How to Determine the Value and Price of a Used Car

December 6th, 2016 by

There are two reasons you might be curious about the value and pricing of a used car. The first is you want to sell a used vehicle. In this case, you’ll want to know how to set a fair price for a vehicle you feel has great value. The second reason you may be looking at used car pricingis because you want to buy a used car. In this case, you’ll want to know you’re paying a fair price.

While the motivations behind these two actions are different, the process of finding the perfect price are surprisingly the same. We’re going to walk you through how we set the pricing on our used cars, so you know what to look for as you research.

Step 1: We Evaluate the Condition of the Vehicle

The first step to determine the price of a vehicle is to look at its condition. If the vehicle is newer and in good condition, it may be able to be a Certified Pre-Owned vehicle. The price will be a bit higher, but it comes with Honda guarantees for the buyer, including history, mileage, age, and condition. This can only be done by an approved Honda dealership with a team trained on Honda certification practices.

Step 2: We Research Prices on Hundreds of Vehicles

After checking into the condition and history of the vehicle, we look at other vehicles on the market in our area that are similar quality. If you’re looking to trade in a 2015 Honda Odyssey, we’ll research other vehicles that are similarly equipped and we’ll price it around that same range. If the vehicle is Certified Pre-Owned, then the pricing will be a bit higher to account for the certification inspection and any necessary refurbishment or repairs.

Step 3: We Set a Price

After we look at other vehicles on the market, we’ll work on setting a fair price that matches what customers in the Palm Beach, Boca Raton, and Greenacres areas have paid. We wouldn’t want a customer to purchase a vehicle from us only to find it much cheaper somewhere else. And we wouldn’t want a customer of ours to sell us a vehicle that’s seriously undervalued. That’s why we do so much research before setting a price.

How Much Is Your Trade-In Worth?

At Braman Honda of Palm Beach, our first goal is to help accomplish all your automotive goals. That’s why we offer helpful articles like this one. We also offer an online Value Your Trade tool you can use to get a rough estimate on the current market value of your vehicle.

This tool was designed to help people like you get the information they need to make a smart trade-in. Check it out now, then contact our team to learn more about our trade-in process, including financing options for your next purchase.

Posted in Used Cars