Whether you’re thinking of purchasing a used car or selling your old model, it’s important to have a good understanding of the vehicle’s value. Unlike a brand-new vehicle, determining the value of a used car isn’t as simple as looking up the current selling price. Instead, there are several factors that you will need to consider when trying to calculate how much a used car is worth. Here are some of the most significant factors that impact the value of a used car.
Mileage
One of the most impactful factors regarding the value of a used car is its mileage. Cars that have driven more miles generally have experienced more wear and tear. As such, the more mileage a car has, the more its value decreases.
That being said, determining how large of an impact that a used car’s mileage has on its value isn’t always simple. There is not a consistent formula that can be used to figure out how much a car’s value decreases for each mile that it is driven. However, you should expect a car with higher mileage to have a lower value than a similar make and model with fewer miles on it.
Condition
In addition to mileage, vehicle condition is another one of the top factors that impact the value of a used car. Even if a vehicle has low mileage and is a relatively new model, its value can be far lower than an older model that was maintained well. As such, you should expect a car that was regularly serviced, has few scratches, and doesn’t have any strange smells to sell for more money than a newer model in worse condition.
Title and Vehicle History
The title of a car can also greatly impact its value. A car’s title is a legal certificate of vehicle ownership that provides important information on the vehicle’s history. There are many different types of titles that a car can have including clean, salvage, rebuilt, bonded, or odometer rollback.
Clean title vehicles generally have the highest value because they indicate that the vehicle has never been in a reported accident or received any major damage. Because of their favorable history, they often sell for more money than a vehicle that has had to undergo extensive repairs or has experienced water damage.
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