How to Determine The Fair Value of A Used Vehicle

June 7th, 2021 by

Buying a used vehicle from an auto dealership instead of a newer one is a smart decision to make. It allows you to obtain a suitable vehicle without spending a lot of your hard-earned money.

However, whether you are looking for a family van, a work truck, or an SUV for your daily commutes, the number one concern for anyone looking for used cars is making sure it is purchasable at a fair price.

At House of Cars, our experienced team has prepared this blog for those who want to make sure they get the biggest bang for their buck.

Use online estimator tools

An online estimator tool will help you understand how much a vehicle should be worth, meaning it will be harder for dealerships or private sellers to swindle you.

All you have to do is enter information such as make, model, year, etc. It will then provide you with an estimate.

There are multiple estimators available online; some popular sites that you could use are Kelly Blue Book, Carfax, and Black Book.

All of them use different criteria to help formulate a value estimate, but they can help you nonetheless to compare and give you an idea of its fair price.

Vehicle yearly depreciation

A new car depreciates around 30% on average during its lifespan, and each year it loses about 10% of its value. This depends on the vehicle’s characteristics, such as make, model, and the conditions in which it currently operates.

By applying these percentages and comparing prices with a vehicle that hasn’t hit the road, you can estimate the value of the used car you want to purchase or sell.

This can be a little bit confusing, but you can use depreciation calculators that are available online to determine their depreciation.

Get the vehicle inspected by a mechanic

By getting the used vehicle you are interested in inspected by a knowledgeable mechanic, they will provide you with helpful information about the vehicle’s current conditions, verifying whether its current price is fair.

You must be careful, though, as some mechanics may want to take advantage of unknowledgeable clients. You can prevent that by taking it to a mechanic many people trust.

You can select the right mechanic by reading online reviews or simply visiting House of Cars’ in-house mechanics.

Compare its price with different dealerships

Another way to determine if its price is fair or not is by checking out other dealerships in your area that sell the same used vehicle you are looking for.

If the price does not differ too much, that means that the price listed will more than likely be fair.

However, there are times when the car might be just a bit more expensive but is accompanied by a fantastic payment plan. Be sure to keep an eye out for great deals like the ones we have at House of Cars!

Get your pre-owned car with the help of House of Cars

If you are currently looking for the best models in the pre-owned vehicle market, House of Cars Medicine Hat is here for you!

At House of Cars Medicine Hat, we are committed to providing our customers with the best affordable vehicles on sale that suit their needs.

We also create payment plans with our client’s financial needs in mind without discriminating against their credit history.

Contact one of our team members today to find out more!

Tips To Get The Best Mileage Out of Used Vehicles

You have finally obtained the pre-owned vehicle most suitable for you from a dealership and you want to keep it for as long as you can. This means you need to be responsible and take the necessary actions to help improve its lifespan.

An excellent way to do so is by improving its fuel mileage.

By improving your pre-owned vehicle’s fuel mileage, you will not only help in maintaining them for a longer period of time, but you’ll also save a lot of money at the gas pumps.

Here are a few helpful tips to improve your gas mileage.

Reduce Your Car´s Load

The more weight the car has, the more it will have to work to move. By having unnecessary items either in the trunk or passenger seats, your engine will start to strain, consuming more fuel in the process.

So make sure to keep the necessary items that you need during your travels.

Keep Your Tires Well Inflated

You need to make sure that your car tires are always inflated at the recommended pressure. Underinflated tires cause more resistance when they are rolling, making the car use more gas to move.

Read your car´s manual carefully to determine the right amount of pressure for your tires to obtain the best balance between gas mileage and traction.

Don’t Drive Too Fast

It should go without saying that the faster you go, the more gas your car will consume in the end. So it’s more beneficial to you if you go easy on the accelerator from time to time and drive the speed limit.

You will not only save money on gas because your fuel will last longer, but you are also keeping yourself and those that travel with you safe.

Use The Correct Motor Oil

Every engine is designed to work best with a specific type of motor oil in mind. If you use the wrong type, it could cause too much friction and make the engine burn more fuel.

Be sure to pick up the right motor oil based on the information from your car´s manual. If you are still unsure about what oil to use after reading the manual, you can double-check with a trustworthy mechanic, which brings us to the next point.

Service Your Car Regularly

A well-maintained car will last longer. It’s essential to change the oil on your vehicle on time, clean your spark plugs and air filter when needed, and so on.

If you are unsure of how to do that yourself, take it to a mechanic. They might see something that you don’t and help you prevent a pricier repair in the long run.

Try to service your vehicle at least twice a year for a seasonal tire change. Feel free to visit us at House of Cars and enjoy our in-house mechanic’s services.

House of Cars can help you when it comes to pre-owned vehicles

At House of Cars Medicine Hat, we offer all sorts of used vehicles for all purposes.

Need a Van or an SUV because you have a lot of passengers with you? Perhaps you are in need of a truck to help carry heavy equipment, or maybe you just need a simple car for your daily travels.

All of our vehicles come with Carproof and a full mechanical fitness inspection. We can assure you that with our help you will obtain a suitable vehicle for you.

Give us a call or click here to contact one of our team members and begin the process of finding the best vehicle for you!

Posted in Tips