Blue book price

Blue book price DEFAULT

You’ve probably heard people refer to ‘book value’ when talking about a car’s price. The ‘book’ they’re talking about is usually the Kelley Blue Book. It’s a price guide, published by an automotive research company of the same name. The Blue Book, or KBB, has been around since 1926 (which is impressive, given that there weren’t actually a lot of cars around back then).

All you have to do is enter the details (make, model, year, mileage, color, options) of the car you’re looking to buy or sell, and it’ll give you the Kelley Blue Book value—a price range to expect. It has different ranges for whether you’re planning to buy or sell privately (where you’ll typically get the best price), or buy from or trade in to a dealer.

The KBB is a great starting point when you’re trying to determine the fair market value of a car you’re selling or buying. But it’s not the final word, and definitely not the only source of car pricing information out there.

And, there’s a caveat, with Kelley Blue Book value and all the other pricing sites and tools—they may not accurately reflect the most current market trends. They’re ‘updated’ frequently (KBB is updated weekly), but it’s hard to know what, exactly, constitutes an ‘update’. The reality is that they use algorithms and averages, which may not capture big changes in the market right away.

For example, the used car market right now has shifted so extremely and quickly, as a result of the effects of the pandemic, that KBB and the others probably aren’t fully capturing this unprecedented spike in prices.

Black Book

There’s also the Black Book—no, not the kind where people used to keep phone numbers of dating prospects back before smartphones. This Black Book keeps track of all the car makes and models out there, and their valuation. It’s similar to the Blue Book, except that it’s dealer-focused. It also has more detailed and paid tiers, for really detailed information that would be valuable to dealers but more than a consumer would need. It offers more consideration for future valuation of a car, as well.

In recent years, the Black Book has shifted its focus toward dealers and brokers, and they offer business-focused paid products now. So you’re likely to see Black Book car value calculation tools on some dealers’ websites.

In addition to the ‘books’ (which of course are primarily websites now), there are some other sites that serve as useful valuation references.

NADAguides 

NADAguides is short for National Appraisal Guides, which makes us think someone over there has a thing or two to learn about acronyms. But what they do know is used car prices. NADA is powered by J.D. Power’s valuation data, and is slightly more geared toward car dealers and lenders, whereas the KBB is focused on consumer car buying and selling.

That said, the NADAguides website is quite consumer-friendly and easy to use, so it’s worth checking out the NADA used car value calculator.

Each of these sites have different details; for example, one might be missing certain optional equipment that the other one has, when you’re speccing out the details of the car you’re looking to buy or sell. And the Kelley Blue Book site asks you to specify color, whereas NADA does not.

Sites that advise you on your particular listing

Sites like TRED use the guide information from the above entities, but also use their own local market data on what particular cars have been selling for in that area—which is the very most accurate and realistic data to go by. They can then advise on what price to list your car at —and how long it will likely take to sell at various price points— so you can find the right balance between price and speed of sale.

The markethas the final word

It’s very helpful to do your research and be informed when you’re trying to figure out a fair price for the car you’re buying or selling. It’s advantageous to know the Black Book, NADA, or KBB used car value. But you can’t always expect to get the price that the guides suggest.

There are always extenuating circumstances, both around buyer or seller preferences and situations. Maybe your car is an unpopular color. Or it’s missing a feature that buyers of that model typically want it to have. For example, a recent car that lacks a navigation system can be a tough sell; many buyers, especially of cars that are considered more ‘luxury’, want and expect it to have nav. Likewise, buyers of certain pickups or SUVs are generally going to be less interested if it doesn’t have four wheel drive.

On the circumstances side, maybe the guy who’s selling that white Miata you’ve got your eye on has kind of mixed feelings about selling it. He has it priced a little high, and isn’t interested in selling it for a penny under asking. But another local seller, with the same year and similar mileage Miata in red, is moving out of the country in a week, so she’s very motivated to sell. And then your preferences come into play—you like the white better than the red, but… how much is that preference worth to you?

So human factors always come into play, but overall market trends tend to be a good way to predict prices overall!

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Published by Christina Perry

Marketer, writer, car geek, content wrangler at @TRED. View all posts by Christina Perry

Sours: https://blog.tred.com/kelley-blue-book-and-beyond-researching-used-car-values/

Check Price of Used Cars

What Is OBV?

Orange Book Value is a platform that helps in determining the fair market price of used vehicles. It is basically an algorithmic pricing engine that suggests market value of used cars, used bikes and used scooters. Questions like what is the value of my used car or used bike come to our mind when we decide to sell it off. However, we do not get to understand the proper valuation of our vehicles.

In order to come up with a proper used car valuation or used bike valuation, Orange Book Value uses real time data science to value depreciation of automobiles. It helps the sellers put a fair price in front of the buyer, and for the buyers, it helps them get a product that serves great value for their money. This is a service by droom, which was founded by Sandeep Aggarwal.

Why OBV?

Orange Book Value works as an independent value calculator for cars, bikes and scooters that determines second-hand vehicle prices. It uses Droom's proprietary technology and data science to come up with fair market price of used cars, bikes and scooters, and utilises scientific data to get the exact value for the vehicle. The primary objective of this used-vehicle price guide is to get the fair market price for second-hand vehicles.

Another reason for using Orange Book Value is its unbiased results that help in obtaining reliable data on used-vehicle pricing. Also, it is the kind of valuation tool for used scooters, bikes and cars that calculates the data on real-time basis with a scientific method of suggesting their current market value.

How Does It Work?

To get the fair market price of your used vehicle, you need to follow just four simple steps. At first, you need to select the purpose, that means whether you want to buy or sell the vehicle. After that you need to select the category of used vehicle, which is whether you have a used car, bike or scooter. The next step is selecting the parameters such as make, model, year, trim, etc., of the product for which you need to get the correct market valuation. The market value of your used bike, car or scooter will highly depend on the condition of the vehicle and the kms driven. After that, you will get the exact valuation of your vehicle through Orange Book Value.

Benefits Of OBV

Orange Book Value helps buyers to understand the fair value of a used car, bike or scooter. This way, the buyer will not have to guess the price of a used car or bike and can be satisfied with price that he/she is paying for the product. For sellers, it helps in determining the best market value for their used vehicle. This valuation tool for used cars and bikes creates a transparency in the overall process. This is a pricing guide for used cars, used bikes and used scooters that helps in quick selling of second-hand vehicles. For banks and NBFCs, it helps in getting the fair pricing of used vehicles that further enhances the process of loan approvals. For insurance companies as well, the real-time data obtained through scientific calculation helps in obtaining the current valuation of the second-hand cars, bikes and scooters.

OBV Methodology

Being the most advanced algorithmic and data science-based value calculator, Orange Book Value is the most accurate valuation tool for used cars, bike and scooters in India. Unlike other pricing engines, Orange Book Value utilises Droom's proprietary data science methodologies and latest technologies to get the correct pricing of used cars, bikes and scooters depending upon various factors that lead to value depreciation such as make, model, trim, data for kms driven that is obtained through odometer reading, current condition of the vehicle that includes wear and tear, dents, major repair works, etc. A vehicle that is well-maintained and kept in good shape gets to score more in the OBV methodology and gets a better market value.

Appropriate Condition

Orange Book Value calculates the valuation of a used car, bike or scooter according to different parameters that cause value depreciation of second-hand vehicles. When pricing engine comes up with a particular result based on the make, year of manufacture, trim of the vehicle, odometer reading that decides the total number of kms driven and the physical and mechanical condition of the vehicle, the used cars and bikes are rated on its basis. These ratings include Excellent, Very Good, Good and Fair. While Excellent and Very Good signify a healthy used car, Good and Fair indicate that it has problem with some of the parts and needs special attention and repairing.

Copyright © 2021 OrangeBookValue All Rights Reserved.
Sours: https://orangebookvalue.com/used-cars
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Kelley Blue Book Used Pricing Guide

If you ask what your car is worth, you might think the answer would be a simple number — say, $10,000. But in reality, each vehicle has several values, depending upon who is selling and who is buying the vehicle. For example, if you plan to sell your car to an individual — a private party — you can expect to get more money for it than if you plan to trade it in to a dealer.

Why? Because the dealer will take the trade-in and turn around and sell it to another buyer hoping to make some money on that transaction. Private-party buyers generally don't plan to re-sell the cars they buy. Because of factors like these, each used vehicle has a trade-in value, a private party value, and a value that the dealer expects to get when the car is retailed to a new buyer. Vehicles also have an auction value, and new vehicles have a manufacturer's suggested retail price (MSRP) that is often the place where purchase negotiations begin.

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It is valuable for all parties to have an independent, unbiased source of information for vehicle values because it aids the negotiation and buy-sell processes. Without established vehicle values, each price negotiation would be infinitely more complicated.

For almost a century, Kelley Blue Book is one of several "guide book" companies that have provided that information to those who need it — dealers, financial institutions, insurance companies, and, most recently, consumers. For the pricing information to be of use it must be accurate, if not "penny perfect," and it must be credible. All parties to each transaction must have respect for the information if they are going to rely on it as they negotiate and come to a deal.

Kelley Blue Book values are derived from massive amounts of data, including actual sales transactions and auction prices, which are analyzed and adjusted to account for seasonality and market trends. Because the auto market has significant regional differences, they are also adjusted to reflect local conditions in more than 100 different geographic areas and are updated weekly to give consumers up-to-date used-car pricing information.

To gain all the data necessary, KBB uses several key data sources including wholesale auctions, independent dealers, franchised dealers, and private-party transactions. Traditionally, it has relied heavily on wholesale auctions because those auctions reflect information from key sources including consumers, dealers, financial institutions, rental fleets, and leasing companies.

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Kelley Blue Book values are not precise. They are estimates, but they are estimates based on a well-established process, giant amounts of data, and generations of expertise in determining and, in some ways, establishing vehicle values. Kelley Blue Book calls it "a proprietary editorial process." It starts with a thorough analysis of all collected data, and it is informed and "leavened" with historical trends, current economic conditions, industry developments, seasonality, and location.

The values that result from the process, in KBB's words, "reflect the most current representation of a changing marketplace and are therefore relied upon by a variety of leading organizations as well as the average consumer." The overarching goal is to provide a credible guide in an ever-changing buying-and-selling environment that sees thousands of transactions each day.

Mounds of data are used to produce the values Kelley Blue Book quotes, and it is valuable to know what types of data are used in the process. First, there is market demand. Depending on the area in which the vehicle is being sold, relative demand has a major impact on the used vehicle's value. An individual used car sold in New York may be valued differently than the same used car sold in Iowa. A second criterion is the vehicle's condition.

The current state of a used vehicle has a major impact on its value. This, of course, is subject to personal opinion, which is why the values can only be used as a guide rather than being precise. Yet another criterion is the individual car's equipment level — a car with no extras and that same model car with a full array of high-tech and comfort features will have two different values. Finally, there are its age and mileage, which are a proxy for how heavily worn the vehicle is and how close it is to the end of its useful life.

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Kelley Blue Book trade-in value is the amount you could expect to receive from the dealer if you traded it in as part of a transaction in which you buy or lease another vehicle. Keep in mind that this assumes an accurate appraisal of the vehicle. In real-world situations, both you and the dealer come to an agreement on the value of the vehicle you are trading in — in reality, selling to the dealer — and that happens at the conclusion of your negotiations with the dealer.

It is also important to note that the trade-in-value is very often less than you would receive if you sold the car yourself to a private individual, and it could be more than you'd get if you sold it outright to a dealer.

The Kelley Blue Book used private-party value is what you can expect to pay if you sold the car to an individual consumer. It is also an approximation of what you might expect to pay if you bought the used car from an independent seller. As with all Kelly Blue Book values, the private-party value is a guide. It can change depending on several factors.

If there is a warranty attached to the vehicle, the dealer's asking price is likely to be higher than the private-party value because warranty coverage has value. Should the vehicle be in excellent condition, that will drive up the price, because the value is predicated on a vehicle in less-than-excellent condition. It is interesting to note Kelley Blue Book estimates that only 3 percent of all used vehicles are in excellent condition.

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The certified preowned value of a value is a used vehicle value that incorporates the fact that the vehicle is offered with a manufacturer-backed warranty rather than as-is, which is the way the typical used vehicle is sold. As we mentioned earlier, warranty coverage offers peace of mind that customers will pay extra for, so the CPO value is universally higher than the private party value.

Retail-oriented values like CPO value take into account dealers' profit, costs for advertising, sales commissions, and other costs of doing business. In the end, Kelley Blue Book used car pricing can serve as a good barometer for buying and selling a vehicle. When used in conjunction with your own independent research, it can ensure that you get a price that is fair.

Sours: https://www.usedcars.com/advice/buying/kelley-blue-book-used-pricing-guide
KELLEY BLUE BOOK (KBB) CAR VALUES: ACCURATE? RELIABLE? CAN I TRUST IT? The Homework Guy Kevin Hunter

Used Car Prices Black Book vs. Blue Book

The used car prices Black Book and Blue Book values serve different purposes. Both books claim to be the more accurate source of used car pricing guides. The Kelley Blue Book gets more traffic when it comes to being used by buyers. They have been around since 1918, while Black Book started in 1955.

The Blue Book started with just used car ratings and values, but evolved to include new prices. The Blue Book, although being used the most, is usually thought as a little less accurate in their prices. They offer no guarantee in their price valuations, and often times they are very different than the Black Book. The Black Book offer many different books, such as the Black Book Daily, Black Book First Values and a few others. The Black Book also has premium subscriber content that involved dealer auctions and wholesale prices. This makes their valuations more specific.

Find Your Next Used CarGet Started Now

The Blue Book is a consumer driven book, where drivers can look to see what they can expect to pay or receive for their vehicle. The Black Book on the other hand, is a dealer driven book. The pricing deals with wholesale values and the most up to date car sales. These books are both good for valuing cars, but they are on opposite sides of the spectrum. As a consumer you want the "KBB," while a dealer looks more at the Black Book.

How to Find a Used Car Price Online
Finding a used car price online takes only a few minutes of your time. Kelley's Blue Book has the most user friendly used car price search out there, and their values are respected and highly accurate. Here are some steps to get a quick price from Kelley Blue Book.

  • Once you are on the KBB website, go to the used car page
  • You can search by price range, body style (SUV, minivan, sedan, etc.) or by exact make, model and year
  • Select the value you want, whether it be suggested retail value, trade in value or private party value
  • If there are multiple trims for your model, select that exact trim
  • The next step is very important. Input the mileage on the car as that can have a big effect on price
  • All of the available features for that trim of that year are listed. Check off any features your car has
  • Select the condition of the car. Most cars are "Good," while five percent of used cars fall in the "Excellent" condition category
  • Your price will be displayed. You can also view the other value types by clicking their names on the same page
Sours: https://www.carsdirect.com/used-car-buying/used-car-prices-black-book-vs-blue-book

Book price blue

What Is The “Kelley Blue Book” Price?

September 30, 2013

Buying a vehicle can be a complicated and involved process, not the least of which is making sure that you don’t pay more for the vehicle than necessary. You want to get it for the best price possible, but how do you do that?

The Kelley Blue Book price is one method consumers can use to determine a fair purchase price. But what, exactly, is the Kelley Blue Book price?

New vehicles

According to Kelley Blue Book, for new vehicles, this is the Kelley Blue Book Fair Purchase Price, which is “the price people are typically paying a dealer for a new car. This price is based on actual new-car transactions and adjusted regularly as market conditions change.”

You find the Kelley Blue Book price by going to their website, www.kbb.com and plugging in the year, make, model and other details of the vehicle you’re looking to buy, such as engine, transmission, features and options. After inputting all the data, the site returns the estimated fair purchase price – the price that dealers have actually been selling the vehicle for in the area.

What if the vehicle you’re in the market for doesn’t have a Kelley Blue Book price when you do the lookup? Here’s what Kelley Blue Book says: “Since the Fair Purchase Price is based on actual transactions, some vehicles are too new to establish a history, others have low current dealer inventory, and still others have low sales volume overall.” KBB promises to publish a Fair Purchase Price as soon as there are enough actual transactions for the calculation.

Note that the Kelley Blue Book price is not the same as the dealer asking price. Dealers have a version of Kelley Blue Book that they use that shows the Kelley Blue Book asking price – the price dealers typically ask for when selling the vehicle.

As a consumer, arm yourself with the best information possible on the new vehicle you want to buy. You never want to pay the manufacturer’s suggested retail price (MSRP), what the manufacturer recommends the dealer sell the car for. Dealer invoice is the price the dealer pays the manufacturer for the car, not what he’ll try to sell it to you for. Where you want to be is the Fair Purchase Price – which is less than MSRP and may be less than dealer invoice.

Used vehicles

Maybe a used vehicle is more in line with your budget. Here, Kelley Blue Book has a tool to help you find used-car values that can give you a better idea what you can expect to pay.

Input the year, make and model of the used car you’re interested in. Add any features or options you want. The search returns three prices: dealer, private party and certified pre-owned trade-in values.

Private party is the amount a consumer can expect to pay when buying a used vehicle from a private party.

Suggested retail (dealer price) is a value that is representative of dealers’ asking prices for a used car. This is a starting point for negotiations between the consumer and the dealer.

Certified Pre-Owned is the value that is representative of dealers’ asking prices for a used car covered by the automaker’s CPO program. Again, this is a starting point for consumer-dealer negotiation.

If you are selling a used vehicle, after inputting year, make, model, mileage, style, features and options, the applicable Kelley Blue Book tool returns private-party and trade-in value.

The private-party value is what you can ask for your vehicle when you sell it yourself. The values returned are for excellent, very good, good and fair condition. According to KBB, 3 percent of used cars are in excellent condition, 23 percent in very good, 50 percent in good, and 18 percent in fair condition.

The trade-in value is what you can expect to get from the dealer when you opt for this method of selling your car. Again, the values returned are for vehicles in excellent, very good, good and fair condition and the same percentages of used cars in such condition apply.

Bottom line: buying or selling a vehicle can be a lot easier if you check out Kelley Blue Book prices before you get too far into the deal.

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