Assessing wear-and-tear is often a matter of personal opinion, which is why the used-car values can only be used as a guide.Īnother criterion is the individual car's equipment level. For each used car, the wear-and-tear it has experienced has a major mpact on its value. A second criterion is the vehicle's condition. An individual used car sold in New York may have a different value - or a different price - than the same used car sold in Iowa. Depending on the area in which a vehicle is being sold, relative demand Immense amounts of data are used to produce the values Kelley Blue Book quotes. The overarching goal is to provide a credible guide in an ever-changing buying-and-selling environment that sees thousands of transactions each day. Organizations as well as the average consumer." 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 The process starts with a thorough analysis of all collected data, and it is informed and leavened with historical trends, current economic conditions, industry developments, 'real' value that it will facilitate the transaction." Instead, they simply need to be close enough to give the buyer and seller a common understanding of the limits of the transaction.Īs former Kelley Blue Book President Paul Johnson once said, "One thing we know about each used car value is that it will be 'wrong,' but each value will be close enough to the Kelley Blue Book calls it "a proprietary editorial process." One key thing to remember is that the used-car values don't have to be perfect to the dollar to be useful to all the entities that need pricing information.
But they are not "stabs in the dark," but instead 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. It acknowledges that it is a "guidebook" and that the values it published are estimates. Kelley Blue Book used car values are not precise, and KBB doesn't claim they are precise to the penny. Traditionally, it has relied heavily on wholesale auctions because they reflect information from key sources including consumers, dealers, financial institutions, rental fleets, and leasing companies. To gain all the data necessary, KBB uses several key data sources including wholesale auctions, independent dealers, franchised dealers, and private party transactions. Because the auto market has significant regional differences, they are also adjusted to reflect local conditions in over 100 different geographic areas and are updated weekly to give consumers up-to-date used-car pricing information. 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.
uses the Kelley Blue Book Used-Car Guide Book for vehicle values on our trade-in path. Used-car pricing is reliable if they are going to rely on it as they negotiate and come to a deal. For the used-car pricing information to be useful, it must be accurate, if not "penny perfect." And it must come from a source that is credible and respected. That information is important to consumers and used-car dealers, and it is also important to others who need it - financial institutions, insurance companies, and governmental agencies. Provided that unbiased pricing data in its Kelley Blue Book Used-Car Pricing Guide. For almost a century, Kelley Blue Book has Without an established, independent source of vehicle values, each used car price negotiation would be infinitely more complicated.
Of any new car is nebulous, an unbiased source of information is important in helping both buyer and seller come to an agreement on a vehicle’s price. And the fact that it is an independent source of information is important. Kelley Blue Book has been an independent source of vehicle values since its founding in 1926. That's why a third-party source like Kelley Blue Book is important." "Every used car is different, and everyone has their own ideas on what each car is worth. "Arriving at a meeting of the minds on the price of a car isn't easy," said Eric Charles, a Chicago-area used-car dealer and master mechanic.
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