Appraising a car is the act of determining a market value after considering factors such as age, vintage, rarity, mileage and comparable sales.
Appraising the value of an automobiles is a skill that anyone can learn but few actually master.
Below are a few tips to learning the process of appraising automobiles.
- 1 How much does it cost to get an appraisal on a car?
- 2 How does a car appraisal work?
- 3 How long do car appraisals take?
- 4 Where do I get my car appraised?
- 5 How do I get the best car appraisal?
- 6 What will a dealer give me for my car?
- 7 What should I do with my car before getting an appraisal?
- 8 How do I find the fair market value of my car?
- 9 How accurate are appraisals?
- 10 Should I part exchange my car?
- 11 Should I detail my car before I trade it in?
How much does it cost to get an appraisal on a car?
Typical costs: Car appraisals are available for $100-$500 or more, but a detailed appraisal that includes photos, a thorough inspection and a written report typically costs $175-$350, depending on location, travel time or if the vehicle is brought to the appraiser.
How does a car appraisal work?
A vehicle appraisal is a written estimate of the current value of the car based on the experience and training of the appraiser and current market trends. Appraisals are usually performed when a vehicle is bought, sold, or insured, and by collectors and hobbyists.
How long do car appraisals take?
15 to 30 minutes
Where do I get my car appraised?
Get Your Car Appraised at a Dealership
You can also take your car to a dealer and have it appraised, a process that usually takes up to 30 minutes to complete.
How do I get the best car appraisal?
The easiest way to get an appraisal is to use an online appraisal tool. However, in order to make sure you get the best (and most accurate) value for your car, a professional appraisal is your best option.
What will a dealer give me for my car?
A dealer will usually spend between $250 and $500 preparing the vehicle for sale. So all you need to do to get an idea of what a dealer will pay for your car is to check the listing prices of similar cars, take 80% of that price and subtract $250 to $500 to get your “rough estimate”.
What should I do with my car before getting an appraisal?
Here are a few things you can do to ensure you get the most out of your trade-in before you go to sell your car:
- Clean the thing, inside and out.
- Fix small issues yourself.
- Gather all important documents.
- Grab any extras.
- Conduct your own inspection.
- Determine your car’s estimated value.
How do I find the fair market value of my car?
To determine the fair market value of a vehicle, use a website like Edmunds or Kelley Blue Book. Navigate to the main page, then click the tab or icon that says “Price My Car” or something similar. Next, enter the year and model of your vehicle, the car’s mileage, and your zip code or city name.
How accurate are appraisals?
In some markets where conditions are good, appraisals should be within two or three percent of other appraised values. In others where market conditions are challenging and hard to predict, a 10 percent variance may be welcomed. Yes, all appraisals, no matter how thorough, should provide an accurate opinion of value.
Should I part exchange my car?
If the answer is yes, you are more likely to get a better deal, if no, then part-exchange would be a better option for you. It is a good idea to get a general feel of how much your car is worth beforehand and what price you should expect from franchise dealers, part-exchange, independents and private buyers.
Should I detail my car before I trade it in?
You should NOT clean your car out before trading it in. First impressions are everything – Remember you’re selling your car to the car dealership. If your car is clean the appraiser will be more likely to think you take care of your car and also must do the preventive maintenance also (oil changes, fluid checks, etc.).
Photo in the article by “Flickr”