You may have heard about a car market value at least once in your life. But, what is it? The market value of a vehicle is the estimated sale price for a vehicle, taking into consideration the state of the car. Some things that are considered to calculate the value are the year, make, model, trim, mileage, the condition of the exterior and interior, among others. It determines the average transaction price of a vehicle, including what others are paying or willing to pay for a vehicle in specific conditions. This means that it is an estimated fair price for each vehicle, that you may want to know on different occasions: when buying a used vehicle, when selling your vehicle, when going to an auction to purchase a car, etc. The market value helps you determine the average price you can expect to pay for a vehicle or for how much to sell your used car.
But… How can we estimate this value?
Don’t worry, you won’t have to do math nor calculations. Our modern world offers adequate solutions for this: Car Value APIs.
First of all, an API is an application programming interface, is a way to communicate two or more computer programs between them. It is a software interface that is able to offer services or solutions to other applications or softwares.
There are APIs for any technological solution you may imagine, including the estimation of market value of a car. Vehicle Databases’ market value API is a service that allows you instant access to accurate vehicle market information. The information we provide is based on the industry average for a particular vehicle, its make, model, trim, color, mileage and condition. There’s market value available for both new and used cars.
And there’s also different types of market value. Let’s get to know a bit more about them.
- Dealer retail value
It is the value of vehicles sold by dealerships or retailers. They offer several additional services to their customers, that’s why they usually charge more for a vehicle than when you choose to buy from an independent owner.
- Private party value
This is the price of a vehicle bought or sold from an independent owner. To get information on this, we analyze millions of private sales listings and transactions that happen between independent individuals, to get to know the average cost for which these vehicles are sold or bought.
- Trade-in value
This type of value expresses the amount of money that a retailer or dealership would pay for a vehicle when they obtain it from an independent owner. Dealerships usually take care of repairing and updating the vehicles they get before selling them to the general public. This causes the trade-in value to be low, since dealerships know there will be some extra expenses generated by the repairs.
What can you get to know with the results given by this API?
- Market value of used and new vehicles
- Market value from the year, make, model, trim, colors, and mileage
- Dealer retail, trade-in, and private party values
- Market value based on car condition (i.e outstanding, clean, average or poor)
- Up-to-date mark
How does this API work?
You simply need to input a VIN (Vehicle Identification Number) or the make, year, model and trim of the vehicle, and we will retrieve the information available for that vehicle. We provide these estimates based on market trends analysis for cars and dealer sales across North America. Using the last technologies, we compute market value estimates down to state and city levels. We have data of millions of vehicle sales and transactions that we analyze to give our customers the best and most accurate information, and that is in constant update to offer the latest statistics of each vehicle.
Where can I integrate this API?
This API can be integrated with mobile applications and online websites. Would you like to offer solutions to customers in the automotive industry? Do not hesitate to integrate this and many more API into your website or mobile application.
For more information, you may schedule a meeting with us, where we can demonstrate how our Car Market Value API works.