How to Have Your Car Appraised
There are many reasons why you may want to have your car appraised. The most common reason is to know its value if you’re planning on selling it. In addition, you can also have a used car appraised if you want to buy it. Other reasons could be to get a better idea of the value of your estate or to establish it as collateral for a bank loan. No matter what your reason is, if you’re not sure about how to go about having your car appraised, the following overview will help.
If you go to a dealership, you will be able to have your car appraised. But, you should be aware that they may give you a low value. That’s because they may want to buy your vehicle to add to their inventory and would want to get it for the best price possible. While going to a dealer to have your car appraised is an option, it should not be at the top of your list, as your car is most likely worth more than the number that you’re given.
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Nowadays, you can go online and get a fairly accurate valuation of your vehicle. Two of the main sites out there are Edmunds and Kelley Blue Book, which is located at www.edmunds.com and www.kbb.com respectively.
Information to Be Provided
On those two websites, as well as some others, you will need to provide some information about the vehicle that you want to be appraised. Some of the information will include the:
- Trim Level;
It’s important to provide as many details as possible in order to get a more accurate appraisal.
3 Different Values You Will Receive
- Private Party Sale Price;
- Trade-in Value;
- Dealer Retail Price.
Of the three, the private party sale price is the one that you should focus on, as it will be the most representative of your vehicle’s true value.
While going to a dealership or online to have your vehicle appraised are options, in some cases, you will have no choice but to go to a professional appraisal, as it will be 100% official. Furthermore, in some instances, most of the legal variety, you will need to have your appraisal in writing. This is most common if you’re having your vehicle appraised as part of a divorce settlement, for an insurance claim, or as part of an estate.
You will be able to find an officially licensed appraiser through searching online or by asking a lawyer, among other methods. In addition, an auction house will also be able to provide you with or recommend a professional appraiser. The written appraisal will include all of the details of the vehicle and how its value was arrived at.
Always make sure to get a few different appraisals of your vehicle, especially if you want to make sure that it’s accurate. Good luck!