What Goes Into Pricing a Used Car for Sale?

Whether you’re looking to buy or sell a used car, you’ll want to make sure you get the best deal. (Or at least a fair one!) Since different factors will affect the value of a used car, understanding how pricing works can help you more easily navigate the sale or purchase of a car. 

At Thompson Sales, we want you to get the best bang for your buck so we’ve outlined the main factors that influence used vehicle pricing below.

What Factors Affect the Value of a Used Car?

Generally speaking, the mileage and overall condition of a vehicle are the main factors that determine its price. However, other things can play a role too.

• Mileage: As the mileage of a car increases, so does its overall wear and tear. As such, it makes sense that a used car with lower mileage would be worth more.

• Condition: A vehicle with less wear and tear will be assessed at a higher value than one with a lot of wear and tear. Cars with scratches, dents, faulty electronic equipment, or damaged interior seats won’t sell for as much.

• Location: Interestingly, certain types of used vehicles sell better in different locations. For example, sedans are popular everywhere but convertibles and sports cars generally sell for more on the coasts and in warmer climates.

• Add-ons: Certain add-ons like a diesel engine or a panoramic moonroof will add to a car’s value.

• Aftermarket modifications: Modifications such as coal-black window tinting, rear spoilers, and oversized wheels typically reduce a car’s value. 
• Exterior color: Although a car’s exterior color won’t make a huge impact on its overall value, cars with common colors like silver or blue tend to sell faster than flashy colors like purple or yellow.

How can I find out what my used car is worth?

You can use several different pricing resources to find out what your used car is worth. 

Some of the most reliable resources are:

• Kelley Blue Book
• National Automotive Dealers Association
• Edmunds

You can also use our convenient Value Your Trade-In calculator to get an estimate from our experts here at Thompson Sales.

One thing to remember is that when a car dealer purchases your vehicle, you’ll get a lower price than full retail because the dealer then resells the car.

Related Post: Best Way to Buy a Used Vehicle

Ready to Sell or Buy? Visit Thompson Sales Today

When you’re ready to take the next step, a friendly associate at Thompson Sales can help. Please call (417) 763-6811 or contact us online today for assistance buying or selling a used vehicle.