind of condition it’s in.

Check Out Our Selection of Used Cars

Visit Braman Honda in Miami to test drive one of our stylish and dependable used cars. Our inventory features a large selection of used and certified pre-owned cars and SUVs. Plus, our friendly staff is committed to helping drivers in Doral and Hialeah find and get a great rate on the vehicle that’s right for you.

To learn more about how to determine the value of a used car, contact us or visit our finance center.

 

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