Everything You Need To Know About Car Appraisals
When you purchase a car, it's important to know what an appraisal is and what it doesn't do. An appraisal is a professional opinion of the worth of a property – in this case, a car. Appraisers will look at the condition, age, and other factors to give an accurate estimate of the car's market value.
The main difference between an appraisal and a price quote is that an appraisal is not binding. This means that the seller can still choose to sell the car for less than the appraised value, or they can choose to wait until there is a better buyer available. If you're thinking of buying a car, it's important to know what to consider when getting an used auto dealer software.
Here are some key points to keep in mind:
The condition of the car. This is obviously the most important factor, and your appraiser will take into account everything from dents and scratches to rust and corrosion.
Age and mileage. Cars that are 10 or more years old typically depreciate more than newer cars, no matter how clean or well-maintained they may be. And if the car has been in a major accident or is being sold as a certified pre-owned vehicle, the depreciation will be even greater.
Trade-in value. This is the value of the car you're giving up (or the price you paid for it), factored in to determine how much your car is worth on the open market.