Quick Facts
How Can I Find Out What My Car Is Worth?
The most accurate guide for determining you car's market value is GALVES. What is GALVES? Galves.com is similar to Kelly Blue book with several key differences:
- The Galves.com website was created in response to market demand.
- Galves publishes trade in values on a weekly basis for fast information delivery.
- Galves publishes trade-in values that are realistic and more accurate to the actual vehicle worth.
- This resource focuses on the trade-in values for light duty trucks and cars only. No other vehicle types are discussed.
Other differences can be reviewed at www.Galves.com.
Why Does My Brand New Car Value Suddenly Drop 20% Right After I Buy It?
The truth is that once you buy the car it is no longer new. It may be physically untouched but on paper, after you purchase it and/or
take delivery, it becomes a "used vehicle". Cars depreciate very quickly when they are first sold. You don't even need to necessarily drive
it off the lot for it to lose 15 to 20 percent of its value. Once you buy a car, (and we mean a brand spanking new one) it can no longer be sold
as a new car because it has now been registered to someone. Once that car is registered to you, it doesn't matter if you only put half a
mile on it; it is no longer considered "new".
The drop in value depends on the market for that particular vehicle. It can be as little as 10% but usually no more
than 20%. You may lose some value as soon as you buy a brand new vehicle but at least the new car smell will last a bit longer.
Supply & Demand And How It Affects Auto Sales
To put it simply, if your car model has flooded the market or is too common, then there will be little or no demand for it. It's hard to sell a vehicle that has very little interest. When demand is high for your car model and dealers are in short supply, your car has a better chance of being sold or bought by a dealer (not considering other desirability factors).
Several factors can create high demand and make your car more sellable. Fuel efficiency is certainly one of them. Hybrids are gaining in popularity because of the positive effect on the environment. Reputation for dependability can contribute greatly to demand as well. Your geographical area and weather conditions in your region certainly can play a part. Even the "look" of the car can be a huge factor.
How Does A CARFAX Affect The Value Of My Car?
Whatever damage happens to your vehicle shows up as an accident on a CARFAX report. Any reported accident will automatically reduce the value of your car. How much the value drops will depend on the nature of the accident that occurred. A vehicle report that shows 'minor damage reported' will generally be worth more than a vehicle report that says 'vehicle towed'.
