How do I find the fair market value of my car?When evaluating your car’s value it is important to know the different types of values that cars can have. The value depends on how and where you sell your car, and a few other factors. Your car may have only one of these values, or you may compare all of them to determine your junk car value.
Retail valueThis is the value you can expect to pay when purchasing from a dealership. It gives you an idea of what you can get for your car, but not an exact estimate. Dealers usually price their cars higher than what they are actually worth to compensate for costs associated with making the car market ready. In this case, your car value will most likely be lower than the retail value.
Trade-in valueThis is the amount you can expect to get from a dealership when trading it in. This is usually the lowest of all values, as the dealership offers a low amount to make a bigger profit. This value is only worth noting when trading it in and you can sometimes negotiate for more.
Private party valueThis is the value established when you are selling your car yourself. It is usually based on the book value, provided by sites such as Kelly Blue Book, CarGuru, and Edmunds. This value is typically a few thousand dollars more than the trade-in value and fluctuates depending on the other factors we will cover below.