When buying a used car, do you refer to NADA or KBB book value?

[krunchykrome]

Im talking to a private seller about their 2002 Jeep Wrangler X. It has 25000 miles and is in perfect condition, and it has A/C.

KBB value says the best book value for this is around $12,300, while NADA says it's closer to $14K.


Which one should I refer to?

 

[thomsbrain]

KBB is the standard for private party sales. edmunds will report a lower number than KBB, but I don't think anyone goes by it.

 

[krunchykrome]

Originally posted by: thomsbrain
KBB is the standard for private party sales. edmunds will report a lower number than KBB, but I don't think anyone goes by it.

Right, I trust KBB over edmunds. I have heard that Edmunds is highly inaccurate. But I see a lot of people quoting book values from NADA.

 

[miri]

I just checked my car on KBB

I just put in my 2005 Scion TC that I paid $15,945 brand new 3 years ago and private party value is $17,710??

and suggested retail is $19,575 LOL

I thought cars were supposed to depreciate in value?

 

[AnyMal]

When I worked at few dealerships many moons ago they used NADA exclusively.

 

[Vette73]

Remember they are just estimates. Look around and see what they are selling for. Also how it was taken care of.

 

[Dudewithoutapet]

Originally posted by: miri
I just checked my car on KBB

I just put in my 2005 Scion TC that I paid $15,945 brand new 3 years ago and private party value is $17,710??

and suggested retail is $19,575 LOL

I thought cars were supposed to depreciate in value?

I'm guessing you did not buy the base model. I put in a base 2005 tC into KBB and got $15k for good cond. not sure how you got $17k. Also the base model for a 2007 tC is $17k. You got a really good deal when you bought the car is all. It was obviously worth more than what you paid. This, of course, doesn't apply to everyone and the OP is looking to buy a used car.

BTW, I'd start with KBB and you can always haggle for less that that.

 

[miri]

Originally posted by: Dudewithoutapet

Originally posted by: miri
I just checked my car on KBB

I just put in my 2005 Scion TC that I paid $15,945 brand new 3 years ago and private party value is $17,710??

and suggested retail is $19,575 LOL

I thought cars were supposed to depreciate in value?

I'm guessing you did not buy the base model. I put in a base 2005 tC into KBB and got $15k for good cond. not sure how you got $17k. Also the base model for a 2007 tC is $17k. You got a really good deal when you bought the car is all. It was obviously worth more than what you paid. This, of course, doesn't apply to everyone and the OP is looking to buy a used car.

My car is the base model, but my car has less than 20k miles even though ive had it for nearly 3 years and driven cross country.

And back in 2004 the Scion TCs were $15,945 brand new, I still have my window sticker.

 

[ponyo]

I use Edmunds private party price along with general asking prices off of Autotrader and Ebay. NADA prices seem inflated.

 

[halik]

neither, I look at the market price (autotrader and ebay)

 

[dartworth]

Originally posted by: halik
neither, I look at the market price (autotrader and ebay)