The Kelley Blue Book value is one of the oldest resources 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:
Looking at current market conditions and seasonality. Analyzing collected data from auction houses around the country.
The make, model and year of the vehicle are used to determine the value. And, 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, Edmonds 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:
One: These websites make their money from selling advertisements.
Two: 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.