How To Find the Value of My Car: A 3-Step Guide
The value of your car depends on many factors, including the vehicle condition, seasonal trends and your local market.
First, check several car pricing guides, like Kelley Blue Book (KBB) and Edmunds. Then, cross-reference those prices with online car sites like Carvana or CarMax. Craigslist can also be an invaluable resource to see how car prices fare in your area.
1. Know the common terms
These definitions are specific to KBB, but other online appraisal tools use similar vocabulary.
- Private-party value: This is an estimate of your car’s price if you sell to an individual (not a dealer). Compared to working with a dealer, you can usually get more in a private-party sale. But you might need to sink some time and effort into repairs or cleaning to get top dollar.
- Trade-in value: This is the predicted amount a dealer would offer you if you trade in your car for another. While dealers might offer a competitive trade-in value to encourage your business, it’s generally lower than what you could get from selling your car directly to another person, due to dealership overhead costs.
- Trade-in range: Unlike the specific trade-in value, the trade-in range estimates a span of prices your car might fetch based on a variety of factors. It gives you a ballpark figure to expect.
- Fair purchase price: Fair purchase price is based on similar cars sold by dealers in your area over the last week. Fair purchase price can vary based on where you live, the time of year you’re selling and market conditions.
- Certified pre-owned price: Certified pre-owned vehicles (CPOs) cost more than normal used vehicles because they come with warranties and other benefits. If you’re estimating the value of a CPO, make sure you’re specifically looking at CPO prices, not used car prices.
2. Gather car information
A car’s features, color and condition all contribute to its value. Things outside of your control can affect your car’s value too, like current economic conditions and demand for your specific car model.
Many of your car’s basic details are attached to your vehicle identification number (VIN) or license plate, so provide one if you can. You can find your VIN on the inside of your driver’s side door, as well as your dashboard (also on the driver’s side).
In general, you’ll need to input the following information into a car appraisal site to find the value of your car.
- Year, make, model and trim: These are the most basic features defining your car and can be found on your purchase paperwork or manual. They’re also connected to your VIN. An example is a 2024 (year) Toyota (make) Corolla (model) SE (trim).
- Color and features: Limited edition colors can boost a car’s value by hundreds of dollars. Check your manual to get the exact color of your car. While you’re there, write down optional equipment, like quick-charge USB ports and alloy wheels.
- Mileage and condition: Take note of your odometer reading and condition (more on that below). Also, put all of your maintenance and repair paperwork into a folder if you’re planning on selling. You can use it as leverage if the buyer tries to lowball.
What’s your car’s condition?
Car condition plays an enormous part in pricing. It can be easy to overestimate your car’s condition, so be a little conservative.
- Excellent: Like new and has never had any body or paint work. Excellent cars also have service paperwork proving routine maintenance. About 2% of cars that KBB provides estimates for are in excellent condition.
- Very good: Some minor cosmetic issues but in overall excellent condition. About 28% of cars KBB provides estimates for are in very good condition.
- Good: Has some minor mechanical issues and repairable cosmetic blemishes. About 50% of cars KBB provides estimates for are in good condition.
- Fair: Car needs work and might need something replaced. About 20% of cars KBB provides estimates for are in fair condition.
- Poor: Car doesn’t run or has damage not worth fixing. You may need to sell this car for scrap. Many poor-rated vehicles have a branded title. You can check the status of your car’s title by ordering a CARFAX report.
3. Get estimates from several sources
The only way to find the exact value of your car is to pay for a professional appraiser, but that may be overboard unless you have a classic car or exotic car.
Most people can get a good idea of their car’s worth by comparing values from more than one source.
Car pricing guides
Kelley Blue Book: KBB’s valuation algorithm is secret (as it is for all car pricing guides). However, it states that it uses 3 trillion data points to estimate the value of 40 million cars each month.
For more information, check out KBB’s online car appraisal tool.
Edmunds: Edmunds calls its car valuations True Market Value (TMV). These estimates are specifically geared toward trade-in prices. TMV uses many factors, including actual transactions in your area.
For more information, check out Edmunds’ online car appraisal tool.
J.D. Power: J.D. Power owns the National Automobile Dealers Association’s (NADA) used car guide. So although it might be known for its customer satisfaction surveys, J.D. Power can also estimate your car’s worth.
For more information, check out J.D. Power’s online car appraisal tool.
Online retailers
Many used car websites both buy and sell cars. Carvana and CarMax, for instance, can give you an offer in a few minutes. Even if you don’t take an offer, you’ll get an idea of how much you might get by selling to a dealer.
Current car ads
Do your own market research and compare similar cars on Craigslist. You might have a hard time finding your exact vehicle for sale (in the exact condition). Still, classifieds are great for understanding how cars generally cost where you live.
Frequently asked questions
Most of the time, insurance companies use actual cash value (or ACV) to determine the value of your car. ACV is how much your car is worth after depreciation. If you total your car and you owe more on your loan than what your car is worth, you will have to pay the difference. This is also known as having an upside-down car loan.
Black Book value is how much your car might be worth if you were to sell your vehicle at an auction or wholesale. It’s also only available to dealers (who frequently use it to figure out trade-in values and set prices).
KBB has been one of the most popular sources of vehicle values since its start in 1926. It’s safe to say that KBB is generally accurate. All the same, it’s a good idea to compare KBB with other sources like Edmunds, Carvana and Craigslist. Whether you’re buying a car or selling, getting more than one estimate can help better understand car prices in your area.
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