There are several ways to determine how much a vehicle is worth. It’s a good idea to visit websites that advertise vehicles for sale, consult the Kelley Blue Book or Canadian Black Book, or get an appraisal. If you’re considering trading in your vehicle, contact dealerships to determine how much your car is worth as a trade-in.
You can get your vehicle appraised online or bring it by to Lanes and we’ll have a look. If your car is an older model, getting an appraisal could save you money on your Alberta car insurance by stipulating a lower replacement cost on your policy.
You may also want to get an appraisal if you’ve added custom features or upgrades that increase your vehicle’s value. This will ensure you have adequate coverage in the event of a total loss. It’s a good idea to request quotes in writing in case you ever need to file a claim with your Alberta Car Insurance provider.
The ACV (Actual Cash Value) of a vehicle refers to how much your car is worth as a trade-in or if it becomes damaged. When a vehicle is damaged in an accident, the ACV is used to determine whether the vehicle is totalled, or eligible for repairs when filing a claim with auto insurance companies.
Contacting a dealership is the best way to determine your vehicle’s trade-in value; however, if you need to determine how much your car is worth because you’re considering selling it, you’ll be better off using a value other than its trade-in value to determine the asking price.
Doing a little research will help you determine how much your car is worth.
What is the Canadian Black Book?
The Canadian Black Book (CBB) was established as a resource for the valuation of used cars about 50 years ago. Today, the CBB offers an online tool to help you determine how much your vehicle is worth. Based on the information you provide, the CBB tool calculates your vehicle’s trade-in value, its future value that reflects expected depreciation over the next one to five years, and the average asking price for your vehicle. The CBB also lists new and used vehicles for sale.
With its annual Best Retained Value Awards, the CBB acknowledges four-year-old vehicles in 17 categories. Vehicles are evaluated based on a comparison of their current price to their original MSRP (manufacturer’s suggested retail price).
What is the Kelley Blue Book?
Similar to the CBB, the Kelley Blue Book (KBB) online tool provides a value for both new and used vehicles and provides listings of vehicles for sale. Values provided by the KBB include cars, trucks, sport utility vehicles, vans, motorcycles, all terrain vehicles, motor homes, travel trailers, watercraft, and snowmobiles.
The KBB also provides car reviews as well as research tools to help you determine which vehicle is right for you, based on your needs.
Need Your Car Appraised to Determine its Actual Cash Value for Your Alberta Car Insurance Provider?
Insuring an older vehicle – Appraisals are well worth it, especially if you think your car is worth less than what you’ve determined using the KBB or CBB tools. Insuring your vehicle for its appraised value may save you money on your auto insurance rate. An appraisal will help your Alberta Car Insurance provider determine whether you’re eligible for a lower rate.
Insuring a custom vehicle – Always read your policy carefully to make sure you’ll be paid enough to replace your vehicle with one of like kind and value if your care is damaged beyond repair. Getting your car appraised can help to ensure your Alberta Car Insurance will cover the cost of replacing your vehicle with one of equal value.
Online Appraisal – Simply by providing the year, make, model, and trim for your vehicle along with your postal code, you can get an instant value for your vehicle at Edmunds. Print the results and check with your Alberta Car Insurance company to verify that this type of appraisal is acceptable to determine the value of your car for your insurance policy.
Local Dealerships – Many local car dealers will estimate your car’s trade-in value over the phone. You’ll need to bring your car to the dealership to get an appraisal.
Selling Your Car Yourself
To determine how much you can sell your vehicle for if you sell it yourself, check websites that advertise vehicles for sale and look for similar makes and models. Always consider the following when you compare your vehicle to the ones you see advertised:
Make, Model, and Year
Number of Kilometers
Drivetrain (rear-wheel drive, front-wheel drive, four-wheel drive)
Number of Doors
Custom Features, Accessories, Trim, and Upgrades
Condition (excellent, fair, poor)
This post is provided by Lanes Insurance to help you determine the value of your vehicle. If you have any questions about how much your car is worth, please contact us with your unanswered questions — we’re here to help!
