What You Need to Know About Getting a Car Appraisal

All car owners will need to deal with a car appraisal at one time or another. Handling an appraisal can be overwhelming, especially if it’s your first appraisal and you aren’t sure what you need to do, or even what types of factors can impact the appraisal itself. The following guide will help you understand more about appraisals, what can impact them, and how you can get your car professionally appraised.

What Is a Car Appraisal?

A car appraisal is a professional evaluation of your car which has the goal of determining a specific monetary value to your car. Appraisals can be done for many reasons, though the most common factor behind an appraisal occurs when a car owner wants to sell, buy or trade their car and requires an updated fair market value. Other reasons why appraisals may occur can include applications for certain types of insurance policies as well as requiring asset values for bankrupt ices, estate planning or divorces.

What Details Can Impact a Car Appraisal Amount

There are many different details and factors which can impact a car appraisal’s final results. The value of your car can be impacted by characteristics such as:

• The model of the car
• The make of the car
• The age of the car
• The mileage on the car
• The presence of visible wear and tear
• The presence of invisible wear and tear (such as mechanical problems)
• The existence of body damage to the gar
• The presence of any additional features (such as heated seats)

In addition to the above influential details, your location can play a big role in a car appraisal. For example, if you are having an open-air convertible appraised, you are likely to get a higher appraisal value in a big California city than in a small town in Montana.

When you know what can influence your appraisal value, it will help you make the smarter choices in ensuring that your appraisal reflects the best value for your car.

How To Get Your Car Appraised

There is no set-in-stone method for getting a car appraisal. There are many different ways to get an appraisal, including:

• Using a website calculator to get an estimated appraisal value
• Going to a dealership and getting an appraisal from the dealership
• Getting an appraisal from a lender if you are applying for outside financing
• Hiring an independent appraiser

The option that you choose for your appraisal will vary depending on where you plan to sell the car—or if you plan to sell the car at all—as well as your personal budget. It is important to understand the benefits and disadvantages of each method before you use them for an appraisal. For example, having the car appraised using an online tool is completely free, which means it’s ideal for someone on a budget; however, the evaluations you receive online may not be accurate and are best for using as a springboard before heading into a dealership or private buyer negotiation.

Remember to keep the above information in mind when you want your car appraised.