What are the factors in the value of your used car

The United States sells about 9 million used cars every quarter. Companies tracking these sales provide a valuable resource - detailed information about sales content and prices. These numbers are what anyone who wants to buy or sell used cars needs to know to make sure they get a good - or at least fair deal.

The Kelly Blue Book (kbb.com) is the most mature pricing resource. It tracks the purchases of thousands of new and used cars every week by monitoring consumer sales, dealers buying and selling vehicles at wholesale auctions, sales of independent and franchisees, and other transactions. The National Automobile Dealers Association is another important pricing and purchasing information resource and is also a popular car review site, Edmunds. The pricing of these three methods is slightly different because they extract different data and use different algorithms to determine the value.

Major mileage and condition

In short, the main factors affecting the price of used cars are the mileage and condition, and the options, location and color also play a role.

As the mileage increases, the wear will increase. It goes without saying that a potential buyer is not willing to pay the highest price for a 200,000-mile car, not a 30,000-mile car. If my cruise has 100,000 miles, its value will drop to $6,730.

This situation is more subjective than the number of miles – someone who sells a car that is reliable, accident-free, has scratches and rust on the surface may describe it as “excellent”, and most buyers may It's called “the average is good” – but it's as important as the number of miles in assessing value. Although the situation is closely related to mileage, there is no direct correlation between the two. Even a low-mileage car can withstand a reasonable share of wear, which has a negative impact on value. Vehicles with tearing of leather seats, ineffective electronic equipment, scratches or dents, or other similar problems are not highly sought after and therefore have a negative impact on their value.

The location of the vehicle can also function, depending on the vehicle in question. Mid-range family cars are popular all over the world, but in some areas, more professional cars do better. Convertibles and sports cars are more expensive in coastal areas and warmer climates, while four-wheel-drive trucks and SUVs perform best in the Northeast, Midwest and other areas with more snow.

Some options are more valuable than others

Choices can really hit or miss, but some are better than others to hold diesel engines, all-wheel drive and panoramic moon roofs. In addition, state-of-the-art factory sound systems and leather seats will add value.

There are also features such as air conditioning, power windows and door locks that, in the absence of these features, only affect the price of the vehicle. These have been noteworthy choices over the past few decades, but they are now ubiquitous.

Automatic transmissions (or similarly functioning transmissions, such as dual clutches or continuously variable transmissions) also fall into this category, and it is important to note. Second-hand sports cars, such as the Nissan 370Z, are often more worthy of manual transmissions, as buyers of these cars are willing to give up convenience to increase driver participation.