When people talk about selling their car, they often talk about getting the Blue Book Value. This is also called the KBB car trade in value.
It refers to the top price for their make and model in Kelley Blue Book (KBB). This yearly guide has been trusted since the 1920s to tell dealerships and individuals what vehicles are worth. Kelley Blue Book definitely has a handle on vehicle pricing. That’s why the KBB valuation tool is what Earnhardt Honda suggests you use to get a good estimate.
How is the KBB Car Trade In Value Determined
There is a retail value for a used car. That’s what a person pays a dealer for a used car like yours. Then there’s the trade-in value, which is the going rate that a person earns when selling a used car like yours. Kelley Blue Book bases these values on a number of factors, including the reported transaction information from dealers across the country.
When determining what a vehicle is worth, Blue Book Values are affected by such things as:
- Body style
- Make and Model
- Year, Mileage and Condition
- Features and Trim Levels
- Known Rates of Depreciation
Body Style
Some types of vehicles are simply more popular. The midsize SUV, for instance, is prized for its balance between comfort and efficiency. A truck may have a small cabin, but it makes up for that with a large bed for hauling. A three-row vehicle is needed by big families and can command a higher price as a result.
Make and Model
The brand may have a good reputation or a poor one. The model may have earned positive reviews or it may have dealt with recalls and poor durability ratings. These things will matter when selling it.
Year, Mileage and Condition
The age of a vehicle, its mileage, and its overall condition definitely affect the value. The VIN or vehicle identification number is used to check for information about the car’s history. Good service records and a handsome, well-maintained interior and exterior can reduce the effects of the vehicle’s age and mileage.
Features and Trim Levels
A vehicle known for its advanced features often earns a better price than a similar model with a lower trim level. An economy car naturally commands a lower price than a premium car with leather seats and advanced technology.
Known Rates of Depreciation
A car depreciates quickly when it drives off a new car lot. The value falls by 15 to 20 percent. Certain vehicles hold their value better than others, and these models naturally command a higher price when their owner is selling them.
Why KBB Valuations Matter
Wondering what your car is worth? The KBB tool provides a believable valuation that may be redeemed at Earnhardt Honda. In order to honor this valuation, our inspector must agree with you on the condition of the vehicle.
Now that you know more, use our valuation tool to evaluate your car, truck or SUV. Then bring it to Earnhardt Honda to finish the deal. Or, use our No Bull Express and let us come to you.
