Do cars sell for more than blue book

Experts from the nada guide, kelly blue book and black book say a growing economy, an improved housing market and a relatively low supply of used pickups less than 9 years old in good shape. Does the kelley blue book price reflect the actual. For over 90 years, kelley blue book has been the trusted resource for used car values, helping car owners understand what their used car is worth. Carmax is the biggest seller of used cars in the u. I was also under the apprehension that there are two versions of the blue book. Get used car values from black book with our car pricing guide and compare black book to kbb and nadaguides, two other popular valuation sources. Can insurance companies pay less than blue book value for. The kelley blue book is considered to be a helpful resource for determining the monetary worth of a car, but it is not a definitive guide. Is the insurance company only required to pay me blue book. Based on the black book value of a 2006gmc, this is the amount you can expect to receive for yourgmc if you sell it to the dealer at the same.

Black book used car values new cars, used cars, car. The easiest way to do this is to take it to the nearest carmax usedcar dealer. In order to get some indepth knowledge about vehicle pricing, consumers can refer to the bible of automobile deals, the nada blue book rv. How to recover more than blue book value for a totaled car. You know that if the cost of the repairs is more than the kelly blue book value that they will total out your car and give you that value in cash. They use many sources, but primarily actual transaction values. Of course carmax and any other dealer is going to offer less than retail for a car. Determining how much a vehicle is worth is an important part of the process of paying a total loss claim, and it involves a fair amount of research. Whether you sell your car yourself or trade it in to a dealer, you will want to do the little. And when we compile used car sale data by brand, the results for mostexpensive used cars is, in some cases, pretty surprising and not so much in others. From used car lots to new car dealers, they all claim to sell cars at or below. This book helps you keep uptodate with the latest offers by manufactures and the best car deals that you can go for. Not the highest blue book value, unless it truly is in perfect condition which includes a thorough detailing of the interior.

Insurance carriers offer an amount they feel the car is worth in your geographic area at that moment in. The kbb is a great resource, and used by all dealers and banks, and informed customers. Is it illegal to sell a car above the kelley blue book. Kelley blue book used pricing guide used cars for sale. Im shopping for a used car and almost all of the cars i see are asking for two or three thousand more than their kelly blue book value. If kbb estimated value is indeed all you could have got from selling the car yourself just before the accident then that is all that a court will. Black book gets its prices for used cars based on the weekly amounts that cars sell for at wholesale. Our values are the results of massive amounts of data, including actual sales. How do car dealerships use kelley blue book kbb values. Depending on the method of disposal, there actually may be more than one blue book value for the consumers car, truck or suv. Some modified car owners kind of suck it up and selfinsure, said jack nerad, executive market analyst of, the web site of kelley blue book, an auto pricing guide.

To determine whether or not your car is actually totaled, the insurance company calculates the cost it would take to repair the car. The kelley blue book private party value reports on a fair price when selling the. The average mileage for a vehicle is 15,000 miles a year. In the past, most car insurance companies used the kelley blue book as the standard for car values. But, like all generalizations, there are numerous details for w. Only after considering these questions should you decide to. Although, there are many misconceptions about the guide that create confusion among consumers.

But some cars lose value much more rapidly than others. For one vehicle kelley blue book maybe significantly higher than. A lot of people do not understand exactly how dealerships use the blue book, so we put this guide together to help you understand how car dealerships use the blue book value of a car. When it comes to selling your car, you want the best price you can get, and studies have shown that black book car pricing, on average, are lower than the tradein amounts shown in either the kelley blue book or in the nada and edmunds listings. Replacing the car often costs more than the car it is worth at the time, particularly if it had high mileage or a great deal of wear. When buying or selling a used car, many people rely on the kelley blue book kbb, which has been around for more than 90 years. Why do dealers ask for more than the kelley blue book.

The kelley blue book has never sold a car, however, and does not take into account the facts on the ground at a dealership like the popularity of models in a given year or the. Should i pay more than kbb or should i negotiate a price close to kbb value. If you are interested to know more about nada blue book rv value, then continue reading. I sold 2 cars there both with really really high mileage, they seemed to give me kelly blue book value rounded to the nearest hundred.

Why would i spend more than half the price of a new car on a car whose life is half over, when i only get to enjoy the worst half of the car s life. As most buyers know, cars can be purchased daily for wholesale blue book or less on used car lots up and down the block. Its not their problem if you overpaid for the car or owe more money than the car is worth. Can i realistically get the kelley blue book price. Seems to me the person who buys the car new gets the best deal.

Black book and nada are much closer to what the cars would sell for most banks use nada to determine your max. How carmaxs usedcar prices compare to kelley blue book. Kelley blue book pricing takes this into account when determining the value of a vehicle. How to trade a car when you owe more than book value. Should i pay more than kelly blue book value for a car. Nada guide, black book and kelley blue book compared autoblog. Dealership new scam, nadablue bookblack book value. According to kelley blue book, the brands with the best resale value are toyota on the midend and porsche on the luxury side of things.

The easiest way to do this is to take it to the nearest carmax used car dealer. Get the kelley blue book value for your used car or tradein vehicle, find tools to. A quick tour of kelley blue books usedcar valuation. It quickly became the nations numberone selling automotive book, often making the usa today bestseller list. Kelley blue book is a popular evaluation guide for consumers and dealerships. Modifications custom paint when modifying vehicles. Kelley blue book doesnt sell cars the kelley blue book is a tool for measuring the average price of an automobile in certain circumstances and market conditions. If the cost is more than the resale value of the car, or if it costs more to repair the car than the amount you can get from selling it, then the insurer declares your car a. The car has negitive value to a dealer as a broken tradein. I could buy a 5 year old model with 100k miles on it for around 11k. They can add more damage to the car then just the repairs and bring the total in over the kelley blue book value. Failure to do so may result in you charging or paying more than you should for a used vehicle, which can cost you hundreds or even thousands of.

Ive never purchased a used car so is it customary for people to list their cars for more kbb. Possible buyers can easily look around at vehicle classifieds to determine where to shop or determine if your asking price is unreasonable. I plan to get 200k miles out of the car maybe a little more. Take a look at sites like the kelley blue book company site to get what many would consider a fair resale price for your vehicle. Dont forget, the kbb is the average selling price, not the minimum that the nydmv thinks its value is. It features 15 years of used car values on more than 10,000 models of cars, trucks and vans and is available in bookstores, auto supply stores and other locations. If so, then you might have checked kelley blue book kbb to determine a fair selling price. For example im thinking about buying a 2000 acura tl 3.

Unless of course the car has some sentimental value. Blue book is a nice impartial judge of what a car is worth. And, blue book value doesnt mean that is what your car is going to sell for there are market factors that vary the final sales price of a car. In the world of used car sales, there are no preset values, so a dealer is free to use whatever sticker price it wants for a used car. Paying over blue book value for a private party used car. How much more than the blue book value can a dealership. If you intend to sell your vehicle for more than kelley blue book value but havent listed it yet, selling your car may be difficult. Check websites like kelley blue book or and use the tools to determine the value of your car, selecting options and entering details according to your car s features. First, estimate the value of your car without repairs.

However, the kelley blue book website notes that well over half of tradeins are in an. Tell me about selling a car to carmax ars technica openforum. All cars start depreciating as soon as you drive them off the lot. I paid slightly below blue book which was easily 25003000 less than i could have sold it for the next day.

How does an insurance company decide on the value of a. Sites like kelley blue book or edmunds are good examples of resources that can help you with your estimation. This week we are discussing blue book pricing and used cars, why couples buy two of the same car and an affordable ride for a really tall driver. There is a definite difference between a car with no extras and a car with a full array of hightech and comfort features. What do dealers really mean when they refer to the blue book price. The kelley blue book commonly referred to as just the blue book, is a publication used by banks and car insurance companies to get an average price on any given vehicle.

Youll always get more money selling it on your own, sometimes thousands more. The blue book is a great tool for consumers and dealers alike, and helps people buy used cars at fair prices every day. Cars which cannot be sold within a few weeks, at a good price, are sent to. Pricing for retail cars at a dealership will vary, but because of the refurbishing a dealer must do to ready the car or truck for sale, the retail price of the used car will typically be more than. The trouble is that while both guide books are meant to help consumers and dealers establish value, there is often some discrepancy between the two sources. Here are the vehicles that retain the most value after one year of. Lenders and car dealers also encourage buyers to buy that new car and just roll your old loan into the new one.

If you quickly realize that the monthly payments are too high for you to handle, or your income changes, you may find that your outstanding loan is higher than the blue book value of your car. Kelley blue book, with more than 20 million unique visitors each month. Tips for negotiating the actual cash value of your car. A financial exchange whereby each party feels like they totally screwed the other kelley blue book is an excellent resource to ballpark the current value of a vehicle. To be upsidedown on your car to owe more than it is worth makes trading in that car a challenge. Seems many people do not understand there is a difference between the wholesale price of a car and the retail price. Selling a car or truck is a question of time versus money. Consider paying a little more and buying a better newer car. Once you know the value, subtract it from what you owe the difference is the negative equity in your car.