If you're thinking about buying a car, it can be helpful to know what a used car is really worth. Here are a few tips to help you figure it out.
Start by looking for cars that are in good condition. A car that has been well-maintained will usually be in better condition and have a higher value than a car that has been neglected. You can also download the Price My Car app to the true value of your car.
Consider the age of the car. Older cars tend to have higher values because they’re considered classics and are often in better condition than newer models. But don’t overvalue an antique; just like any other car, older models can have problems that will reduce their value.
When you're ready to buy a car, there are a few things to keep in mind. Here are some tips to help you get the best deal on your next vehicle:
Be aware of depreciation: A new car depreciates in value the minute it's driven off the lot. A used car is not immune to depreciation, but it generally happens at a slower rate. That means that, over time, a used car may be worth less than when you first bought it, but it's worth knowing what the depreciation rates are for different types of cars.
Check the odometer reading: The odometer reading should be at least 80% of the miles indicated on the title. If it's not, there may have been damage done to the car that wasn't disclosed when you purchased it and you may now be responsible for that damage.
