How Much is My Car Worth?
Aftermarket Features Often Reduce a Car’s Value
Do you enjoy watching home makeover shows? There are a lot of shows centered around home renovations projects, and they all have something in common: When you upgrade your home it increases the value much more than the actual cost of the improvements. So it’s not surprising that people also think the same logic would apply to a car. Next to a home, a vehicle is one of the biggest purchases you make in your life. Unfortunately, adding aftermarket features to your car most likely will not add value, and in most cases, aftermarket modifications actually reduce the value of your vehicle.
If you are trying to answer the question “how much is my car worth?” and have added aftermarket features to your car or are thinking about doing so to increase its value, keep reading forward.
Aftermarket Features Impact on Your Car’s Value
Not so long ago adding options to your car was straight-forward. You could add extra value to your car if you opted to add cruise control, power steering, air conditioning, power brakes and upgrade your stereo to an AM/FM radio with a CD player.
These remain popular with car consumers, but it’s not likely you would find a car being sold without those options in today’s market. In today’s car market people are looking for additional accessories to make their driving experience more convenient and enjoyable with aftermarket features such as:
- GPS Navigation
- Back-up Cameras
- Heated or Air-conditioned Leather Seats
- Intelligent Keys
- Automatic Starter
- Alloy Wheels
- Performance Suspension Package
- Satellite Radio
- DVD Entertainment System
It’s true that all of these can make your car safer and more fun, but can some of these aftermarket features increase the value of your vehicle or will they actually decrease the value?
If you are the type of person who likes to personalize your car, you should think about what the additional features will do to the value of your car. There are improvements that can help a specific make and model of a car. For example, adding a sunroof to a midsize family sedan. But, if you were to add the same to a luxury car, that would decrease the value because a luxury car is expected to have a sunroof equipped from the factory.
In order to help answer the question “how much is my car worth?”, we have assembled lists of common aftermarket features that will either decrease or increase the value of your car.
Aftermarket Features that Decrease Value:
- Sunroof or moonroof that is poorly installed.
- Vibrant-colored leather seats or poor quality leather seats.
- Loud exhaust system.
- Inappropriate sized alloy rims or wheels.
- Turbochargers and superchargers.
- An unusual color paint job or non-factory color paint job.
- Illegal window tint.
- Modifying or lowering the suspension.
Aftermarket Features that Increase Value:
- Navigation System.
- Factory-installed leather seats.
- Professionally installed sunroof or moonroof.
- Intelligent keys with an automatic starter.
- Mobile Electronics, like a DVD player, satellite radio or premium stereo.
- Alloy rims and wheels that are appropriately sized.
- Exterior modifications that provide extra utility, like a bed liner, grill, running bars, fog lights, and legal window tint.
Now that you have some insights on how aftermarket features can increase or decrease that value of your car, let’s look at the main question: How much is my car worth?
How Much is My Car Worth?
When you are getting ready to sell your car, it’s crucial that you know the value of your car. There are a lot of reputable websites that can give you the value of your vehicle so you can answer the question “how much is my car worth?”. Before starting your search it’s important to know the differences of used car values.
Websites like Kelley Blue Book, CarGurus, and Edmonds are fast and free sites that will help you find the value of your car. Before going to any of these websites to answer your question of “how much is my car worth?” you will need to know the following information about your vehicle:
- Year, Make and Model
- Trim Level
- Your Zip Code
Once you have entered the information you will be provided different types of figures that estimate the current market value of your car.
This value will provide you the amount you would expect to pay if you go to a car dealership and want to purchase a vehicle similar to yours. This amount is not the same as how much you can get your car for, so be sure not assume you have the answer to the question “How much is my car worth?”.
This is generally the lowest value you will see and is the estimation of how much a dealership would give you if you decide to trade in your vehicle. On a good note, if you plan to trade in your vehicle and purchase a new one there is room for negotiation to get a higher trade-in value.
Private Party Value
You can use this value if you want to sell your car on your own. This amount can also be used if you want to purchase from someone wanting to sell their car to you.
These websites are ideal to obtain the retail value, trade-in value and private party value. However, if you are trying to sell your car and wondering “How much is my car worth?”, then you should consider looking at a car buying service. Using a car service like CarVIO can help provide you an estimate to answer your question of “How much is my car worth?” and pay you a fair price for your used car much faster than conventional methods.
Car Buying Service
If you are in a situation where your car isn’t running, was recently wrecked or has just been sitting in storage, our recommendation is that you get in touch with a car buying service as they can provide you with a hassle-free option to get paid quickly for your car. Using a car buying service that is only in the business of buying cars like CarVIO may be the best option for you. You can easily sit in the comfort of your own home and answer the question “how much is my car worth” with a small amount of information and get an instant quote.
Regardless of what you choose to do with your car, it’s good to know that you have options. It’s up to you to determine the best option and look at the pros and cons of the different ways to sell your unwanted vehicle. Ultimately, answering the question “how much is my car worth” doesn’t have to be hard and at CarVIO, we believe that you deserve to be paid a fair price for your used car.
CarVIO is Fast, Easy and Reliable! Visit us at www.carvio.com to get your quote today and the cash for your car you want!