The first step in valuing a used car requires some investigation. This is the objective part of the equation, and it is not difficult.
Before you begin, you will need the six following pieces of information to properly value a used car,:
- Year – The model year of the vehicle (this is not necessarily the year the car was manufactured!).
- Make – The brand of the vehicle (Honda, Chevrolet, Ford, etc…).
- Model – The name of the vehicle (Accord, Lumina, Explorer, etc…).
- Trim Level – The options package (LX, Touring, Eddie Bauer, etc…).
- Options – The optional items and packages (ABS brakes, DVD player, Sport Package, etc…).
- Mileage - The current number of miles on the vehicle as read from the odometer.
Basic vehicle information can be found through a check of the “Vehicle Information Number” (VIN). Check CARFAX, a company offering vehicle history reports, to get a free basic VIN check with Year, Make, and Model of the used vehicle you are pricing.
The options are usually only listed on the original window sticker. Do not worry if you do not have access to it, as most of the options (like air conditioning or chrome wheels) are obvious with a visual inspection of the vehicle.
With that information written down, it is time to move to the next step...