Archive for September 2011
What is the Used Car Blue Book Value of My Car?
The Kelley Blue Book is one of the oldest companies around for determining the value of your used vehicle. Unfortunately, with the ever-changing market today the used car blue book value that you are getting may not be accurate.
The Kelley Blue Book determines the value of a vehicle by:
Current market conditions and seasonality. Analyzing collected data from auction houses around the country. Make, model and year of the vehicle. Mileage, condition of the used vehicle and other options are also considered in determining the value.
The used car blue book value is only a guideline and a good place to begin when trying to determine the value of a vehicle.
What The Books Don’t Tell You.
Supply and demand is a major factor in determining values. If an area has an abundance of Jeep Liberty’s, then the price will decrease on these vehicles. The books don’t take this into account.
The real value of your vehicle is determined by what someone will pay for your vehicle today. With the high demand of used cars these days, prices can vary from day to day. None of the books will reflect this change.
The used car Blue Book value, and other books, generally gives you above average, average and below average values of your vehicle. Unfortunately, your opinion and the Dealers opinion may be totally different on how they see the value of your vehicle.
Today it takes the keen eye of an experienced appraiser, who is familiar with the market conditions to determine the real value of your vehicle. I have never seen a book do this.
Why do the Kelley Blue Book, Edmond’s and the N.A.D.A. book tell you your vehicle is worth more than what it is?
A couple of reasons for this are:
These websites make their money from selling advertisements.
A higher price means more visitors – more income!
None of these sites are in the market of buying used vehicles and they will never write you a check for what they say the value of your car is worth.
Use the Internet and these resources as a place to begin in determining the value of your vehicle. Don’t get fooled into believing they are absolute values for your trade. They are only a guideline.
Find the Wholesale Blue Book for Used Cars
Car buyers, and sellers email me frequently asking a uniform question. How can i find the wholesale blue book for used cars. Car markets around the nation has two major price leaders. The KB Book, and NADA book. As far as Houston is concerned my experience has lead me to believe that NADA wholesale values is used more often by dealers at auctions, while the public determines values by referring to Kelly Blue Book to determine the price.
If you are buying or selling a car it is to your best interest to know how to find the wholesale blue book for used cars. The list of reasons is endless, but to mention some, this is a method used by lending banks to issue car loans, or analyze your assets. It is also used at the dealer auction to determine a maximum bidding price, and used at the dealerships as a marketing tool.
Kelley Blue Book established its name in the car industry approximately Seventy five years ago, when it started appraising cars around the nation. Back then the only beneficiaries were car dealers. Soon later, KBB issued an appraisal book that the public can use to determine the fair price to buy, sell, or trade in a used car for. It is worth mentioning, that the book provides you with the science, however, it is then up to you to add your art to the equation.
After all, buying or selling a car is not strictly a science, it also involves art, such as how clean is the car, what color is the engine oil, basically how well was the car treated. On a concluding note, car appraisal books classifies cars into different categories (trade in, private party, retail, wholesale, loan, cash) all will be discussed in future articles, and the section dedicated on my website.
Trade-In Values – Kelley Blue Book
Trade-in values are sometimes the most difficult to understand. Consumers always ask more for their trade. Have you ever said “That’s not what the bluebook says?” When purchasing a new or used vehicle, most people automatically go to the Kelley blue book and assess their trade. Does anyone know who Kelley is? Is it a guide for consumers?
The Kelley blue book has been a trusted name for new and used vehicles among other things. Les Kelley started out with three used Model T Ford’s and advertised the prices that he would pay for them in 1918. Think about that, not a big or competitive market for car dealerships then. Kelley capitalized on the used car market and later published Kelley blue book in 1926. While growing Kelley Kar Company (Los Angeles based) his dealership grew with the high demand for vehicles.
The Kelley blue book will give you an idea of your trade-in values. Like anything else this will vary from dealerships. There are a few other things you want to consider about your trade-in.
• How old is your trade-in?
• How many miles are on your vehicle?
• Does it need any repairs to engine or body?
• Do you own it or do you owe more than it’s worth?
• Does the manufacturer make that vehicle anymore?
Kelley’s will ask you the condition of your vehicle, but you have to be honest about your answer. If you know the engine is about to lock up or, have cracks in your windshield it’s not in good condition. Get estimates of damages you have on your vehicle and subtract that from your trade-in. You might just be surprise at the trade-value you do get. Les Kelley reputation with the blue book is one of the best ways to evaluate vehicle values.