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About Kelley Blue Book
Wednesday, October 29, 2008
InstructionsFunctionStep 1: Kelley Blue Book is an automotive vehicle valuation company that publishes a guide to the value of new and used vehicles, motorcycles, mobile homes, RVs, snowmobiles, and boats each year. It also operates a website where car buyers, dealerships, and lenders can search for the appraised value of a car based on the year, make, model, condition, and features. Often the Kelley Blue Book value is considered the market value of a vehicle. The information provided by Kelley Blue Book is gathered based on retail sales.
HistoryStep 1: Kelley Blue Book began as a car dealership in 1918. At that time it was known as the Kelley Kar Company and was located in Los Angeles. Les Kelley was the owner. He began his business by sending out a list of cars he wanted for his lot and the price he would pay. Soon this price list became a standard that was used by lenders and dealerships. This prompted Mr. Kelley to publish the first Kelley Blue Book in 1926. It was a guide for used car values, and the service went national after World War II. In 1966, new car appraisals were added, followed by prices for other motor vehicles such as motor homes and motorcycles. The consumer version of the guide came out in 1993, and the price guide went online in 1995. Since then it has been the leading resource for consumers, dealers, and lenders to check the value of vehicles.
SignificanceStep 1: When you are shopping for a vehicle, you can use the Kelley Blue Book services to determine if the price you are being offered is a fair one. You are getting a good deal on the car, in most situations, if the price is below the Blue Book value. Keep in mind that the Blue Book value is different depending on the type of vehicle you are looking to buy. New cars are listed with a range of selling prices based on what the car is currently selling for, but used cars are listed with an average retail price, which is an average of the listing price that dealers are placing on the vehicle. Private party and trade-in values are also listed.
BenefitsStep 1: Kelley Blue Book benefits both sellers and buyers. If you are a buyer, whether you are buying from a dealership or a private seller, you can check the Blue Book value to determine if you are paying a fair price. The seller does not have to match the Kelley Blue Book price, but you can choose to take your business somewhere else if you feel the price is inflated. Sellers can benefit by checking how much their vehicles are getting in the current market, and then pricing them accordingly.
MisconceptionsStep 1: Many used car shoppers think that the Kelley Blue Book price they are shown at the dealership is an average selling price for the vehicle. This is not true. The dealership edition of the book shows the retail price, which is the average asking price on the vehicle. Most vehicles are sold far below their asking prices. Do not assume that you cannot negotiate if the car is already listed below the Kelley Blue Book retail price.
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