One might consider selling their vehicle for several reasons. For instance, they might want to upgrade to another vehicle, put it up for sale for instant cash, or simply not want one. However, before selling it off, one might want to determine the vehicle’s value so that they get the most out of the transaction. Here’s where the Kelley Blue Book comes in handy. It’s an online resource that helps owners determine their car’s value.
How it determines a car’s value
Car owners may want to know how much their vehicle is worth on the Kelley Blue Book. The answer is a little more complicated. The Kelley Blue Book is a trusted resource for used car values and assists car owners in understanding what the vehicle value is worth. There could be more than one Blue Book value for the consumer’s car, truck, or SUV. This is because Kelley Blue Book receives real-world user car prices from wholesale auctions, rental fleets, independent and franchised dealers, lessors, auto manufacturers, and private party transactions. With this data, the Kelley Blue Book makes weekly updates to prices.
Its algorithm
Kelley Blue Book has a proprietary algorithm to analyze pricing data, historical trends, industry developments, current economic conditions, time of release, and location to determine Blue Book values. After considering these aspects, Kelley Blue Book reveals several used car values.
Private-party value
Buyers are expected to pay this price when they buy a car from a private seller instead of a dealership. The cost lies somewhere between wholesale and retail and mostly depends on the car’s current condition, model, and demand.
Trade-in value
This is the amount a buyer may potentially get from a dealership for a trade-in.
Fair purchase price (CPO)
This is the cost buyers might expect to pay for a certified vehicle of a particular year, make, and model.
Typical list pricing
This is what a dealer might ask for a pre-owned vehicle.
Its accuracy
Kelley Blue Book values might be a helpful starting point for estimating the value of a car. That said, it is important to remember that they are just estimates and might not always be 100% accurate. The precision of Kelley Blue Book values may vary based on factors. These include the vehicle’s condition, location, market demand for the specific make and model, mileage, and features. Other factors that can affect the accuracy of Kelley Blue Book values are regional differences in demand and supply, variations in the vehicle’s actual condition compared to its described condition, and fluctuations in the overall used car market. In summary, the values can help owners or dealers determine how much they can make by selling their vehicles. However, car owners should always do more research and use other resources, like local market trends and independent appraisals, to get a more accurate picture of their car’s value.
How to look up vehicle value
The process of finding a car’s value is pretty straightforward. One simply has to visit the Kelley Blue Book website and pick the “Price New/Used” or “My Car’s Value” option. The first tab asks for car details like year, make, and model to determine value. The second tab will request similar information and other details, such as the VIN, license plate, and email address. One can also purchase cars on sale via the Kelley Blue Book website.
Way to increase a car’s value
While Kelley Blue Book can help one determine the car’s market value, they can do more to increase the car’s value before the sale.
Thoroughly clean the car
A clean car is more likely to fetch a better market price. Make sure to thoroughly clean the vehicle both inside and out to get rid of any dirt, debris, and unpleasant odors. One can either do it themselves or have it professionally cleaned. Replacing the seat covers and floor mats, cleaning out the AC vents, and polishing the dash can all help to increase its value.
Regularly maintain the car
Vehicle maintenance is another key element in driving up the final vehicle value. One must get the oil, oil filters, brake pads, and other essential components serviced or replaced if necessary. Even changing the tires could attract better market value. Other things to address during maintenance are air conditioning, lights, and sound system issues. Making minor fixes like touching up scratches or windshield cracks could also help one get the best value for their car.
Keep receipts
One might carry out all maintenance work associated with the vehicle from day one. However, failing to maintain receipts can result in a lack of proof of work. So, it is important to keep all maintenance receipts, including those of any repairs or replacements made to the vehicle.
Advertise on other mediums
One should advertise the car on other mediums, such as spreading the word on social media or among family and friends. Such advertising can help one find a buyer quickly. The transaction might be quick and simple since one is also selling their vehicle to a known person. It will also help fetch a good price as the sale is direct.