How to Determine the Value of a Used Car

Whether you're buying or selling, the most reliable way to value a used car is comparing it against real, current listings for genuinely similar vehicles — not relying on a single number from any one source.

Step 1: Find genuinely comparable listings

Search for the same make, model, and similar model years within a reasonable distance. "Comparable" means matching on trim level and major options too — a base trim and a fully loaded trim of the same model can differ significantly in value.

Step 2: Adjust for mileage

Once you have a set of comparable listings, adjust for mileage differences. A car with meaningfully higher mileage than the comparables should be priced lower, and vice versa — a common rule of thumb values the difference at roughly 5-10 cents per mile, though this varies by vehicle.

Step 3: Adjust for condition and history

• A documented clean accident history supports a price at or above the comparable average
• Any reported accident, even minor, typically justifies pricing below comparables
• Cosmetic condition — noticeable wear beyond what's typical for the mileage should adjust the price down
• A full service history supports a stronger price than a car with no records

Step 4: Account for local market conditions

Demand for specific vehicle types can shift by region and season — trucks and all-wheel-drive vehicles often command a premium in colder climates, for example. Local comparable listings already reflect this, which is another reason to prioritize them over a generic national number.