Vehicle valuation reports are an essential tool for the savvy car owner or buyer in many situations.
Considering selling a vehicle?
If you are thinking about selling your vehicle, you need to know exactly how much that vehicle is worth. Determining the price by the VIN will guarantee accuracy. As someone looking to sell a car, requesting the vehicle value by VIN will:
- Ensure you aren’t getting ripped off when you negotiate trade-in value with a dealership.
- Inform you exactly how much you can charge a private buyer based on current market values.
- Establish a well-educated baseline for pricing when posting the vehicle for sale on websites such as eBay or Craigslist.
Considering buying a vehicle?
If you are thinking about buying a vehicle, you want to know if the listed price is fair. You may also be considering the purchase of several different vehicles and wish to compare cars. Calculating the car value by VIN will:
- Determine whether or not a seller is giving you a reasonable price for the vehicle make, model, and condition.
- Provide you with leverage when negotiating with a dealership or private seller over fair pricing..
- Help you compare prices if you are deciding between the purchase of a few different vehicles.
Has your car been totaled?
Lastly, if your car has been totaled, it’s smart to get a private vehicle value estimate.
Quite a few insurance companies work with the CCC (Certified Collateral Corporation) Information Services Inc. to determine vehicle value in the case of a total loss. They utilize their own methods to analyze your car’s actual value pre-crash.
This methodology considers the condition of the car, your location, and market, and then produces a number that reflects how much you could have sold the car for, had it not been totaled. This is the approximate amount of money you are eligible to receive from your insurance company.
However, the CCC works for your insurance company, not for you. In the past, they have paid out money in class action lawsuits that accused them of inaccurate valuation of vehicles that were declared total losses by insurers. The CCC admitted no liability or wrongdoing but did ultimately pay out millions of dollars. They have also been under investigation in several states, and have had even more recent lawsuits filed against them.
What does this mean for you? If your car has been totaled, and you’ve received a vehicle valuation that looks low, you need a third-party vehicle valuation report to ensure you aren’t being ripped off. That’s where VINsmart can help.