It's common that most of us have a tendency to over value our vehicle(s). We all like to think that our assets have a great value. However vehicles may depreciate in value quicker than we think. Used vehicle values are obviously based on condition. The following information may be helpful in understanding a used vehicles condition and hence, the value.
There are a number of cosmetic, mechanical and maintenance factors that go into determining the condition of a used vehicle. Following below are the major factors or condition categories as defined by the National Automobile Dealers Association (NADA).
Clean - The vehicle has no mechanical defects and passes all necessary inspections with ease. Paint, body, and wheels may have minor surface scratching with a high gloss finish. Interior reflects minimal soiling and wear, with all equipment in complete working order. The vehicle will need minimal reconditioning to be made ready for resale and the vehicle has a clean title history.
Average - The vehicle is mechanically sound but may require some repairs or servicing to pass all necessary inspections. Paint, body and wheel surfaces have moderate imperfections and an average finish which can be improved with restorative repair. The interior reflects some soiling and wear in relation to vehicle age with all equipment operable or requiring minimal effort to make operable. The vehicle will need a fair degree of reconditioning to be made ready for resale and has a clean title history.
Rough - Significant mechanical defects requiring repairs in order to restore to reasonable running condition. Paint, body and wheel surfaces have considerable damage to their finish which may include dull, faded or oxidized paint. There may be small to medium sized dents, frame damage, rust or obvious signs of previous repairs. Interior reflects above average wear with inoperable equipment, damaged or missing trim and heavily soiled or permanent imperfections on the headliner, carpet and upholstery. The vehicle will need substantial reconditioning and repair to be made ready for resale. Some existing damage may be difficult to restore. The vehicle may have a branded title.
Appraising a cars value is not an exact science. Many of the things mentioned above are subjective. However, an experienced appraiser will generally come up with a value with a reasonable degree of accuracy.
You can get your vehicle book value by going to www.nadaguides.com
Model Year Indicator - The tenth position (digit) in the Vehicle Identification Number (VIN) is a code indicating the model year. This chart gives the code for the model year.
