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What's the consensus on Kelly Blue Book values?

her209

her209

No Lifer
I'm looking for a new used car and the guy is asking $4000 over what the KBB value says it is. The car is a 2006 with 136k miles. I know, high mileage and all that. KBB puts the value for private party at about $10k for good condition.

Are KBB value generally considered undervalued or overvalue? In other words, do people normally pay more or less than what KBB says?
 
Completely useless. I often see cars for, say, 12k and KBB says $16k. I don't think I regularly see it in the other direction, though, but all that really matters is what the market thinks the car is worth. KBB is really completely irrelevant, it's not even close in most cases.
 
her209 said:
I'm looking for a new used car and the guy is asking $4000 over what the KBB value says it is. The car is a 2006 with 136k miles. I know, high mileage and all that. KBB puts the value for private party at about $10k for good condition.

Are KBB value generally considered undervalued or overvalue? In other words, do people normally pay more or less than what KBB says?
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KBB value for newer cars tends to be high. $4k over KBB sounds insane.

On the other hand, I think that the KBB value for much older cars (10+ years) can sometimes be low if the car was very well maintained.
 
Do you mean Retail? or Private party?

Whats the car and his price?

I am selling my 01 Corvette and I have it for 17k with KBB Retail 22 and private party at 20k. But I can;t think of any car that should go HIGHER than KBB retail.
 
The guy is insane. $4k, or 40% higher than KBB, for a 6 year old ('06s mfg/sold mostly in '05) car with 136k miles? Tell him to stuff it up his ass.
 
OILFIELDTRASH said:
It's a guideline. Check nada too.

$4,000 over blue book is just silly to pay.
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This. KBB/Nada/etc are all guides for a price ballpark. The KBB retail prices are usually pretty accurate for cars that are well-maintained (not immaculate). Paying 4k over KBB would be VERY high and there would need to be a concrete reason (to me) to pay this price like getting some custom work included with the car that actually adds value.
 
There is actually a website that is pretty accurate...I forget the name of it. It requires a paid subscription, but they have as low as a single day one.

It shows what cars are selling for and what people are paying for them in a more 'real time' scenario.

KBB and NADA can be very accurate at times...and also not even in the ballpark.

On older sports cars is where it's usually way off. Esp older Porsches and the like.
 
KBB is a reference point but ultimately not very useful since emotions are typically brought to the bargaining table. I've always "felt" KBB was low when selling a vehicle and I have always "felt" KBB was high when buying a vehicle.
 
I have always found KBB to be reasonably OK with their prices. As has been mentioned they do tend to be a bit high on newer vehicles though. But the point is, to pay MORE than what KBB says is not a good idea. If anything, you should be paying less, and in this case, quite a bit less. If the seller thinks the vehicle is worth that much money, he should keep it.
 
her209 said:
Car is a Toyota Tacoma 4x4. I said it was a 2006 in the OP, but looking again its a 2005.
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Ha you are seeing the same thing I am. Trucks made around 05 and up are still holding there value as those are mostly the current bodys that have the updated cabs and engines for most part.

I sold my old Mazda Ranager so once we sell the Corvette we will get a new to us truck. The Tacoma is on my list as are the Canyon, Colorado, Dakota, Frontier, and T100. All of them seem to hold their value well. The full size I can get cheaper but my wife and in-laws may drive it so mid-size is the biggest we want.
 
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