Kelley Blue Book
Buying a previously owned car can save you a substantial amount of money. A new car can be expensive and generally, the value will depreciate almost as soon as you drive off the lot.
The used car market includes a range of vehicles. Buyers have the option to buy cars that are anywhere from a few months to a few years to a few decades old. You can buy cars for parts, or you can buy a car to fix up. The majority of consumers end up buying cars that they can start driving immediately. It is even possible to find low-mileage vehicles that are practically new.
As a used car buyer or seller, you have a couple of options. As a seller, you can sell your car to a dealer, and as a buyer, you can buy a car from a dealer. Working with a dealer has multiple benefits. Sellers will not have to deal with advertising and repairs.
The dealer will pay sellers a sum of money and then take care of the entire sales process. Buyers also benefit from dealer warranties that come with used cars. Many used car warranties are expired, invalid, or they may not transfer to new owners.
It is also beneficial for buyers and sellers to work independently from a dealer. Buyers and sellers tend to be able to negotiate better rates when making direct transactions.
If you're looking to buy or sell your car, the term "Kelley Blue Book" probably rings a bell. If you're here, you're likely confused or looking for a bit more information about the best ways to shop in the new and used car market. Regardless of how you choose to buy or sell your car, you should consult the Kelley Blue Book to ensure that you receive the most value from your transaction.
The first Kelley Blue Book was published more than eighty years ago in 1926 by the owner of a small used car dealership near Los Angeles.
The Kelley Blue Book began as a list of used car values. Over the years, it evolved into an industry-standard guide to used car prices. Now, Kelley Blue Book has grown to include guides for other vehicles including motorcycles, recreational vehicles (RVs), and mobile homes.
The guide began as a publication for dealers and has expanded into a resource for consumers. Many dealers and consumers use Kelley Blue Book values as the official guide to determine how much cars should cost.
Kelley Blue Book for Consumers
For many years, Kelley Blue Book was an actual book. In the mid-90s, Kelley Blue Book migrated online with new car guides, used car guides, news, reviews, classifieds, dealer resources, loan packages, and insurance information. Consumers can navigate the website to research financing calculators, used car history, extended warranties, and seller listings. Consumers can use the website to make informed choices when selling or buying a car. Consumers can analyze competing offers to get the best possible rates. The guides facilitate competition in the market for new and used cars. The Kelley Blue Book has been available to consumers since the early 1990s.
Kelley Blue Book for Dealers
There are multiple versions of the Kelley Blue Book. Dealers use the Kelley Blue Book Auto Market Report-Official Guide. This guide lists retail prices that dealers have requested as opposed to what dealers pay for used cars. The dealer guide suggests a retail price for used cars. Frequently, auto sellers will use the Kelley Blue Book Auto Market Report as a negotiation tool for customers. In any case, dealers should understand that these values do not represent the actual selling price. Buyers should always try to negotiate the seller's price down further.
How the Kelley Blue Book Establishes Prices
Think of the Kelley Blue Book as a survey. Kelley Blue Book samples sale prices from actual transactions. Researchers consult resources including auctions, dealers, and rental agencies. After collecting data, the Kelley Blue Book team looks at values in relation to historical trends, economic conditions, industry changes, and location. Kelley Blue Book tries to keep this information as up to date as possible. Kelley Blue Book also ranks conditions as excellent, good, fair, or poor.
There are five books: Kelley Blue Book Private Party Value, Kelley Blue Book Trade-In Value, Kelley Blue Book Suggested Retail Value, Kelley Blue Book Certified Pre-Owned (CPO) Value, and New Car Blue Book Value. Additional information is available on the website. The different books can help consumers find answers to a variety of sales and market questions.
To check out the value of your own car, both new and used, go to Kelley Blue Book.