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Although gas prices have hit new highs in 2022, this isn’t the first time gas numbers have spiked. A look back at the average national gas price in previous decades can provide some context. So can observing how state regulations affect the price of gas in your area.

Keep reading to learn more about historical gas prices, get a sense of how things have changed over time, and learn tips for finding cheap gas in your area.

Why Gas Prices Are Rising in 2022

Gas prices have been soaring in 2022 for a few reasons. Prior to coronavirus’s arrival in the U.S. in 2020, gas cost around $2.50 per gallon. During the pandemic, as fewer Americans were driving to work or for pleasure, the price of oil plummeted.

In 2021 people started driving and flying again, and demand for gas surged. The supply couldn’t keep up, so the price of gas increased.

Prices dropped a little in early 2022 as things started getting back to normal — until late February, when Russia invaded Ukraine. The ensuing war led to a steep increase in prices as Europe, the U.S., and other countries agreed to stop buying Russian oil.

Financial software like SoFi Insights can help you gain insight into how your gas spending fluctuates from year to year. Handy tools like a budget planner app and debt payoff planner can also give you confidence you’re spending and saving as you should.

Recommended: Tips for Spending Wisely While Still Budgeting

Average Price by State for Regular Unleaded in July 2022

Data is courtesy of AAA .

STATE NAME	Unleaded Price in July 2022
Alabama	$4.48
Alaska	$5.57
Arizona	$5.28
Arkansas	$4.43
California	$6.31
Colorado	$4.90
Connecticut	$4.86
Delaware	$4.81
Florida	$4.64
Georgia	$4.39
Hawaii	$5.57
Idaho	$5.22
Illinois	$5.42
Indiana	$4.99
Iowa	$4.61
Kansas	$4.59
Kentucky	$4.60
Louisiana	$4.43
Maine	$5.01
Maryland	$4.84
Massachusetts	$4.92
Michigan	$5.03
Minnesota	$4.70
Mississippi	$4.41
Missouri	$4.59
Montana	$4.96
Nebraska	$4.71
Nevada	$5.58
New Hampshire	$4.87
New Jersey	$4.90
New Mexico	$4.70
New York	$4.95
North Carolina	$4.52
North Dakota	$4.71
Ohio	$4.85
Oklahoma	$4.57
Oregon	$5.50
Pennsylvania	$4.95
Rhode Island	$4.89
South Carolina	$4.41
South Dakota	$4.73
Tennessee	$4.50
Texas	$4.52
Utah	$5.19
Vermont	$4.95
Virginia	$4.70
Washington	$5.49
West Virginia	$4.84
Wisconsin	$4.70
Wyoming	$4.87

Average Price by State for Premium in July 2022

Data is courtesy of AAA.

STATE NAME	Premium Price in July 2022
Alabama	$5.22
Alaska	$5.96
Arizona	$5.85
Arkansas	$5.10
California	$6.65
Colorado	$5.54
Connecticut	$5.65
Delaware	$5.54
Florida	$5.36
Georgia	$5.13
Hawaii	$6.04
Idaho	$5.64
Illinois	$6.26
Indiana	$5.72
Iowa	$5.28
Kansas	$5.16
Kentucky	$5.33
Louisiana	$5.13
Maine	$5.68
Maryland	$5.62
Massachusetts	$5.64
Michigan	$5.77
Minnesota	$5.32
Mississippi	$5.09
Missouri	$5.22
Montana	$5.53
Nebraska	$5.33
Nevada	$6.01
New Hampshire	$5.61
New Jersey	$5.64
New Mexico	$5.32
New York	$5.67
North Carolina	$5.25
North Dakota	$5.38
Ohio	$5.57
Oklahoma	$5.12
Oregon	$5.91
Pennsylvania	$5.62
Rhode Island	$5.68
South Carolina	$5.13
South Dakota	$5.33
Tennessee	$5.22
Texas	$5.21
Utah	$5.59
Vermont	$5.75
Virginia	$5.48
Washington	$5.89
West Virginia	$5.41
Wisconsin	$5.51
Wyoming	$5.35

Average Price by State for Diesel Gas in July 2022

Data is courtesy of AAA.

STATE NAME	Diesel Price in July 2022
Alabama	$5.59
Alaska	$6.09
Arizona	$5.89
Arkansas	$5.39
California	$6.97
Colorado	$5.52
Connecticut	$6.11
Delaware	$5.79
Florida	$5.66
Georgia	$5.49
Hawaii	$6.17
Idaho	$5.88
Illinois	$5.81
Indiana	$6.03
Iowa	$5.41
Kansas	$5.37
Kentucky	$5.78
Louisiana	$5.35
Maine	$6.13
Maryland	$5.80
Massachusetts	$6.12
Michigan	$5.95
Minnesota	$5.56
Mississippi	$5.35
Missouri	$5.37
Montana	$5.90
Nebraska	$5.35
Nevada	$5.98
New Hampshire	$6.09
New Jersey	$5.97
New Mexico	$5.58
New York	$6.22
North Carolina	$5.67
North Dakota	$5.61
Ohio	$6.07
Oklahoma	$5.28
Oregon	$6.47
Pennsylvania	$6.16
Rhode Island	$6.19
South Carolina	$5.54
South Dakota	$5.39
Tennessee	$5.59
Texas	$5.28
Utah	$5.68
Vermont	$6.07
Virginia	$5.75
Washington	$6.45
West Virginia	$5.96
Wisconsin	$5.52
Wyoming	$5.71

Average US Gas Price 1978 to 2021

Historical data courtesy of Axlewise. Prices are adjusted for inflation and shown in 2020 dollars.

YEAR	Gas Price
2021	$3.13
2020	$2.24
2019	$2.26
2018	$2.25
2017	$2.26
2016	$2.28
2015	$2.30
2014	$2.29
2013	$2.30
2012	$2.30
2011	$2.30
2010	$2.31
2009	$2.31
2008	$2.32
2007	$2.33
2006	$2.33
2005	$2.33
2004	$2.34
2003	$2.35
2002	$2.41
2001	$2.40
2000	$2.36
1999	$2.37
1998	$2.36
1997	$2.37
1996	$2.36
1995	$2.35
1994	$2.32
1993	$2.33
1992	$2.33
1991	$2.34
1990	$2.34
1989	$2.33
1988	$2.32
1987	$2.32
1986	$2.35
1985	$2.35
1984	$2.38
1983	$2.39
1982	$2.42
1981	$2.42
1980	$2.43
1979	$2.44
1978	$2.44

Tips for Finding Cheap Gas Stations in Your State

There are a few ways to find the cheapest gas in the nearby area and save money on your gas bill:

•   Use an app like GasBuddy to locate the lowest nearby price. The app lets drivers search by gas type, payment type, the brand of gas station, and other factors. The app also offers cashback deals, paid subscriptions, and more.

•   AAA has a gas price monitoring website that gets updated every day. Drivers can search by state and country to find the best prices.

•   Both Google Maps and Waze keep track of gas prices. When you search for gas stations within their maps, the price of gas at local stations will pop up. Although one can’t filter by price or automatically see the lowest price, it’s fairly easy to look around and find the cheapest option.

•   Another useful app is GetUpside. The app lets users compare gas prices near them, and also earn cash back every time they fill up their tank.

•   One of the perks of getting a Costco or Sam’s membership is getting discounts on gas. It’s often the cheapest option for club members.

•   Certain days of the week tend to have lower prices. Generally, Mondays are the cheapest, followed by Sunday, while Wednesday and Thursday are the most expensive days.

Recommended: What Credit Score is Needed to Buy a Car

The Takeaway

Gas prices go up and down in response to a variety of global and domestic factors. But there are a few ways to source the best deals on gas, including apps and membership-only retailers.

When gas prices throw a wrench into your budget, the SoFi Insights money tracker app can help you make adjustments fast. And its payoff planner lets you create an actionable plan for paying off credit cards, student loans, and other debt.

SoFi Insights makes it easy to know where you stand, what you spend, and how to hit your financial goals — all in one app.

FAQ

What was the price of gas in 1980?

In 1980, the average price of gas was $1.19. That is equivalent to $4.33 in 2022 dollars.

What year were gas prices the highest?

Before 2022, the highest average gas price was $4.11 in July 2008.

How much did gas cost in the 90s?

In the 1990s, gas cost between $1.11 and $1.15 per gallon.

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Photo credit: iStock/skodonnell

SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Technically, once a check clears it can’t be reversed, meaning the payer cannot get the funds back. The only exception to this is if the check payer can prove that identity theft or fraud has occurred, in which case they may get their money back.

When discussing the ins and outs of check clearing, it can be helpful to understand how checking accounts work, typical clearance times, and exceptions to the rule. Read on to learn more about how checks get cleared.

How Long Does It Typically Take for a Check To Go Through?

Usually it takes between two and five business days for a check to clear, but some banks will process it more quickly. The first $225 is made available in one’s account the next business day after a check is deposited, and then the rest of the check will be made available in the next four days.

The time it takes for a check to clear can depend on several factors, including the relationship the account holder has with the bank, the amount of money already in their account, and the amount that the check is for. A larger check may take longer to clear than a smaller one. If it’s a government check or a check from a certified fund, the bank is required to make the funds available within one day.

Note that check clearance rules apply to paper checks only. If you pay bills electronically by ACH, a different set of guidelines will apply.

Recommended: How to Get a Checkbook

How to Know if your Check Cleared

In order to know for certain that a check has cleared, call the bank where the check was deposited and ask them. Banks do not inform payees if a check for less than $5,000 bounces. However, if a check for more than $5,000 bounces, banks are required to inform payees.

Financial software like SoFi Insights can help you track checks and alert you when they clear. You may also benefit from other handy tools including a budget planner app, debt payoff planner, and credit monitoring.

Recommended: What is The Difference Between Transunion and Equifax

How Check Clearance Works

When a check gets deposited, there are a few steps involved in processing and clearing it. First, the bank makes a request to take the funds out of the check payer’s account. Typically, the bank actually deposits funds into the payee’s account first, as long as the check is not flagged as risky or there’s another reason that it might not clear.

In the event that the funds aren’t available in the payer’s account, the check “bounces.” In that case, the funds are then withdraw from the payee’s account.

Recommended: How to Sign Over a Check

How Long can a Bank Hold a Check?

The length of time that a bank will hold a check depends on a few factors, including the amount of the check, the bank the check is coming from, the relationship of the payee to the bank, and more. If both the payer and the payee use the same bank, the clearing time will be shorter. Usually it takes two business days for a check to clear. Sometimes it’s faster, or it may take up to seven days.

The time that it takes for a check to bounce varies depending on the bank’s size and technology. Larger banks with more technological capabilities will know more quickly that a check has bounced. It will take longer for a smaller bank to process bounced checks. Generally after 30 days, one can assume that a check has cleared.

Factors That Affect Hold Times

In certain cases, a “risky” check may take up to seven business days to clear. The following reasons can cause this to happen:

•   Insufficient funds in the account

•   Checks larger than $5,525

•   Accounts younger than 30 days

•   Repeated overdrafts associated with the account

•   Checks from international banks

Clearance Times for Large Checks

If a check is larger than $5,525, it may take up to nine business days for it to clear because the bank will want to ensure the check will clear before processing it. However, $225 of the funds may be made available within one day after the deposit. If a check is very large, it may be a good idea to inform the bank ahead of time that the transfer will be occurring to speed up the clearing time.

Personal Checks vs Government-Issued Checks

While it takes between two and five business days for personal checks to clear, banks are required by law to make funds available from government checks and U.S. Treasury checks within one business day.

Certified checks and cashier’s checks are both types of personal checks. A certified check is a check where the money is taken out of a checking account, ensuring that the funds are available in the payer’s account. Generally a certified check is required for making larger transfers. With a cashier’s check, the money is taken out of the bank’s account, also ensuring that the funds are available.

Cases of Fraud

If a check bounces, fraud protection does not cover it, so the account holder is responsible for repaying the funds even if they have already withdrawn them from their account.

Once a check is cleared, the payer can’t reverse it and get their money back. However, if they can prove to the bank that the check was fraudulent or a case of identity theft, they can potentially get their money returned to their account.

Recommended: What Credit Score is Needed to Buy a Car

The Takeaway

Once a check has cleared, it cannot be reversed unless fraud or identity theft is suspected. However, many banks will make the first $225 of a check deposit available for immediate use.

Looking to pay off debt or make a budget? SoFi Insights is a great money tracker tool to check out. You can connect all your banking and investment accounts to easily see your financial information in one place, set goals and make financial plans.

Start managing your money today.

FAQ

How can a check clear and then bounce?

If a bank doesn’t see any red flags that a check might bounce, they may go ahead and transfer funds into the payee’s account. However, it may turn out during their processing that funds weren’t available from the payer, so then the check bounces.

Can a bank reverse a check deposit?

Technically, a cleared check cannot be reversed. But if a check bounces, the bank can remove funds they had deposited into the payee’s account.

Can you dispute a cleared check?

If identity theft has occurred or if a check is fraudulent, then a cleared check can be disputed. If the bank finds the evidence to be believable, the funds may be returned to the account.

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Photo credit: iStock/sturti

SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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In our digital world we like things to happen immediately. Unfortunately, it can take days, if not weeks, for a credit card refund to appear on a cardholder’s account.

How long does it take for a refund to appear on a credit card? Keep reading for insight into how credit card refunds work, types of refunds, and tips for getting your refund faster.

What Is a Credit Card Refund?

Before we can properly explain what a credit card refund is, it’s helpful to understand how credit card purchases work and who the main players are.

For every credit card transaction, there are two companies that help facilitate the purchase: credit card issuers and credit card networks. The credit card issuer is the company that creates and manages the credit card. The company essentially lends money to the cardholder to make a purchase. The credit card network is the business that processes the transaction electronically. It does this by transferring the money from the credit card issuer to the merchant.

Whenever someone makes a purchase with a credit card, the credit card issuer is the one to pay the merchant. Later, the cardholder pays the credit card issuer back.

With credit card refunds, this entire process works the same way but in reverse. When a merchant refunds a purchase, the money goes to the credit card issuer. Then the credit card issuer returns that amount to the cardholder’s account.

Recommended: What Credit Score is Needed to Buy a Car

How Does a Credit Card Refund Work?

As briefly noted above, when a consumer requests a credit card refund through a merchant, the merchant issues the refund directly to the credit card issuer, and then the issuer pays the account holder back. This is why merchants don’t typically refund credit card purchases in cash.

If the cardholder pays off their balance in full before a refund hits their account, they may end up with a negative balance. In this case, a negative is a good thing: It just means you have a credit on your account instead of the usual charges. You don’t need to do anything about a negative balance.

Types of Credit Card Refunds

There is only one type of credit card refund that consumers are involved in. The merchant and the credit card issuer (with the use of a credit card network) will work together to complete the refund and to get the money to the consumer.

Potential Delays for Credit Card Refunds to Appear

Exactly how long does it take for a refund to appear on a credit card? The timeline can vary based on a few variables. It can take time to process a refund, and all the consumer can do is wait.

In general, the retailer’s return policy dictates how long a consumer will wait to get their refund. Most retailers have a policy of refunding a purchase within three to five business days. The return policy can usually be found on the retailer’s website.

Online returns can be particularly lengthy and usually take longer to process than in-store returns because shipping is involved. It can take over a week just for the returned package to arrive and be processed before the refund process is initiated. Then the cardholder has to wait for the refund to appear on their monthly statement. Let’s look at an example of how this can work.

Let’s say a consumer makes a return on the 16th of the month and requests a refund. But their credit card closing date is the 15th. The consumer won’t see a refund appear until the next month’s statement. To discover exactly when a refund appears on the credit card statement balance, the consumer can review their account online for more up-to-date information.

Of course, this timeline can extend further if delays occur. Here’s a few examples of common issues that cause refund delays.

Billing Disputes

Getting a billing dispute taken care of can take longer than a standard refund. In that case, the customer must file a dispute with the credit card company to receive a credit. Some examples of issues that may require a dispute are:

•   Being billed for a product you didn’t receive

•   Getting charged twice for the same purchase

•   Failing to receive credit for a payment

Mistakes happen and billing disputes can take a while to resolve. In some cases, a credit card chargeback may be necessary.

Merchant Delays

All merchants have their own timeline for processing credit card returns. It can take a week or two depending on how slowly the merchant tends to process their refunds.

Cases of Identity Theft

If someone needs a refund for a purchase on their account that is a result of identity theft, it can take quite a while to fully resolve that issue.

How Does a Credit Card Refund Affect Your Credit?

If someone doesn’t pay off their credit card balance while waiting for a return to process, they will carry the balance on their credit card. In addition to expensive interest charges, carrying a balance affects the consumer’s credit utilization ratio, which can harm their credit score.

A credit utilization ratio compares how much available credit someone has to how much of it they’re using. Ideally, it’s best to keep the utilization ratio below 30%. Financial software like SoFi Insights offer free credit monitoring, a debt payoff planner, and other handy tools to make sure you aren’t taken by surprise.

Recommended: What is The Difference Between Transunion and Equifax

Tips To Get a Faster Credit Card Refund

The best chance someone has at getting a quick refund is simply to make the return as soon as possible. If a consumer is in a rush to get their money back, they can request a store-credit refund from the merchant, which will be issued immediately.

That means the customer will have to spend that money in-store, leaving the purchase amount on the credit card bill to be paid off. On the bright side, this method results in the cardholder getting to keep any cash back or rewards points that the purchase earned.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

The Takeaway

It can take anywhere from a few days to a few weeks for a refund to appear on a credit card. The exact timeline varies based on the merchant and credit card issuer involved, as well as other factors that can cause delays (such as slow shipping times). Patience is key, but it helps to be aware of what the merchant’s and credit card issuer’s return policies and expected timelines are.

Want to take your savings to the next level? The SoFi Insights money tracker app makes it possible to set monthly spending targets, review top spending categories, and set multiple goals.

Learn how SoFi Insights can help make managing money easier today!

FAQ

How long do refunds take to show up on credit cards?

It can take as little as three days for a refund to show up on a credit card. That said, it can take longer depending on the merchant and credit card issuer involved. Returns that require shipping back merchandise can take the longest, because the consumer has to wait for the merchandise to arrive and be processed before a refund can be initiated.

Why is my refund not showing up on my credit card?

A refund can take days, if not weeks, to show up on a credit card. Don’t be afraid to check in with the credit card issuer on the status of a refund. Instead of waiting for a new statement to come in the mail at the end of the month, it can be more expedient to review an online account statement.

Why do card refunds take so long?

Credit card refunds can take a while for a few reasons. To start, all merchants and credit card issuers have different refund timelines. Other things like slow shipping times (for online purchases) or issues with identity theft can cause additional delays.

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Photo credit: iStock/Passakorn Prothien

SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Less precise tools base estimates only on make, model, year, and mileage. If you’re looking to sell your car, or you’re in the market for a used vehicle, it’s important to familiarize yourself with how automobile valuations work.

Here’s what you need to know to help you increase your chances of getting the best deal.

What to Know About Instant Dealer Trade-In Quotes

A number of dealerships and websites — such as Carvana, Vroom, Truecar and Kelley Blue Book — offer instant cash or instant dealer trade-in quotes for your car. Often, all you have to do is share a few details, such as the vehicle identification number (VIN) or license plate number, and the company will come back to you with a cash offer for your vehicle.

Though a lot of companies make it sound like the process is as simple as that, know that there is likely an in-person review of your vehicle before anyone will cut you a check.

Recommended: What Credit Score is Needed to Buy a Car

What Do Dealers Base Their Car Estimates On?

Instant quotes and valuations usually look at a few quick measures, such as year, make and model, and mileage. This information is enough to provide a rough estimate of value. However, other factors will also come into play. Here’s a closer look.

(Keep in mind, these terms apply only to cars you own outright; different calculations go into valuing a leased car.)

Make and Model

You can think of the make and model of a car as the brand and the specific product on offer. For example, Toyota is a make of vehicle, while the Corolla is a model. Some makes and models are more popular, which helps them hold their value longer. For example, a certain make and model might be known for fuel efficiency or to be safer or more reliable.

There may be numbers or letters next to a car’s make and model that further delineate different features or trim level. Generally speaking, the higher a vehicle’s trim level — the more features it has — the more valuable the car will be.

Recommended: How to Buy a Used Car

Style

A vehicle’s body style is its shape. It might be a minivan, hatchback, or pickup truck. Information about a vehicle style is contained in its make and model. And certain styles are more valuable than others. For example, trucks tend to retain their value better than other car styles. In other words, they depreciate more slowly.

Condition

Your vehicle’s condition means both cosmetic issues like scratches, dents, and wear to upholstery, and also the wear and tear on the engine and other components. The better condition a car is in and the fewer impending repairs needed, the more valuable it will be.

Mileage

Mileage is an important factor to consider because it serves as shorthand for potential wear and tear. The more a car has been driven, the more likely it needs repair or will soon. As a result, cars with smaller odometer readings are worth more.

Accident History

Accidents big and small will hurt the value of a vehicle. Even if a car was in a minor accident and shows no outward signs of damage, value can decrease. Buyers can look up vehicle history reports on sites such as Carfax and AutoCheck, using a car’s VIN.

Car Add-ons

When you buy a car new, you may be offered a series of add-ons, such as splash guards, alarm systems, and tinted windows. While these are often pricey to add to a new vehicle, that doesn’t always translate into increased value for used cars. In fact, according to some experts, once a car is two or three years old, add-ons have little effect on its value. Condition, mileage, and accident history often matter much more to the average used car buyer.

Number of Previous Owners

Used cars that have been owned by only one person may be seen as preferable because the vehicle will have had a consistent driving history and maintenance schedule. Multiple owners will not necessarily hurt the value of a car, but it may raise a red flag if there have been many owners in a short period of time.

Warranties

If a car is still under warranty and that warranty is transferable to a new buyer, it can add value.

Location

Geography can have an effect on car value. For example, the harsh winters and salted roads of the Northeast can take a toll, causing more wear and tear than a warm, dry climate.

Additionally, some types of vehicles may be in higher demand in certain areas, driving up price. For example, you might have an easier time selling a pickup truck in a suburban or rural area than in a big city.

Timeline

The less time an individual has to sell their vehicle, the more likely it is that they may have to accept an offer that’s less than the fair market value, especially in areas where there is not much demand.

The Economy

The value of used vehicles can fluctuate with changes in the economy. For example, supply chain issues and increased consumer demand over the course of the COVID-19 pandemic drove up the price of new and used vehicles. The median price of used vehicles jumped 44% between December 2019 and December 2021.

Rising interest rates can also make borrowing to buy a vehicle more expensive, putting downward pressure on demand, as can a struggling stock market.

Recommended: What Credit Score Is Needed to Buy a Car?

What Buyers Are Looking For

Ultimately, supply and demand drive the value of used vehicles. If buyers are looking for hybrid vehicles over gasoline-only cars, value for hybrids increases. If a certain color falls out of favor, a car may end up being worth less than an otherwise identical model in a different hue.

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How to Prepare Your Car and Your Expectations

Prepare your car for the highest valuation by tackling as many repairs as you can, from fixing a broken brake light to replacing worn out brake pads. Before an in-person valuation, you’ll also want to have your car washed and detailed to make sure it looks like it’s in the best condition possible.

Manage your expectations for values by doing a bit of research. If you’re looking to sell your car, check out valuation estimates from multiple sources, including Edmunds, Kelley Blue Book, and online dealers. You may even want to bring your car to a local dealership to see what price you might get there.

Similarly, if you’re looking to buy, you can look up the value of various makes and models to help you understand whether the price you’re quoted is close to fair market value.

Recommended: Does Net Worth Include Home Equity

Monitor Your Car Value With Insights

Good car value estimates will factor in as many as a dozen data points, including geographic and economic influences. Tracking your car’s value is especially important as you plan your budget and save up for a new car. The reason: Your current car’s value can have a big impact on what you can afford in a new or used car.

The SoFi Insights money tracker app now has an Auto Tracker feature that can give you a better understanding of your net worth and help you identify good times to sell.

SoFi’s new Auto Tracker: Discover real-time vehicle values in just a few clicks.

FAQ

What is the best way to determine the value of a car?

Find out the value of a car through trusted online resources such as Kelley Blue Book or Edmunds. Enter the VIN, license plate number, or the year, make, model, and mileage of your car or truck to get an idea of what it may be worth.

Which car value estimator is most accurate?

Kelley Blue Book and Edmunds are two of the most trusted car value estimators.

How do you know if a car deal is too good to be true?

Red flags that may suggest a car deal is too good to be true include a seller who is rushing you, a seller who won’t give you an accident report, signs of rust or disrepair, and a price that is much too low compared to fair market price.

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Photo credit: iStock/Talaj

*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. Vehicle Identification Number is confirmed by LexisNexis and car values are provided by J.D. Power. Auto Tracker is provided on an “as-is, as-available” basis with all faults and defects, with no warranty, express or implied. The values shown on this page are a rough estimate based on your car’s year, make, and model, but don’t take into account things such as your mileage, accident history, or car condition.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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The value of a car depends on a lot of factors, from make and model to age, condition, and mileage. How quickly you want to sell and where you live can also play a big part in how much money you get for your car.

It’s important to understand these factors as you appraise your vehicle. Here’s a closer look at resources you can consult as you determine how much your car is worth.

What Is a Good Price for My Used Car?

In 2022, the average used car price hovered around $28,000. Whether you’re able to sell your car for above or below that price will depend on a lot of things. First of all, mileage has a big impact on price. The more you’ve driven your car, the less it will be worth.

A car’s condition is also important. Are there repairs that have to be made or parts that need replacing? Does the car have an accident history? If so, the value of the car may be negatively impacted.

The older a car is, the more wear and tear it’s likely to have experienced. As a result, older cars usually cost less than newer counterparts.

Some factors that can impact car price are more surprising, such as where you live and how quickly you need to sell it. The weather in your area can take its toll on your vehicle. Harsh New England winters and salted roads, for example, can cause metal components to rust. Sunny climes have their own issues; too much sun can cause paint and other finishes to lose their luster.

Last, if you need to sell your car quickly, you may find yourself accepting less money than you would have if you’d the time to wait for a buyer willing to pay full value.

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Understanding the Different Estimated Values

There are a few different ways to calculate estimated car value. (Keep in mind, these terms apply only to cars you own outright; different calculations go into valuing a leased car.) Here’s a look the most common terms:

Market Value

The market value of a used car is a reflection of how much buyers are usually willing to pay for a given vehicle. It will depend on factors such as location, make and model, mileage, and condition. See below for resources to determine market value.

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Trade-In Value

Trade-in value comes into play when you’re considering buying a used car or a new vehicle. It’s the amount of money a dealer is willing to give you for your old car that you can then put toward the purchase price of another vehicle.

The trade-in value is often lower than top market value. That’s because the dealer needs to turn a profit when they resell the vehicle.

If you’re trading in your car for a new or new-to-you model, your credit score will impact how much your next car really costs including interest. There is generally no baseline credit score required to qualify for auto financing, but lower scores will pay significantly higher interest rates. Similarly, higher credit scores will get better deals on auto leasing.

Recommended: What Credit Score is Needed to Buy a Car

Private Party Value

You may encounter the phrase “private party value” as you research how much your car is worth. This usually means the fair market value when selling your vehicle to an individual rather than a dealership.

Instant Trade-In Dealer Quotes

Brick-and-mortar dealerships and websites, such as Kelley Blue Book, Vroom, Truecar, and Carvana, may offer instant cash or instant dealer trade-in quotes.

The process is similar to looking up the value of your vehicle online. You often need to share only a few details about your car, such as vehicle identification number (VIN) or your license plate number, and the company will come back to you with an offer of cash for your car.

Once you receive an offer, there will likely be an in-person follow-up to review your vehicle before you receive any money.

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Common Car Value Estimate Resources

There are a variety of resources available where you can research car prices and estimate the value of your vehicle.

Kelley Blue Book

The Kelley Blue Book, or KBB for short, is an online resource for finding the value of new and used vehicles. It dates back to the 1920s, when the company published an actual blue book dealers would look at to establish pricing information and car values.

To research your car’s value, you can provide your vehicle identification number (VIN), license plate number, or year, make, model, mileage, and zip code. You can also input the equipment that is included on your vehicle and the color of your car to further narrow down the value.

Black Book

Similar to the KBB, Black Book offers VIN-specific valuations. However, it also integrates vehicle history report data from Autocheck, such as reported damage to the vehicle. The company then offers an adjusted valuation based on this information.

National Automobile Dealers Association

The National Automobile Dealers Association (NADA) provides resources for shoppers looking for new and used vehicles. Use the website to compare prices on similar vehicles to your own to help determine what the going market rates are. The company also provides shopping guides that can help you learn more about the car buying and selling process, and glean tips for what buyers are looking for in a used vehicle.

Edmunds

Edmunds offers an “Appraise My Car” tool that also allows you to search vehicle values by VIN, license plate number, and year, make, and model. The Santa Monica, California-based company was founded in 1966 “for the purpose of publishing new and used automotive pricing guides to assist automobile buyers.”

Who Gives the Most Accurate Car Value Estimate?

Kelley Blue Book and Edmunds are two of the most widely used and trusted general reference sites when it comes to valuations of particular makes and models of used cars and trucks.

Each site may show different values for the same vehicle, but no site consistently provides higher or lower estimates than the other.

Car Brands With the Highest Resale Value

The brand of a car, also known as its make, can have a big impact on resale value. Some makes are more popular than others, often due to a reputation for safety, fuel economy, or durability.

According to research by iSeeCars, the following 10 cars had the lowest depreciation in 2021.

	Make and Model	5-Year Depreciation
1.	Jeep Wrangler	9.2%
2.	Jeep Wrangler Unlimited	10.5%
3.	Porsche 911	12.8%
4.	Toyota Tacoma	13.8%
5.	Toyota Tundra	19.5%
6.	Ford Mustang	21.0%
7.	Chevrolet Corvette	22.7%
8.	Chevrolet Camaro	23.6%
9.	Dodge Challenger	24.4%
10	Toyota 4Runner	24.6%

Importance of Add-On Options

Pricey add-ons, such as splash guards, alarm systems, and tinted windows, don’t always add value to used cars. In fact, once a car is two or three years old, they may have little effect on value at all, according to some experts.

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Stay on Top of Your Car’s Value With Insights

The value of your car will change from year to year as it ages, and supply and demand shift. Staying on top of your car’s value can help you make informed decisions about your net worth, as well as decisions about when to sell or trade in your vehicle for a new car.

Now with Auto Tracker in the SoFi Insights money tracker app, you can instantly monitor vehicle prices in this unprecedented market. Discover real-time vehicle values in just a few clicks.

New from SoFi Insights: Track the value of your car using Auto Tracker.

FAQ

How do you estimate the value of a car?

You can estimate the value of your vehicle using online tools such as Kelley Blue Book, Edmunds, or the SoFi Insights auto value tracker.

How do I find the fair market value of my car?

You can estimate the fair market value of your vehicle using online tools such as Kelley Blue Book, Edmunds, or the SoFi Insights auto value tracker.

What is the difference between market value and fair market value?

Fair market value is an estimate of what a potential pool of buyers might pay, while the market value is what they are actually willing to pay.

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Photo credit: iStock/DjordjeDjurdjevic

*Terms and conditions apply. (Must click on the link to be eligible.) This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the Rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed into SoFi accounts such as cash in SoFi Checking and Savings or loan balances, Stock Bits, fractional shares and cryptocurrency subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
SoFi’s Insights tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
SoFi’s Insights tool offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc’s service. Vehicle Identification Number is confirmed by LexisNexis and car values are provided by J.D. Power. Auto Tracker is provided on an “as-is, as-available” basis with all faults and defects, with no warranty, express or implied. The values shown on this page are a rough estimate based on your car’s year, make, and model, but don’t take into account things such as your mileage, accident history, or car condition.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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