Have you recently obtained your California used car dealer license and need assistance on how to properly value a vehicle? The process is simple though can prove costly for car dealers that don’t perform their due diligence.
Most auctions now provide a detailed vehicle condition report but there are other factors that may increase or decrease the value, here are 3 simple actions to avoid overpaying.
Run the vehicle history report. There are many platforms to choose from, Carfax and Autocheck by Experian are among the most popular. Dealers should look for any red flags such as branded titles, excessive vehicle ownership, odometer inconsistencies, non existent maintenance records, and open recalls.
Use the DMV registration fee calculator to access the vehicle registration dues. A dealer may have a difficult time selling the vehicle if DMV registration fees have risen drastically due to unpaid penalty fees.
Subscribe to a vehicle valuation platform. You can do this through various valuation companies such as Kelley Blue Book, NADA, and Blackbook. This will be a dealers final step to accurately discern the maximum bid price for a vehicle. These platforms show retail, private party, auction and trade in values.