4 Situations That Require Car Value Estimates by a Professional

car value estimates

While your vehicle has more than monetary value to you, there are times when it’s important to consider how much it would be worth to someone else. In fact, there are a number of scenarios that would involve seeking car value estimates prepared by professionals. Here are some examples of when you may need this type of help.

Determining the Car Value After an Accident

There’s no doubt that you will need an estimate after the car is involved in an accident. The goal is often to decide if the vehicle can be repaired to a degree that it’s safe to drive again. That can only happen if you take the car to a certified inspector who knows how to identify and evaluate all of the damage.

What the inspector finds will be shared with the insurance company as well as with you. That data is considered by the provider and determines what sort of offer is made to you. Depending on the extent of the damage and the cost of repairs, the provider may offer to total the car and provide you with enough cash to purchase a comparable replacement.

Looking into Options for Auto Insurance

If you’ve been with the same auto insurance provider for a long time, it never hurts to see what a competitor has to offer. Part of the information that you want to provide is data about the current worth of that vehicle. This is especially important if the plan is to secure agreed value coverage.

The results of the inspection, including an appraisal of the current value, provides you with the basis for deciding how much coverage is needed. Keep in mind the goal is typically to secure enough coverage to ensure that you can replace the vehicle if it’s totaled in a covered event.

Considering the Purchase of a Used Vehicle

In your case, the goal is to find a reliable used vehicle that will ensure you have a reliable way to travel. While you can readily spot serious issues with most used vehicles, there are other problems that may be less obvious. Having the car inspected by a professional will help determine if the car is one that you want to think about buying.

As part of inspections, professionals provide car value estimates that help buyers evaluate the sale prices of those vehicles. Take that information and compare it to what the seller is asking. If it’s reasonably close, buying the car may be a good idea. When the price is out of line, you have the option of stepping away and continuing the search.

Preparing to Sell Your Current Vehicle

The same holds true if you are the one who is attempting to sell a used vehicle. Taking the car in for an inspection provides the basis for determining the current value. You can use that figure to set the asking price.

Using this data helps you avoid setting a price that many potential buyers would consider unreasonable. That increases the chances of selling the car sooner rather than later.

Estimates on current car values can be helpful in a number of other situations, including setting amounts for donations or seeking certain types of tax deductions. Whenever you need this type of information, turn to a professional. You will end up with a verifiable estimate that tells you exactly what you need to know.


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