If you’re in the market for a new car, or even just curious as to what your car may be worth, you’re probably going to go to this source: Kelley Blue Book. Car values as assessed by KBB are the standard for any American looking to buy or sell a car, but how are the values determined? Could you be saving money by looking for other information? Let’s take a look!
KBB Values and Car Repairs? Are Repairs Worth It?
When deciding whether or not to make a major repair on your vehicle KBB can be a great tool! Remember the decision you need to compare is the cost of repair versus the cost of the replacement that you would purchase. The resale value of your current vehicle has little to do with repair-vs.-replace decisions. Cars are one of the most widely recycled and reused consumer items. When purchasing a used vehicle keep in mind that the day before your engine / transmission / etc. went bad it was a good used vehicle...
How Are Car KBB Values Decided?
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Everyday Kelley Blue Book has a team of staticians and researchers who analyze information to make the car values on KBB.com accurate. They consider sales data from new and used cars, auction info, independent dealers and more. After collecting all that data though they use a “proprietary editorial process” to make the final number for the KBB value, as per a page on their website.
With standard equipment and in good condition a 2015 Honda Fit is worth $9,000 - $11,000 according to KBB.com.
Why A Kelley Blue Book Value Matters
Now, when you go to a car dealership or visit someone for a private sale the KBB value may be used to determine what the car is worth. Since it is so popular it’s hard to get around, but there may be other sources for car values out there. Kelley Blue Book says they use location to decide car value, but a simple Craigslist search will reveal some info you can’t argue with. When searching Craigslist be sure to consider how many years the specific car body style was produced and search for all those other years as well. This tip can help you gauge a more accurate price for a future car.
A 2013 Kia Sportage Compact SUV ranges from about $6,500 - $8,000 on KBB.com.
What KBB Value May Not Include For Cars
Although we don’t know every factor that Kelley Blue Book uses for car values, it’s always a good idea before buying or when looking to sell a car to consider who would want to buy it afterward. Does your car have an appeal to a younger or older generation? Why? Are you thinking about modifying the vehicle? Will that change the car’s value? These factors are hard for an agency like KBB to identify, but easy for you to do.
Whatever your decision in the car market, remember Frank’s is always here to provide you with a quality vehicle inspection. Book an appointment online now.
Watch this video for more Craigslist car value tips!