Understanding Your Car’s Value with iBestTravel’s Value Tracker Tool
A choppy auto market has made finding one’s true car value a challenging experience for both sellers and buyers over the last few years. Pandemic-induced demand increases and producer shortages led to soaring prices across the auto sector, followed by uneven deflation as supply chains improved and interest rates rose.
Online auto marketplace Carvana aims to assist car owners in navigating the fluctuating used car market with its innovative Value Tracker tool. This article breaks down the features of the tool and explores how it could potentially enhance sellers’ profitability.
Tracking the Elusive Car Value
With numerous competing auto marketplaces and information sources available online and offline, obtaining an accurate assessment of your vehicle’s worth can be overwhelming. Is the market oversaturated and trending downward, or is a price increase imminent? Various outlets have reported conflicting signals regarding the used car market, making it difficult to make informed decisions.
How to Use the Value Tracker Tool
Car owners can utilize Carvana’s new tool without any need to engage in buying or selling a car on its marketplace. Here’s how to navigate the Value Tracker:
- Enter your vehicle’s license plate and state of registration, or the vehicle’s VIN.
- Once the database locates your vehicle, provide additional information regarding mileage, features, condition, and other relevant details.
- Submit the data to receive an instant value quote that reflects your details and Carvana’s latest market condition report.
After entering the required information, Carvana promises to keep car owners updated on the vehicle’s assessed value as market conditions evolve.
The Advantages for Car Owners
Your car typically represents one of the largest assets in your portfolio, following home equity. Yet, gauging its value prior to putting it on the market can be perplexing. Carvana strives to provide car owners with quick access to their asset’s value at the click of a button, paralleling the immediate availability of bank balances and portfolio values online.
This tool mirrors real estate platforms that offer updates on home values based on recent sales and fluctuating mortgage rates, equipping users to stay informed about their car’s worth.
Assessing the Results
During a recent usage of the Value Tracker, some users reported lower quotes than anticipated when compared to prior dealership appraisals. Despite this, the procedure allowed for a customized price point without dealing with traditional sales tactics associated with car dealerships.
The primary advantage of Carvana’s Value Tracker lies in providing a no-pressure initial valuation, helping car owners assess their selling potential at any given moment. It serves as a crucial first step in a well-informed journey to selling a vehicle.
