Really! What is the price of my truck? As much as we love our trucks, there is going to be a day when we plan to get rid of them. There could be various reasons.
Maybe your current truck has become unreliable, or maybe it is unable to meet the growing requirements. Or maybe because you are eyeing another model and considering a switch.
But before you sell your truck, it is important to determine its exact worth. The best way to do so is by calculating its fair market value, also called FMV.
The FMV of your truck will tell you its worth, both in terms of the private market and for tax purposes. Believe us, estimating the price of your truck is not rocket science. All you need to do is make use of automobile websites, and they will provide an accurate valuation.
Let’s see how you can do that.
Calculating the Fair Market Value of Your Truck
Visit automobile valuation websites
Thankfully, there are various websites like Kelley Blue Book (www.kbb.com), and Edmunds (www.edmunds.com) that can provide you with the exact valuation on the go.
All you need to do is visit these websites and look for a tab that states “Price My Truck” or something similar.
Once you do this, you will be asked to fill out a form. The inputs you provide here will be used to determine the market value of your truck.
What’s more, these sites not only provide a fair valuation of your truck but also allow you to list your vehicle for sale on their platform.
Provide the exact year and model of your truck
Once you start filling out the form, you will be required to provide the date of creation and the model for your vehicle. You can find this information listed in the truck’s manual or near the driver’s door.
If you are uncertain, you can look for similar trucks online and find the one which looks exactly like yours.
Enter the truck’s mileage
Perhaps, one of the most important aspects that determine the value of a truck is the mileage that it offers. You can find the offered mileage from the odometer on your truck.
According to the basic rule of thumb, trucks with fewer miles are worth more when compared to those with many miles.
Enter your zip code
Next, you need to provide your zip code or city name to let the website provide the FMV tailored to your area. This is important because the valuation of your truck will change according to supply and demand.
If you live in a city with a flourishing logistics industry, the demand for trucks could be high, and this will reflect itself in the form of high FMV.
Be honest about your truck’s condition
You need to be honest to get a fair valuation. Assess the internal and external condition of your truck. Determine its mechanical condition and see if there are any flaws.
Also, keep the amenities and accessories into consideration. Think of bumpers, mirrors, sound system and so on. You could indicate all these amenities when asked by the website.
following these steps will help you ask yourself “What is the price of my truck?” For only the time that it takes to find all of the data’s.
Save the final report
Once you provide all this information, the final valuation will be provided to you. You can save it as a PDF on your computer, and even get a few print outs for future reference.
The Next Steps
Now, that you have successfully determined the worth of your truck, go ahead and explore what’s next. Would you like to keep it or sell it?
Let us know in the comments below!