Used car prices are crazy right now. Here's how to check how much your car is worth

Buying a car is expensive right now. But the good news is that your used car may be worth a lot more money than you think. Whether you're thinking about trading in your old car for a new one, or just want to see if your car has appreciated in value since you bought it, here's how to check your car's value without taking a trip to a dealership.

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Check your car's value now at Carvana:

How to check the value of your existing car

Believe it or not, your used car could be worth more now than when you bought it a couple years ago, even though you've been driving it in the meantime. Experts predict that the average used vehicle price will surpass $30,000 this year.

That means you can get more money when you sell or trade in your car, if you're shopping for a new one. It also means your used car has a higher value to borrow against, if you're seeking a title loan.

It's really quick and easy to check the value of your car. Carvana, a user-friendly car selling and trading website, will tell you the value of your car in minutes. Make an account and you can even get a real offer for your used car that, in many cases, will be higher than what local dealers are offering.

$Sign up for Carvana now at Carvana

There is some basic information you're going to need to know to get started:

Your car's VIN or your license plate number
The state it's registered in

Once you've input that information, a prompt will appear asking more specific questions tailored to your vehicle. You'll be asked your car's mileage, the zip code you car is registered in, the color of your car, the type of engine, vehicle features, what condition it's in, whether you want to sell or trade-in and whether you currently have a loan or a lease on your car. You'll also be asked if your car was in an accident.

Once you've finished, enter your email and Carvana will send an offer price to your inbox. It's that easy.

Like what you see? You can schedule pick up, drop-off and meet-up options to sell your car. You'll receive your payment via check, instant payment or direct deposit from Carvana after a successful sale.

Why are cars so expensive right now?

In February 2022, the U.S Bureau of Labor Statistics announced that inflation has risen to 7.9%, year over year. That's the highest it's been since 1982.

Experts say cars play a large factor in these inflation figures (and we're not just talking about high gas prices). The cost of a used car is over 40% higher now than it was around this time last year. New cars are now around 12% more expensive than this time last year.

At issue are ongoing supply chain shortages in key car components, including microchips, wiring harnesses, plastics and glass. Many major car manufacturers have cut production in response to these shortages, with some companies shutting down U.S. plants for months at a time.