What Is My Car Worth?

June 13th, 2018 by

2018 Toyota C-HR

“What is my car worth?” is one of the most common questions we get. There are plenty of reasons why you might need to value your trade. Maybe you want to sell and need to know the trade-in value, or perhaps you’re looking to refinance your auto loan. These are two common options for Minneapolis drivers who can’t make their car payments. Read on to find out how car valuation works with Cornerstone Plymouth!

How Much Is My Car Worth?

Online car valuation tools can provide some idea of your car’s worth, but they’re only ever an estimate. If you’re asking yourself “What is my car worth?” then take a look at the factors that come into play:

  • Condition: The most obvious factor is the car’s condition. Any item of damage can reduce the car valuation by hundreds of dollars, especially if it’s a luxury model. Don’t just think about the exterior — buyers will also want to look under the hood and check out the cabin.
  • Mileage: Along with condition, mileage is a primary factor in car value. As the mileage increases, so does wear and tear, so this number is often the first thing people look at.
  • Service History: Potential buyers in the Minnetonka area will value a car more highly if you can show it has been regularly checked by professionals.
  • Color: This might sound like a minor concern, but certain colors are more popular with certain models. If you’re struggling to sell, a simple respray can often do wonders.
  • Brand: Some brands enjoy stronger name recognition and reputations for long-term reliability. Honda and Toyota, for example, tend to command strong resale values.
  • Modifications: Buyers usually prefer unmodified cars, so yours might lose value if you made a replacement using a performance part.

Different Kinds of Used Car Valuation

Before moving forward, understand that the answer to “How much is my car worth?” will vary depending on the type of value you’re looking at:

  • Retail Value: Go to a dealership near Minneapolis and you might find used cars listed under their retail value. This will be higher than the value you get since dealerships have other costs to cover.
  • Trade-In Value: This is the price you can expect from a dealer if you sell to them instead of selling the car yourself.
  • Private Party Value: Sell your car to another private individual and you’ll be getting the private party value, but you’ll have to spend a lot of extra time to make it happen.

We Can Help Check Your Car’s Worth in Plymouth

Want professional help to determine how much your car is worth? Then, bring your Maple Grove ride to Cornerstone Plymouth to check your car’s worth and find out how the trade-in process works. For any further advice or assistance, simply contact us today!