There are many reasons today why people are looking for the value of their vehicle. Do they want to trade it in for something more fuel efficient? Is it worth what they owe? How much equity do they have in the car? Vehicle values today can be somewhat controversial and change daily. Some compare it to the stock market, trading one value today and another tomorrow. The internet and printed guides have a challenge keeping up but they try. Here is a quick summary of all of the resources out there when trying to get the value of a trade-in:
1. Kelly Blue Book – A great resource for a retail price, trade-in pricing and private party transactions and is probably used by consumers most. Due to time between updates, values may not always be consistent with current market trends.
2. Black Book (whom we endorse) – Used by dealers and consumers for the most current wholesale values. It is widely used by dealers because it is updated weekly from actual nationwide auctions. Consumers should use caution with these numbers because an “extra clean” value from Black Book meeans that the vehicle is like “brand new.” This is always controversial.
3. N.A.D.A – A very complex but easy to read guide that is used for multi purposes by banks, dealers, consumers and insurance companies. This guide is widely used to break down a vehicle identification number by year, make, model, equipment package, insurance rating categories, specifications on engines and more, This guide also breaks down values in many categories.
4. Edmunds – One of the newest guides. This guide can be outdated in certain areas and does not always report the accurate dealer cost.
5. Red Book – One of the oldest and least used guides in today’s market. It is known for being used by insurance companies for values to determine total loss. It has also been used to determine what class a car should rate for insurance premiums.
Our team at Boyle Buick GMC Truck certainly wish there was a dealer guide for dealers who give the most fair and accurate value of a trade; we are certain that we would rank at the top of the list. We pride ourselves on fair deals and exceptional satisfaction and sometimes, that starts with the appraisal. If you are interested in the value of your vehicle, visit our Black Book link on-line or stop by anytime and ask for Brooke or Herb. We would be happy to help!