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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Susie Young Baxter, CEO, has published PanoramaNOW Magazine for 31 years. Her hobbies are Camping, Boating, Hiking, Nature, Gardening and Outdoor Activities. She is an Artist, Graphic Designer, an Avid Seamstress, Dabbles in Homemade Crafts and Landscaping. Since her Father was a Health Teacher, she also likes homeopathic Health Solutions. Since blogging started over 10 years ago, PanoramaNow has been added to Newsbreak – a national news affiliate.
