You’re ready to move on to the next car and want to know how much your used car is worth. No problem. Your car, SUV, or truck’s resale value and trade-in value depend on its age, mileage, condition, and of course, model. Still, how do you find your car’s resale value in 2022?
What is the resale value of a car?
Resale value is your vehicle’s retained value compared to its original starting price. Also, resale value is tied to the market and your vehicle’s make and model. Your car may appreciate or gain value if it has any kind of collectibility. Conversely, nearly all cars lose a percentage of their original value over the course of the first three to five years of ownership.
The Model 3 holds its value well | Tesla
However, some vehicles lose more value than others, depending on make and model. According to iSeeCars, the average depreciation for all vehicles is 39.1%. However, electric vehicles (EVs) depreciate much more than the average gas-powered car. Specifically, EVs depreciate an average of 52.0% over a three-year period.
How do I find out the resale value of my car?
If you want to find the resale value of your car, you can use a reputable online vehicle valuation service. Kelley Blue Book (KBB) and National Automobile Dealers Association (NADA) are the most popular and generally trusted services. KBB allows you to input the year, make, model, title status, and mileage of your vehicle and find a price range, including a fair purchase price and trade-in value.
Also, if you want more precise information, KBB has a VIN tool, wherein you can input your vehicle’s VIN to get a more accurate value.
Jeep Wranglers hold value | Artur Widak, NurPhoto via Getty Images
Can I improve the resale value of my car?
While you can’t do much to improve the value of your car in its current condition, you can take good care of your vehicle to ensure that it retains as much value as possible. First, you can make sure that your vehicle is in good condition and accident-free. If you get into an accident and total your vehicle, a salvage or rebuilt title will precipitously decrease its value.
Next, keeping your car’s mileage low can retain more value than high mileage examples. Of course, if your vehicle is a commuter and not a collector’s car, that might be impossible. Beyond preservation, there isn’t much that consumers can do to improve the resale value of their cars.
A wrecked car will lose its value with a salvage or rebuilt title | RJ Sangosti, The Denver Post via Getty Images
Is Kelley Blue Book accurate right now?
The current car market is volatile and tricky due to COVID, supply chain issues, and material shortages. As a result, KBB might reflect prices closer to what may have been in lieu of market abnormalities. For instance, KBB may reflect pickup truck prices that don’t consider supply shortages. Recently, consumers who want a new or used pickup truck are paying well over what they usually would.
Scroll down to the following article to read more about resale and trade-in value!