Are Kelly Blue Book values legit?

[SunnyD]

I'm thinking of selling my car, and hopped on KBB to check out what it's worth. I am a bit shocked as I thought it would be worth a bit less than they show for private-party sale. Then I went over to Edmunds, and they are showing a value a good $1200 less than Kelly is for the same condition. Trade-in values are likewise.

Are KBB and/or Edmunds valuations of a vehicle actually legit (relatively speaking)?

 

[amdskip]

Nothing is going to give you the exact value, take the 2, average them, see what other people have them priced at and go from there. Start high and lower until it's sold. Personally I go to kbb first.

 

[Muadib]

I agree with amdskip, but I always go to Edmunds first.

 

[miri]

Hmm, I purchased a Scion TC in 2004 brand new for $15,945

Private party value is $15,860?

So my car only lost $85 in value for almost 4 years of driving??

 

[George P Burdell]

More of a guideline than a rule.

 

[miri]

Wow, suggested retail value for my 2005 Scion TC is $18,455, lol, thats like $2500 more than I paid for it brand new.

 

[Chunkee]

i wished it was not...bunch of crap if you ask me....another friggin setup....

jC

oh...and never buy anything from sears..... ever!

 

[Kelemvor]

I usually take the trade in value and the private party value and go with something in between.

 

[HomeBrewerDude]

KBB is a bit high IMO. Edmunds is low.


Just split the difference and don't worry about it.

 

[ballmode]

If I'm selling I usually will price my car at Private party value and the lowest I'll go down to in negotiating with a potential buyer is half way to trade in value.

For example, if trade in is 2500, and private party is 3000, I'll go to 2750

 

[woodie1]

IMHO KBB has been a joke for some time. No dealer that I know will give close to the trade-in value listed on KBB. I'm sure there must be exceptions but I don't know where. Edmunds is usually right on the money from my experience.

 

[nakedfrog]

KBB has always seemed like a setup to make you think you're getting a better deal than you really are.

 

[warmodder]

Originally posted by: woodie1
IMHO KBB has been a joke for some time. No dealer that I know will give close to the trade-in value listed on KBB. I'm sure there must be exceptions but I don't know where. Edmunds is usually right on the money from my experience.

The trade in values are pretty accurate for cars being sold wholesale. The wholesale cars are than bought by dealers--I think it wrongly assumes that dealers would give private trade-ins the same price.

 

[mugs]

I bought my wife's car when it was about 6 months (and one model year) old. KBB said dealer retail on this car was MORE than MSRP on the current model year of the car.

 

[OsoVerde]

The selling price of cars probably varies from region to region- I live in a big city where a car is the only reasonable way to commute, and many cars go for more than KBB here. My early 90's Civic is probably valued at $1800 by now but I never see any for sale under $3000. The average real world price hasn't really changed for close to a decade. It is one heck of a commuter car, mine gets around 35mpg city, 40mpg highway. The Echo is typically offered for 2/3-3/4 of its estimated value despite getting similar mileage, poor thing is so unpopular that I can see why Toyota discontinued it.

 

[compuwiz1]

In Ca., it is the defacto standard for the industry. Dealers and lenders use it almost exclusively when appraising cars for trade in and determining loan value.

 

[BoomerD]

Are they legit? Yes.
Are they accurate? Not really.
MOST car dealers use either the NADA guide, or the Black book, NOT the KBB.
http://www.nada.com/
http://www.blackbookusa.com/

 

[mrSHEiK124]

Originally posted by: OsoVerde
The selling price of cars probably varies from region to region- I live in a big city where a car is the only reasonable way to commute, and many cars go for more than KBB here. My early 90's Civic is probably valued at $1800 by now but I never see any for sale under $3000. The average real world price hasn't really changed for close to a decade. It is one heck of a commuter car, mine gets around 35mpg city, 40mpg highway. The Echo is typically offered for 2/3-3/4 of its estimated value despite getting similar mileage, poor thing is so unpopular that I can see why Toyota discontinued it.

They didn't discontinue it; they made it cute and called it the Yaris

 

[LtPage1]

They're pretty self-perpetuating. If people know what it's "supposed" to be worth, that's what they'll pay.

 

[Injury]

The value of a car is ONLY what someone is willing to pay for it. No book can tell you that, but you'll find that many people use KBB as their reference point.

The dilemma with those books is that they can't see cars for themselves or properly asses damage or repairs needed.

 

[DisgruntledVirus]

Originally posted by: woodie1
IMHO KBB has been a joke for some time. No dealer that I know will give close to the trade-in value listed on KBB. I'm sure there must be exceptions but I don't know where. Edmunds is usually right on the money from my experience.

I actually am in a similar position to OP, and went this weekend to look at trading both my cars in on a new one (instead of selling one keeping the other). The Mitsubishi dealer I went to (the Lancer is one fun car btw) pulled up kbb values and used those for both vehicles. They then took off that for new tires/brakes the one car needs, but still they used kbb as starting price.

It does happen that some use kbb, but it is very very rare to find the dealers that do.

 

[SunnyD]

Wow, NADA is just about where KBB is on my car. Interesting. The cool thing is I already have an offer on the car right about middle-road from Edmunds and my asking price.

 

[OsoVerde]

Originally posted by: mrSHEiK124
They didn't discontinue it; they made it cute and called it the Yaris

True true, but they completely changed the appearance, the name, etc. They didn't seem to want the market to associate it with the Echo whatsoever.

I personally preferred the look of the 'Echo' design (new car designs in general keep looking weirder to me). Oh well, guess I'll get a good deal on one if I choose that to be my next vehicle.

 

[ultimatebob]

Most dealerships in New England use the Galves book value instead, which tells them what they can get for a car at an auction.

The Galves Book numbers usually seem to be 20% lower than KBB and Edmunds, though, and dealers will use these numbers to lowball you on your trade-in.