Once you decide to sell your used Toyota Corolla, settling on an asking price should be one of your top priorities. Plan to invest a little time researching the value of your car. You want the price to be competitive so that it's marketable and fair to you as well. Even though used-car prices may seem random at times, there are actually fairly reliable strategies to help car buyers and sellers determine fair market value based on several factors, including the year, model, trim, market region and condition of the car.
Evaluate the condition of the Toyota Corolla. Look for dents, scratches in the paint and rusting, and check to see if the tires match. In the interior, check upholstery for damage and note the condition of the carpet. Other considerations are whether the air, heat and radio are in good working condition.
Write down the actual mileage of the car. The correlation between the age of your car and how many miles are on the car directly affects the value, and you'll need accurate information to ensure your price is competitive and fair.
Determine the estimated value of your Toyota Corolla using both the Edmunds and Kelley Blue Book (KBB) automotive websites. Both offer pricing guidelines online, free of charge. To access the suggested prices, enter the year, model and trim of the car. Complete the options checklist, which asks whether the car has extras like a sunroof, cruise control and leather seats. Choose the private party value when prompted.
Compare the pricing estimates on your Corolla from both guides. Both sites will provide prices based on the condition of the car. Edmunds categorizes an automobile's condition as outstanding, clean, average, rough or damaged, while KBB uses excellent, good, fair and poor ratings. Use your own evaluation of the condition of the car's exterior, interior and electrical components to determine which category best matches your vehicle.
Use the average of the two prices to determine a fair asking price. This amount will typically be lower than a dealership would price the same car, but higher than you could expect a dealer to offer you if you traded the car in. Be sure to price your car for slightly more than you're willing to accept, advises Edmunds, since most buyers will want to negotiate the price.
