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.