2003 Volkswagen Jetta GL: So according to KBB.com the Good Trade-in Value is $1700 and Fair is $1125 so maybe I am around $1500. Now private party says $3225 and Fair is $2525, let’s keep being reasonable and say $2875 as the private party we won’t use retail because this car is not in excellent condition.
How about Edmunds? A little different process here comes up with $2734 as a trade in $3752 as a private party, same thing here retail seems a bit high.
So KBB average with my adjustments is $2187.50 and Edmunds is $3243 that is about a $1000 difference.
I was hoping to find some for sale, however, was unsuccessful so where does that leave me? With a $1000 collision deductible I may see somewhere between $1100 and $2200 dollars in the event of a total loss and the coverage costs about $100 for the year. It still looks like I am ahead and I would not mind having that money to buy another car. That being said, IN MY OPINION, it is almost time to drop the coverage.
Why should you do this, so in the event of a claim you are not surprised at the first offer that an insurance company makes.
This car was sold in July off 2013 for $550. There was a very large market, larger than I thought there would be. Definitely could have received more for it. But at that point, my conscience and moral compass stepped in and we all felt very satisfied at this price. It does go to show, as in this post that there is absolutely a market for cars that you cannot find on the internet.
It is your means to get around town, to work, to play to kids activities. it is worth a lot to you but what is it worth to an insurance company? The cost to repair a car is going up so if your car is older you need to keep in mind that if the cost to repair your car is more than the value of the car it may not get fixed. Now what is the car actually worth in dollars? It may not be as much as you want.
Try and find a consensus. Visit Kelly Blue Book (www.kbb.com) and/or Edmunds (www.edmunds.com) to help determine the value of your car. Be reasonable with the condition and figure the middle number is about where you are. How do you double check this try a car buying site like www.autotrader.com . Give yourself a reasonable driving radius and try and find your car.
When should you do this? NOW and/or right after an accident
Maybe it is not worth keeping collision coverage on your car? It is also a great idea to know what your car is worth when the car is being assessed for damage.
THESE ARE IDEAS, YES THEY ARE GOOD, USE THEM BY YOUR OWN CHOOSING.
I’e been paying closer attention to this for 4+ years. Despite the tools suggested above there are a few other things to consider.
There seems to always be a market for pick up trucks. The color does not seem to matter, dents don’t seem to manner either. Somebody is always looking for one
Older Hondas. They are just popular across a variety of segments of people.
Subarus. Especially the all wheel drive ones.
Im sure there are lots of others you can enlighten me on, these are just a few that seem to stand out. Why does it matter? Because the market for your car or a car that you may buy can vary for a bunch of reasons. The computer models mentioned above are solid but don’t overlook “market” factors.