Which of the car value books are accurate ?

[WhyMe]

spent the weekend and today car shopping. using references like Edmunds , KBB. NADA no one seems to use them to price a vehicle. they are all high . questioning a couple of the sales guys at the lots i went to , they just ignored the question or blew it off. So which of the common reference sites are accurate. how does one figure out the true value of a vehicle KBB Edmunds Nada CarFax Autotrader

 

[Skippy722]

Ultimately, it's down to what people are willing to pay. In my experience, they're always listed high, and you have to negotiate down to a reasonable price. But I kind of average all the sites you listed to get a rough idea. The dealers are also less willing to come down on vehicles like crossovers, trucks, and SUV's than they are coupes and sedans.

 

[dogememe]

The lowest price they'll sell it for the and the highest price you'll pay for it. That's the real world price

 

[clinebarger]

It's all about condition & everyone thinks their car is in better shape than it really is!

 

[CaptainHazelwood]

Local comps will determine value. If someone has a car listed at similar price in similar condition as other cars in the area they rightfully will tell you where to shove your book if you try to throw what it says in their face.

 

[Shannow]

The chequebook of the person sig ning the cheque.

 

[Eddie]

The " BLACK BOOK" is often used by dealers since it is updated frequently. Ed

 

[Donald]

Originally Posted by WhyMe

spent the weekend and today car shopping. using references like Edmunds , KBB. NADA no one seems to use them to price a vehicle. they are all high . questioning a couple of the sales guys at the lots i went to , they just ignored the question or blew it off. So which of the common reference sites are accurate. how does one figure out the true value of a vehicle KBB Edmunds Nada CarFax Autotrader

Look on CraigsList. See what private party and dealers are getting. I just sold my 2015 Forester started at $16K and came down about $1K per month and sold for $13K. On Craigslist. Sold it to a guy with an older really rusty Subaru who appreciated the yearly CarWell rust treatment the vehicle had gotten.

 

[rubberchicken]

Asking car salesmen about used car valuation is not going to get good information. What it will do is "what was my training to counter a prospect when they bring in this NADA or similar arguments ? My take has always been: KBB skews in favor of car dealers (low trade in valuation, high retail- max the spread in favor of dealers). Edmunds skews in favor of the consumer. NADA is highly influenced by previous actual data on car sales, with predictive models on future activity. I do not think Carfax or Autotrader have much input in valuations. Of all the sources, IMO NADA is the most accurate and fair. I used to socialize with a few IT folks at NADA, and on occasion got some insight on how they come up with their models- a lot of it is similar to what FICO does with credit scores, and like FICO their methods are somewhat secretive.

 

[RonRonnster]

Usually whichever benefits you the least and the selling (or buying) party the most.

 

[AZjeff]

Originally Posted by Donald

Look on CraigsList. See what private party and dealers are getting.

On CL you see what people and dealers are asking, not what they're getting. Most private party listings are what I'd call optimistic. You were 20% on your original asking price apparently.

 

[deanm11]

I always seem to find KBB high (across the board, at least private party & retail) and Edmunds realistic to just a bit low. The simplicity of the guides does cause people to not adjust properly for condition and vehicle history issues - in both directions. I'll pay up for a garaged suburban car with zero questionable history. I had heard many dealers use Galves; not sure if that is dated info.

 

[GON]

As an earlier poster mentioned- Black book and only Black Book. Black book is the results from the last weekly auction. The only number that counts for a used car is what will a dealer pay for it at auction. It is ALL ART above the last weekly auction price. If I can't get to Black Book, Edmunds is a ok tool. Run away from KBB. For example, KBB lists the average of new card dealers used car list price. Which means KBB retail has nothing to do whatsover with the value of a used car. It is a toll for dealers to show the car is worth more than it actually is.

 

[ARCOgraphite]

GALVES Black Book. https://www.galves.com/t-aboutus7.aspx But that's not the right question. You are making a transaction of the moment - a barter. No party is in anyway "bound" by est. market value - though that is ONE negotiating tool. The Sales mgr will call your local Honda dealer if you are trading a newer Honda; Chevy if Chevy, etc if he doesn't want it on his lot. He will check recent auction values if you are trading a car that will go straight to auction. Best to sell yourself. If you don't want to deal with that, you are leaving $2000-5000 on the table for a couple days work. I understand the trade option if you are squeezing a lemon.

 

[Hall]

Originally Posted by WhyMe

spent the weekend and today car shopping. using references like Edmunds , KBB. NADA no one seems to use them to price a vehicle. they are all high .

Of course they are high. They are in this to make as much money/profit as possible. They are not in this to give you a great deal.

Originally Posted by WhyMe

questioning a couple of the sales guys at the lots i went to , they just ignored the question or blew it off.

Not surprised. 1) The sales guys have no part of determining the sale or sticker price and 2) they are in this to make as much money/profit as possible and they are not in this to give you a great deal.

 

[Cujet]

Keep in mind the useful life of the car, and it's capital cost per mile. If a used car is priced correctly, it will be lower than the pro rata calculated cost. To account for upcoming tires/brakes/services and loss of warranty, not to mention higher interest rates. Simple example: 2017 Camry base model. New list: $25K, Actual sale price $22.5. Used with 20,000 miles price $21K. Do you pay that much? If so, why? The pro rata number is about $19K. I'd pay $17K. As always, in any given class of car, it's rarely more than 5c per mile more to drive a well purchased new car than a used car. If the new vehicle is more efficient, it may actually cost less per mile.

 

[dareo]

Whatever book value you use, you can't really go above that, because banks wont loan more than that generally. The last vehicle i sold went for high NADA but was low miles and excellent shape, must better condition than the market, and it turned into cash in two days at the highest NADA retail value. A "good" deal for buying used private party might be to aim for that trade in value. You know a dealer wont really pay that unless the cars are auctioning high.

 

[Hall]

I just happened to watch a (random) YouTube video with a used-car dealer and his buying cars at auctions. It was just made and timely..... He said used-car dealers are stocking their lots and marking their prices higher than normal right now because people will be getting their tax returns starting soon. This affects <span style="font-style: italic">everyone</span> used-car shopping at the moment though.

 

[csandste]

Originally Posted by hallstevenson

I just happened to watch a (random) YouTube video with a used-car dealer and his buying cars at auctions. It was just made and timely..... He said used-car dealers are stocking their lots and marking their prices higher than normal right now because people will be getting their tax returns starting soon. This affects everyone used-car shopping at the moment though.

Had to buy quickly to replace a wrecked car thru Hertz. Their prices certainly spike when the refunds come in.

 

[Slick17601]

Around here they use auction data to set trade in values.