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KELLEY BLUE BOOK – OVERVIEW While Black Book is mostly used by dealers, Kelley Blue Book (Not spelled Kelly Blue Book without the “e”) is mostly used by individuals looking to trade in or sell their vehicles. Since 1926, Kelley Blue Book has been one of the best-known names in the auto industry.
How do car dealers determine trade in value?
Factors that determine the value of your trade-in include the condition of the car, the demand for that particular make and model, and your skill at negotiating a price.
Do dealers use NADA or KBB?
Kelley Blue Book and Edmunds are two of the most well known used car pricing guides in the United States. There is also another: NADA—but, NADA is usually used by banks or car dealers to show you an inflated price value. Therefore, you should never use NADA books for real references.
Is KBB accurate for trade in?
Is Kelly Blue Book accurate? The short answer is no. Sometimes it takes a while for the information to get to KBB and reported in their pricing charts. In order to post prices they use an algorithm that takes prices posted on Autotrader which is the most widely used car selling site on the internet (and owned by KBB).
What do they look for when trading in a car?
He will check the odometer’s operation, engine idle, acceleration, brakes, alignment, and the overall handling of your car. Most test drives last 3 to 5 miles or at least one click of the odometer. Used car appraisers that are great at what they do, have a set route they take every vehicle through.
What value dealers use?
Car dealers use the Kelley Blue Book to set their retail prices. Edmunds also has a free car appraisal tool that helps you calculate what the retail price for a used vehicle should be. And there are even more guides: Dealers also use NADAguides and the Black Book to evaluate used cars and potential trade-ins.
When should you not trade in your car?
When You Should Wait to Trade In It is best not to trade in your vehicle when you purchased it very recently. As soon as you drive a new vehicle off the lot, it loses around 10% of its value and up to 20% of its value within the first year.
What should you not say to a car salesman?
10 Things You Should Never Say to a Car Salesman “I really love this car” “I don’t know that much about cars” “My trade-in is outside” “I don’t want to get taken to the cleaners” “My credit isn’t that good” “I’m paying cash” “I need to buy a car today” “I need a monthly payment under $350”.
How accurate is NADA trade in value?
Though, NADA is considered a very reliable resource of used car prices by most, to fully understand when, where, and what makes it so you must understand the basis it’s built on. That sounds simple enough, but many American consumers could be very misguided about its information.
Which is more accurate KBB vs NADA?
Using NADA gives a good ballpark estimate of why the dealership prices cars the way it does, but KBB might give a better idea of how much the car is worth. If the dealership price matches the NADA price, look at the condition and cross-reference it with KBB. KBB will probably give a more accurate answer in both cases.
Is Edmunds or KBB more accurate?
Some experts tout Edmunds as more accurate than KBB, but there is no clearly proven winner for accuracy. To get the most accurate estimate, you should use both KBB and Edmunds. It is fast, easy, and free to enter your vehicle’s information on both sites and to average the values given.
Is now a good time to buy a new car 2021?
It’s about more than the chip shortage, with the problems extending to both new and used vehicles. It may be tempting to pick up a new truck this year, but now’s not the time. If you’re considering buying either a new or a used car as 2021 draws to a close, we respectfully suggest that you reconsider.
What is the best time of the year to buy a car?
According to Autotrader: “In general, the end of the month is, indeed, the best time to buy a new car from a dealership. Even better, you might want to consider buying a car at the end of a quarter — either March, June, September, or December”.
Will car prices go down in 2021?
According to KPMG’s recent study, U.S. dealer inventories had fallen to historic lows by July 2021 and new car prices soared past MSRPs. It’s expected that the market will balance out and prices will start to drop when automakers are once again able to produce a normal supply of new cars.
Can you negotiate a trade in value?
Negotiate trade-in value separately By negotiating them separately, you can make sure that you’re getting the best trade-in value possible — or at least what your car is worth — and the best price on the new vehicle you’re buying.
Why is trade in value so low?
Another reason that trade-in values are lower than retail prices is that most trade-ins need reconditioning. As a result, a dealer needs to offer a trade-in value below the car’s retail value so they can still make some money on it after the reconditioning is complete.
How do you negotiate a higher trade in value?
Follow these steps to get the best price possible on your trade-in. Find the trade-in price. Give your car curb appeal. Shop your trade-in. Negotiate the trade-in price separately. Don’t forget about sales tax. Review the trade-in price in the contract.
