Measuring Used Car Values: Research and Testing

If you’ve made the decision to buy a car (or especially if you’re just starting to think about buying a used car), it’s crucial that you understand how used car values are calculated and measured. You don’t need to be a car expert to get a good understanding of what is a good value and what’s a bad value, but you should put a little time into educating yourself about the different factors that go into used car values. This post should help you get your feet under you before you go to a dealership, or private seller, this way you won’t be taken completely off guard.

So, take a breath and get ready to begin! Be aware that many private sellers may try to pull the wool over your eyes and sell you something at a steeper price than it’s worth if you don’t know the used car’s value. At McCluskey Chevy, we’ll always offer you honest and upfront pricing on our used cars, but especially if you’re shopping around, make sure to do your homework ahead of time.

Ask yourself whether the person or business you’re buying from has your best interest at heart. Do they want to keep your business long term by offering service and maintenance help, or are they just trying to make a quick buck? It might take you a little longer to educate yourself about used car values, but it will be worth it in the end when you are sure you’re getting a great value on your used car purchase!

Do Some Research on Used Car Values Online

As a potential used car buyer, you should do some research on the vehicle online to get an understanding of what comparable cars are going for on the market. Figure out what the average market price is. Google to find similar cars in your area and take a look at the different factors that might be adding to or subtracting from the car in question’s value. This is probably the most important step you can take before you meet a seller. Having a baseline price to work against will help you if the seller wants to negotiate with you. If you don’t have an understanding of the market price, you’re going to be at a real disadvantage.

In your Googling adventure, you’re probably going to run across Kelley Blue Book, or KKB. This is a good thing, definitely use this site to your advantage! KBB is the industry standard database of used car values. You should be able to find just about any used car value you could think of on Kelley Blue Book, and for the most part they will be unbiased and accurate.

On KBB’s website, you’ll be asked for many different pieces of information related to the target car you’re researching. Having this information on hand when you start researching will save lots of times. Information that you should figure out beforehand include things like the used car’s make, model, year, mileage, engine, trim level, and whether it has any special or premium features. If you’re just trying to get an understanding of the market, feel free to just opt for the “standard” options for these once you’ve selected the make and model. Site’s like KBB will also ask you for the used car’s condition. For the most part, used cars for sale at dealerships are in “fair” condition. Use this standard when you’re researching used car values on sites like KBB.

It isn’t just value-calculating sites like Kelly Blue Book that can help you prepare to meet a seller of a used car. You should also do some research on the car’s history if there is a specific used car that you have in mind. Vehicle History Reports are available online from sites like CarFAX. These can cost a little bit of money, but are well worth it in the end. Most dealerships will offer you a printout of the used car’s Vehicle History Report if you ask for one.

If you’re looking for the car’s history you’re going to need the vehicle’s VIN number. These reports will tell you important information regarding the vehicle’s past. Things like whether or not it’s ever been in an accident, how many owners it’s had before, and whether it’s ever been in a flood. These factors can let you know if the car isn’t the right one for you, or help you negotiate the price down if the seller hasn’t valued the used car correctly.

If the marketed price doesn’t match what you think the actual value of the used car should be, it doesn’t hurt to bring your own copy of the CarFAX with you to the seller. You want to be prepared for any conversation that can save you some money! At McCluskey Chevy, we don’t want to play games with you though, so our used cars are always valued at great prices!

Inspect the Car Yourself

Don’t worry, you don’t need to be a mechanic or mechanically minded to do this one. You don’t even need to be a car enthusiast! What this step entails is checking for external inconsistencies and issues. You never know what may have been overlooked on accident (or worse, on purpose) by the seller. Things anyone can check for without knowing a whole lot about cars include things like working power windows, upholstery that doesn’t match, rust on the chassis, and dents and scratches. You might wonder why mismatched upholstery is a big deal. It in and of itself isn’t, but it is an indicator that the car’s been through some kind of damage great enough to warrant new seat covers. Find out what caused the need and you could discover a greater problem.

External defects and imperfections are a great place to start, especially if you’re going to be looking at a lot of different used cars and not necessarily test driving them all. Get into the habit of walking around the car and looking at it from every angle before moving forward with a test drive.

If you don’t feel up to noticing imperfections, or really want to make sure that nothing is wrong with the used car, take it to a trusted mechanic. This is an especially good idea if you’re buying from a private seller. Dealerships have an incentive to sell you a great used car, but private sellers do not. Your mechanic will be able to test it for any mechanical problems as well as tell you whether it’s performing satisfactorily and safely.

Take the Used Car for a Test Drive

The final step when measuring used car values is to take it for a test drive. In order to get to know a used car, you really need to drive it around for a bit. All used cars have their own quirks depending on the driving habits of previous owners. No two used cars are created exactly equal. During the test drive, pay attention to the car itself. Drive it around an area that isn’t too busy or loud, so that you can listen for any odd noises. Make sure to check that the blinkers are working, it accelerates as expected, and the brakes respond well. See if it drives well on back roads and on the highway alike and can maneuver as you need it to. You’re probably going to be spending a lot of time with your “new to you” car, so you want to be sure it’s worth its monetary value to you!

Luckily, at McCluskey Chevrolet you’ll never have to worry about defective vehicles or outrageous prices. We take great pride in our inventory and want to ensure that your new vehicle will last you for years. So once you’ve decided on a used car’s value you’re sure to see that it closely aligns with our prices. So save yourself a hassle and look for your next used car at McCluskey Chevy!