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How do I calculate my car’s equity?

I want to know what a fair, reasonable number is for my Chevrolet Equinox.

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Subtract the amount you owe from the fair market value of your vehicle to find your vehicle’s equity.
The first number you need to calculate is the amount you still owe on your car loan. Look at your loan documents to find this figure.
Now, you need to find the fair market value of your vehicle. Enter your Equinox’s model, model year, and condition into a free online appraisal tool like
Kelley Blue Book
, Edmunds, or Autotrader.
Finally, subtract the amount you owe from the value and you’ll be left with the equity in the car. Note that your vehicle’s value might shift depending on the market, so you might get a better price for your car if it’s fixed up or if you try selling it in another zip code.
Hope this helps!
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