What is a Vehicle Identification Number (VIN)?
A vehicle identification number (VIN) is a unique 17-digit code assigned to each vehicle produced by any manufacturer. This code contains a set of numbers and letters that not only identifies your specific vehicle, but also helps interested third-parties such as vehicle appraisers store information about your car’s history, including accidents, title issues and its value. The VIN is typically located on the dashboard on the driver’s side of the car, but can also be found inside the door jamb on the driver’s side door.
When determining the value of a vehicle using its VIN, you can visit a do-it-yourself website or a dealer, or estimate it yourself, based on the car’s unique history. Vehicles with a VIN Number that is less than 17 characters were manufactured prior to 1981. VIN Numbers are important to have when you choose to sell your used car, truck or crossover, as they provide information on year, make, model, trim level, features, accident history and title information – which are all important factors in the value of your vehicle. You can also check the value of your vehicle through the National Automobile Dealers Association (NADA) website.
Why is it Important to Know the Current Value of a Vehicle Using the VIN?
It is important to know the current value of a vehicle using the Vin for a variety of reasons. Knowing the current market value of a vehicle will allow you to negotiate an accurate trade-in value with a dealership, inform you of current market values so you know how much to charge a private buyer, and enable you to create a well-informed baseline before posting your vehicle for sale. Additionally, when buying a new vehicle, using the Vin to calculate the vehicle book value will help you determine if a seller is offering an accurate price based on the vehicle’s make, model, and condition. This will give you greater leverage as you negotiate with a dealer or private seller, and help you compare prices as you decide between a few different vehicles. Furthermore, with car value by Vin, you are able to get the car’s history, which will help you determine the car’s true value. This can also help you avoid paying too much for a used vehicle, even if the car is well-maintained and regularly serviced. Therefore, it is essential to know the current value of a vehicle using the Vin in order to make an informed decision when buying a new or used car.
How Can You Find out the Current Value of a Vehicle Using the VIN?
Step 1: Start by researching the current market values for the make and model of the vehicle you are considering. This will help you to estimate the current value of the car.
Step 2: Use Carfax to get the detailed vehicle history report of the car. Enter the VIN number into the Carfax search tool and the report will give you a complete history of the car, including any reported accidents or damage.
Step 3: Carfax will also estimate the retail value of the vehicle, based on the prices of similar cars sold in recent months. This will give you an idea of what the car is actually worth, and provide you with greater leverage when negotiating the price with a dealer or private seller.
Step 4: After you have the estimated value of the car, use the Carfax History-Based Value look-up tool to get the Carfax Value of the car. Enter the VIN or license plate into the search tool to get an even more detailed report that will consider reported accidents or damage, number of owners, and the car’s service history.
Step 5: With this information, you can confidently negotiate with a dealer or private seller. Make sure to compare the prices of several different cars to find the best deal.
By following these steps, you can feel confident that you are getting the best value for your money when buying a used car.