The same goes for “low ball” offers: most buyers expect to negotiate up. Private sellers set prices high because they expect people to negotiate them down. With that understanding, you can begin to look at your car’s price in the context of your market. Why are vehicles on Craigslist, Autotrader, and other online car sites set at higher prices than KBB’s quote? Again, the Kelley Blue Book price is not meant to reflect a fair price for a vehicle. Private parties want to get the best price.If you make an extra $1000 on your trade in, they will charge an extra $1000 on the car you buy. Even if you do get a fair price on a trade in, you will lose that money on the other side of the deal. Dealerships have to make a profit, so you cannot expect to get a fair Kelley Blue Book price. Are you selling or buying from a dealer? Dealerships have high overhead and lending costs this places consumers in a position to lose money.There are other factors to consider that also affect your car’s price that the Kelley Blue Book price doesn’t account for: Simply put, they follow a trail of transactions across the country and calculate vehicle values based on pricing data and economic conditions. Instead, KBB tracks selling prices from wholesale auctions, independent dealers, franchised dealers, rental fleets, financial institution leases, private party transactions, and more. They are not setting prices for the market. What is the Kelley Blue Book Price Based On?įirst, we need to address the largest misconception about KBB:
Kelley blue book pricing how to#
They wonder, “why are so many cars overpriced?” or, “why do dealers laugh at the Kelley Blue Book price?” In this article, we dive in and learn how the Kelley Blue Book price is set, how to use KBB prices to get a good deal on your car, and much more… Although, there are many misconceptions about the guide that create confusion among consumers. Kelley Blue Book is a popular evaluation guide for consumers and dealerships. If so, then you might have checked Kelley Blue Book (KBB) to determine a fair selling price.
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