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How to Use Kelley Blue Book to Assess a Car's Value

Tuesday, January 08, 2008
Related Tags: kelley | blue | cars | click | book
 

Instructions

Things You’ll Need:

  • Kelley Blue Book
  • Step 1:
    Access the Kelley Blue Book website (see Resources below). The Kelley Blue Book website offers a huge array of options, including information about new and used cars, as well as insurance prices and reviews.
  • Step 2:
    Click on the "New Cars" menu option to access pricing information for new cars you are interested in purchasing. Click on the appropriate make and model and a list of options will appear. Simply choose the model you want and the car's MSRP and invoice value will appear.
  • Step 3:
    Click the "Used Cars" menu option to assess the value of a used car. Choose the appropriate make, model and year options and click "OK" in the options box.
  • Step 4:
    Select the appropriate condition of your car. For example, if your car has little to no exterior damage (only minor scratches and dings) and has no history of major damage or repair then it could be considered in "Good" condition. For more apparent cosmetic or other damage, you might want to list the car as being in "Fair" condition.
  • Step 5:
    Choose which type of car value you are looking to establish. This is important: the trade-in value on a car is different from its private party transaction value, making it important to differentiate. Just click the link that leads to the value you wish to establish and click "OK."

Tips & Warnings

  • Watch the Kelley Blue Book video reviews. The video reviews cover a large selection of automobiles, enabling you to see and hear more about a car you're interested in buying.
  • Note that there are other guides available that you can use to assess your car's value. For example, the NADA (National Automobile Dealer's Association) offers a guide that includes car values, as does Edmunds.
  • Be aware that even though the Kelley Blue book is a fantastic tool to assess a car's fair market value, that doesn't necessarily mean someone is going to buy it for that price. If a car is listed at $1,500, for example, it's not uncommon to find offers starting at $1,100. Use your best judgment when you list your car for sale.

Resources


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