How Are Used Cars Valued?
Millions of vehicles are sold in the U.S. each year, and while many of them are new, there are plenty of pre-owned vehicles purchased by motorists, too. Chicago and Skokie drivers searching for their next car may be wondering why the price of a used car is what it is.
How are used cars valued? It’s something you’ll want to know if you’re selling your car in Park Ridge and Forest Park, too. Marino Chrysler Jeep Dodge Ram is providing an answer to this all-important question.
Mileage and Condition of the Car
The main items affecting a used car’s price are mileage and condition. As the miles are put on, the wear and tear will increase. That’s a reality of vehicle ownership. The car with 100,000 miles on the odometer will cost less than the same car with 40,000 miles on it.
The condition of a vehicle is something that may be more subjective than the odometer reading. A car that’s never been in an accident with a few scratches or surface rust might be highly valued by the driver, but the trade-in price or another driver’s opinion may be a little different if you plan on selling the car.
Car Location Plays a Role
This is an underrated part of the process, but if you’ve ever used the Kelley Blue Book to get the value of your vehicle, you may have noticed that it will ask for your zip code. Location does matter when you’re selling or buying a used car. Your average sedan will be popular just about anywhere, but a convertible or sports car does well in a warm climate where the roof might be down 12 months out of the year.
Meanwhile, four-wheel-drive trucks and SUVs hold more value in places that get a lot of snow, and of course, the Chicago area is on that list.
Certain Features Have More Value
Some vehicle options can be worth more than others. For instance, if you have leather seats instead of cloth seats, your car will probably hold more value. Moonroofs, all-wheel-drive capability, and advanced liftgates are all “extra” features to look for, and therefore may value more highly.
Browse Our Used Car Inventory
Our used car inventory is varied. So, whether you’re searching for a pre-owned sedan, truck, or SUV, you’ll find that there are plenty of options to choose from when you visit our dealership.
Our sales team will be here to walk you through the different options and ensure you’re able to sit down with our finance team to discuss how to best pay for one of the used cars on our lot.
Learn More About Used Car Valuation
Wondering how much your current car may be worth? Our trade value tool can be of great assistance to you. You’ll find it here on the Marino CJDR website prior to that next drive in Chicago and Skokie.
How are used cars valued? Stop by to discuss this with our experienced sales team near Park Ridge and Forest Park today.
