CarEdge members can now see Black Book trade-in, private party, and retail valuations in their dashboard. However, here at CarEdge we partnered with Black Book to get their data into your hands. When Should I Use It?īlack Book values are typically not available to individual consumers, since they focus on serving car dealerships. Some of this data is even obtained by physically visiting auction houses and viewing their books. Black Book is heavily used by car dealers to determine how much you should be offered for your trade-in.īlack Book reaches its values by evaluating the sales data generated by over 60 auction companies around the country. Black Book charges a subscription fee, which means it’s typically only used by dealerships and financial institutions that will use it enough to justify the cost. What is Black Book?įounded in 1955, Black Book has been on a mission to provide accurate car valuations since its inception. Kelley Blue Book is better for evaluating the price of a car sold privately. However, be aware that this book is known for giving values that are higher than what a car dealer will offer you for your vehicle. You should use Kelley Blue Book with every car transaction that you make. This actually harms the accuracy of Kelley Blue Book, since people often overestimate the condition of their vehicle. There are also different price estimates for vehicles based on the condition that they’re in. Kelley Blue Book is known for providing different values based on whether you are trading a vehicle in or selling it privately. KBB has been around since 1926 and has grown by leaps and bounds since the first booklet was published. Kelley Blue Book is perhaps the first name that comes to mind when most people think of a car evaluation tool. These values are data to use in negotiations. You should also understand that just because a vehicle valuation book says that your car is worth X, that doesn’t mean you’ll receive X. You should use multiple books and tools to understand the value of your vehicle, since there’s no definitive source. Every book has its own data sources and evaluation algorithm, which is why the price is always different. Different book values serve different purposes, and as a savvy car seller, it’s important you understand the distinction between each.Īnother difference between the different book values is how they gather data, along with how they analyze it. Some books are used primarily by financial institutions for setting loan to value ratios, and other books are intended for consumer usage. This means that they’ll be focused on overall profitability and will often suggest lower prices than other books. Some books are intended for car dealership usage. Why are there so many vehicle value books? Why can’t someone just tell me what my car is worth? In order to determine your car’s true worth, you need to look at a few different book values in addition to understanding that it will vary based on how you sell it, who you sell it to, and your negotiation skills. Oh, and not to mention, the dealer needs to buy the car cheap enough to be able to turn around and make a profit. Alternatively, they may simply sell it as-is at a wholesale auction, which means less money than selling it to another car buyer. This begs the question, why are trade in values so low? The short answer is that the dealership has to recondition your car before it can be sold, which costs money. If you’re looking at trading the car in, most price books will tell you that your car is worth less when being traded in. You’ll be sacrificing some profits for the ease of trading the car in. Why doesn’t everyone just sell privately? In order for you to land that higher selling price, you’ll need to list it on a classifieds site, talk to multiple would-be buyers, have plenty of people come look at it, and eventually you’ll find the right buyer.Ĭompare that process to simply handing the keys over when you buy your new car. The vast majority of the time, your car will be worth far more when you sell it privately as opposed to trading it in. What’s my car worth? Well, the first step is understanding how you’ll be selling it.
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