Quick Answer: Is Kelley Blue Book Or Edmunds More Accurate?

How do I find the actual cash value of my car?

You can calculate Actual Cash Value by taking the replacement value of a car then deducting or subtracting depreciation (the “wear and tear costs) of the car, after the car’s purchase.

So you would have: The Replacement – The Depreciation of the Vehicle = Actual Cash Value..

How accurate is Edmunds pricing?

However Edmunds is not accurate, it’s almost as if the other market value/price guides that have proceeded it to the point where Edmunds is what I consider dated. In terms of lending – banks do not even use Edmunds for wholesale, retail, or loan value as they now use Kelly Blue Book predominately and sometimes NADA.

What book value do dealers use?

NADA Values. Used Car Values. Car Book Values. NADA Values, auction data for lenders & dealers, as well as insurance, government and other automotive professionals.

Why do dealers charge more than Blue Book?

So no, it is not normal to pay only $1000 to $3000 over blue-book or trade-in value. It is normal to pay more than that, because dealers won’t sell their trade-ins for such a low markup. … That doesn’t mean that Slick Sam’s used cars have a much lower markup.

Is there a Kelley Blue Book for trailers?

Is there a Kelly Blue Book for RVs and trailers? … although KBB doesn’t valuate used RVs, there is a similar service that does. It’s called NADA, or the National Automobile Dealers’ Association, and they list prices and values for motorhomes, travel trailers, and even truck campers and park models.

What time of year is best to buy a car?

Christmas Eve, New Year’s Eve, New Year’s Day Many car-buying experts say the best day of the year for car buying is the very last day. Monthly, quarterly, and annual sales targets all converge on Dec. 31, so great deals abound. Others say New Year’s Day rivals New Year’s Eve as the best day to buy a car.

How do insurance companies determine market value?

When estimating the market value of your car, your insurer will take into account a range of factors, including the condition, age, make and model of the vehicle, how many kilometres it has travelled, and its service and accident history. … There is no flexibility around the amount that your car is insured for.

How much under sticker price should I pay for a new car?

Sticker price of new car. The goal is to not pay more than 5% profit for your new car. Using 3% first will give you a little “wiggle room” to negotiate with the dealer. If you decide to use 3%, calculate the 5% profit margin also, so you can stay within your goal.

What should you not say to a car salesman?

10 Things You Should Never Say to a Car Salesman“I really love this car” You can love that car — just don’t tell the salesman. … “I don’t know that much about cars” … “My trade-in is outside” … “I don’t want to get taken to the cleaners” … “My credit isn’t that good” … “I’m paying cash” … “I need to buy a car today” … “I need a monthly payment under $350”More items…•

What is the slowest month for car sales?

JanuaryJanuary and February are the slowest months for car sales, since consumer spending usually drops off after the Christmas holidays.

Do banks use NADA or KBB?

Kelley Blue Book and Edmunds are two of the most well known used car pricing guides in the United States. There is also another: NADA—but, NADA is usually used by banks or car dealers to show you an inflated price value. Therefore, you should never use NADA books for real references.

How does nada determine value?

NADAguides does not use a depreciation schedule to determine the value of used vehicles. We use auction data, retail data, asking price data, as well as macro- and micro- economic factors and judgment among other things in an attempt to depict the used vehicle market.

What is the difference between Blue Book and Black Book Value?

The Blue Book® is where drivers look to know what amount they can expect to purchase a vehicle or sell a vehicle for. The Black Book, however, deals more with up-to-date car sales and wholesale pricing values, so the information is more useful for car dealers.

What is a NADA value?

The NADA value is the value of your vehicle based on many different value factors. This depends on whether it is the auction value, trade-in value, private party value, or even the used car dealer price. … The prices are compiled from actual purchase information and are regularly updated.

Will dealership give me KBB value?

Dealerships have to make a profit, so you cannot expect to get a fair Kelley Blue Book price. Even if you do get a fair price on a trade in, you will lose that money on the other side of the deal.

Is KBB value accurate?

They also derive sale prices from major weekly auto auctions. By having such a broad band of information to pull from, KBB has indeed positioned itself as the most accurate and authoritative evaluation price guide whose numbers compare favorably with the real world. However there are problems with any price guides.

What trade in value do dealers use?

The trade in value is the amount that a dealer is willing to offer you towards the purchase of a new vehicle in exchange for your current one. It’s typically based on the market value of your vehicle (the amount it would sell for on the open market).