How To Find the Value of My Car: A 3-Step Guide

Knowing how to find the value of your car can be tricky. Car valuations depend on many factors including the vehicle itself and local market conditions.

First, check several car pricing guides, like Kelley Blue Book (KBB) and Edmunds. Then, cross-reference those prices with Carvana or Carmax. Craigslist can also be an invaluable resource to see how car prices fare in your area.

1. Know the common terms

Two identical cars can be worth two different prices — it depends on how you’re selling (or buying) it.

Note that these definitions are specific to KBB, but other online appraisal tools use similar vocabulary. Choose the right type of pricing model, as these estimates can vary wildly.

• 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 amount you might get from a dealer if you trade in your car for another. To entice your business, dealers will usually give you more for a trade-in than they will for an outright sale.
• 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.
• Invoice price: If you want to know exactly how much your dealer paid for a new car, ask for the invoice price. When negotiating car prices, the closer to invoice price you can get, the better the deal.
• Manufacturer’s suggested retail price: Considered the starting point for car negotiations, manufacturer’s suggested retail price (MSRP) is the price the car maker suggests to the dealer. MSRP does not include dealer fees or tax and title costs, so ask for the out-the-door price, as well.
• Certified pre-owned fair purchase 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

You can zip past a lot of questions when you use a website to find the value of your car. But like they say — garbage in, garbage out.

Many of your car’s details are attached to your vehicle identification number (VIN), so provide it 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).

Generally, car appraisal sites ask for the following information.

• Year, make, model and trim: Trim level can also have a massive impact on a car’s value. Take the 2024 Toyota RAV4, for instance. At the time of this writing, KBB estimates the fair purchase price for an LE trim as $30,397. A TRD Off-Road, on the other hand, runs about $38,348.
• 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 3% of cars that KBB provides estimates for are in excellent condition.
• Very good: Some minor cosmetic issues but in overall excellent condition. About 23% of cars KBB provides estimates for are in very good condition.
• Good: Has some minor mechanical issues and repairable cosmetic blemishes. About 54% of cars KBB provides estimates for are in good condition.
• Fair: Car needs work and might need something replaced. About 18% 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 high-value 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.