How Are Used Cars Valued?

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Avatar for AnnaBlack363
2 years ago

Calculate the value of used cars

It's time to find out if your choice of used cars is worth it. Dig up all the information about the car so that you can bargain with the seller.

1. Start with Kelly Blue Book (kBb). KBB uses data collected from actual sales transactions and auction prices to provide an accurate price range for used cars.

2. Purchase a vehicle history report (VHR). A good VHR costs about $50, including accident records, ownership records, and a lot of other records. VHR eliminates a lot of speculation about used cars because it will tell you whether the car has had any accidents or has been in the store for a long time“ Vehicle history provides a free basic report, but if you plan to spend thousands of dollars on a used car, please buy a comprehensive report from Carfax. You need to know the car identification number (usually found under the windshield on the driver's side). Professional tip: if the car identification code has been scraped or deleted, do not buy a car. This is a huge danger signal. Most likely, the used car was stolen or the seller was hiding something.

3. Calculate the cost of ownership. This is the cost of maintaining your car (oil change, new tire, oil change) and the long-term maintenance cost you should expect. You also need to know the cost and availability of replacement parts, because some car parts are more expensive than others. You can use Edmunds' true cost-to-own tool to get a good estimate.

4. Find some online forums about used cars. Almost every model has a forum in which threads can be traced back a long time ago. See if the car owners have any common problems with the model you want to buy.

5. Check the vehicle recall record. Don't think the seller has solved the safety recall of used cars. In fact, more than 70 million cars are currently under public recall. Yes, you guessed it - people are still trying to sell them without fixing the recall problem. So what can you do? Check NHTSA's recall records, if any.

6. Request an insurance quotation. Insurance on used cars is usually cheaper than new ones. In fact, the insurance cost of a five-year car is about 14% cheaper than a brand-new car. If you have bought insurance, ask how much your insurance premium will change if you buy a certain brand and model. Work with independent insurance agents who will shop for you.

Check the used car yourself

Even if you are not a mechanic, you can use this list of recommendations from the motor vehicle administration to check for signs of damage and abuse. Although none of these can prevent you from buying a car (except for serious damage, such as a pop washer), a lot of these can prevent you from buying someone else's car.

Under the hood

Check the oil level and color. The dipstick is located near the engine (usually a yellow dipstick). The oil should be light brown. If there's no oil in the engine, that's a good sign. It's a bad deal.

Check the oil color under the oil cap (on the engine). If it's the same color as mayonnaise, don't buy a used car. If the oil is milky white, it mixes with the coolant, which is a common sign of a cracked head gasket.

Check the belt. The belt is located around the engine, sometimes on one side of the engine, so you may need a flashlight for this step. The belt shall be flat without cracks. Cracked belts are not a bad thing, but you need to replace them as soon as possible.

Check the transmission oil dipstick (usually red). The transmission fluid shall be pink or red. If it's black and smells burnt, it's a bad sign. Changing the transmission is expensive, so if you find that the seller hasn't changed the fluid for a while, reconsider buying a used car.

Check the coolant level. It should be between the minimum and maximum values. The coolant reservoir is somewhere near the radiator. If you can't find the reservoir, ask the seller where it is. Warning: do not open the coolant cap when the engine is hot or the vehicle is running.

Check the brake fluid. Make sure it's the highest level.

external

Look at the paintwork on this car. Check for dents and scratches.

Check the tires. They should be the same (not mismatched) and even across the width. Pay attention to wear, cracks, and cuts on the sidewall. Also, check the spare wheel.

Check the tailpipe. If the car is black, it means the car is burning oil - another bad signal.

Open and close the doors, as well as the trunk, fuel door, and fuel cap. Make sure they all work.

Check the lamp. Ask the seller to operate the turn signals, headlights, and brake lights because you want to make sure they work.

inside

deep breathing. If the car smells musty, or if you notice mold under the seat, the car is likely damaged by water, which may lead to expensive electrical problems. If there is an air freshener or the car smells strange, open the window during the test drive. When you finish the test drive, you can smell the natural smell of the car.

Check the steering wheel, seat, and pedal for wear. Slight wear can be expected, especially if it is an old car.

Lock and open all doors. Make sure they work.

Check the air conditioning and heating. Everyone takes these things for granted... Until they don't work.

Idle the car and look at the thermometer. You don't want to buy an overheated used car. When the temperature begins to rise, be sure to turn on the fan of the radiator.

Conduct a test drive in person

When you first test drive, turn off the stereo and kindly ask the passengers to keep quiet so that you can hear any problems.

Before you test drive, choose a route with hills, bumps, and even potholes. Even if you plan to use the car on highways and flat roads, you can test the car on rough roads to see how it handles the road.

Use your test drive to answer the following questions:

feel

How does it feel on a flat road? Smooth or rugged?

How does it feel when it hits a bumpy place? Is rock aggressive?

Will the car try to speed up?

Is the shift smooth?

Is the brake soft or too sensitive?

How did your body feel after the test drive? Is the seat uncomfortable?

noise

Does the engine sound smooth when you accelerate?

Does the engine rattle, knock or rub when you idle?

When you accelerate to more than 60 miles per hour, is there a vibration or strange sound under the hood?

Does the brake squeak?

sight

Can you see the outside of the car easily? Do you need to pull your neck to check your blind spot?

When you start the car or accelerate, does black smoke come out of the exhaust?

Is the tachometer consistent when you are idling? Does it fluctuate too much?

smell

Turn the air conditioner to medium gear. Do you smell burning oil?

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Avatar for AnnaBlack363
2 years ago

Comments

Used cars are valued based on a variety of factors including make, model, age, mileage, and condition. The value of a used car can also be affected by its history, such as if it has been in any accidents or if it has a clean title. When it comes to repairable, salvage, and wrecked cars, the value can vary greatly. Repairable cars are those that have been in an accident or have some sort of damage but can be repaired and put back on the road. Salvage cars are those that have been deemed a total loss by the insurance company and are often sold for parts or scrap. Wrecked cars are those that have been damaged beyond repair.

It's important to note that repairable and salvage cars can be sold at much lower prices than used cars in good condition, but it's important to have a clear understanding of the condition of the car before making a purchase. If you're looking for a used car, you can find a wide variety of options at car auctions like the one at https://abetter.bid/en/car-finder/type-automobiles/state-fl, including repairable, salvage, and wrecked cars. It's important to inspect the car carefully before making a purchase and make sure you understand the condition of the car and what repairs might be needed.

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