Established by the National Automobile Dealers Association, this valuation service provides estimates for the prices of pre-owned cars, trucks, and motorcycles. It considers factors such as vehicle condition, mileage, and optional equipment to determine accurate market values. For example, a 2018 Honda Civic with average mileage and in good condition would be assigned a specific price range based on this system.
This service is critical for both consumers and dealers in the automotive industry. It facilitates fair transactions by providing a neutral, third-party assessment of a vehicle’s worth. Its historical significance stems from its long-standing presence and widespread acceptance as a reliable source of information. It benefits buyers by helping them avoid overpaying, and sellers by providing a realistic price point for their vehicles.
