Regardless of whether you're looking to trade in a used car, buy a new vehicle, or sell one with the hopes of getting some of your investment back, it's important to understand how you can calculate the value of your used car in order to get the best possible deal. While the trade-in or selling price of used cars will generally come down to what a seller and buyer agree upon, there are numerous ways to determine the full market value of a pre-owned vehicle. For example, one of the most common methods is to make use of NADA used car values. Similar to lists like the Black Book, or Kelley Blue Book, NADA used car values give you a round-about estimate of what a car that matches your make, model, and year, should be expected to sell for at a dealer-level.
NADA used car values are an incredibly useful financial resource.
Using Pricing Guides
Using pricing guides such as the NADA Used Car Values list is often the most common and inexpensive way to price vehicles, as it means that you don't have to hire an appraiser to come and check out the vehicle on your behalf. This is one of the many reasons why professionals from a wide range of different industries depend on the NADA used car guide for the data they need to make crucial decisions about the cost of used vehicles every day. Because the values offered by NADA are unbiased, they draw in interest from a wide range of businesses, from rental agencies and manufacturers, to lawyers, insurance companies, governments, credit unions, and banks. As the valuation authority, NADA Used Car Values can offer every value an individual or company needs, from auction and trade prices, to loan amounts.
Why Might You Use the Used Car Values Guide?
Clients, individuals, and businesses that make use of the NADA used car guide typically utilize this resource for a variety of different reasons. For example, in the finance sector, business analysts, lenders, and others utilize NADA values for loan underwriting purposes, vehicle loan origination, repossession, funding, floor planning, portfolio management and more. On the other hand, in government sectors, state administrators might utilize the guides given by NADA to assess the tax value given to vehicles. In many circumstances, federal officials within the FBI and department of Justice will utilize NADA values for forfeiture and asset purposes, while the administration for social security uses them as a way of determining benefits.
Dealers make use of NADA values for pricing their inventory and assessing the amount of credit that should be given when a user trades in a vehicle, they can also use NADA in setting asking prices and for completing paperwork. Almost all departments regarding motor vehicles will use NADA values as a way of determining the current and actual cash value for a vehicle in a bill of sale, while insurance appraisers, claims adjusters, and other agents use NADA values for policies and underwriting, as well as estimating claim total less, reserve amounts, and thresholds.