U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Automotive
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 12-28-2011, 05:36 PM
 
4,232 posts, read 6,065,520 times
Reputation: 10095

Advertisements

I have seldom found that book value is representative of real world market conditions on certain vehicles. I still remember laughing when a buyer offered me book value for my 4WD Toyota pickup.

I priced the truck at what the market would bring, which was a few thousand more than so called book KBB or NADA value. I still remember that buyer coming back, but by then the truck had sold for $2200 more than book value.

IMO book values are to be taken with a grain of salt.
Quick reply to this message

 
Old 12-28-2011, 05:43 PM
 
Location: Birmingham
11,787 posts, read 13,375,279 times
Reputation: 10020
Quote:
Originally Posted by Fargobound View Post
IMO book values are to be taken with a grain of salt.
Well, yeah - they're just a guide. Obviously local market conditions play a strong role. A foreign make convertible well sell for more in Miami in the spring or summer then it will in Detroit in the winter.

A vehicle is worth what the next person is willing to pay for it.
Quick reply to this message
 
Old 12-28-2011, 05:53 PM
 
Location: Eastern Kentucky Proud
817 posts, read 1,223,180 times
Reputation: 783
At one time book values could be used as what it was intended to be but, now all the book value people has crawled in the bed with the car dealers and thus should be taken with grain of salt.

Most all pick up trucks will sell for a lot more than the book value. They ( KBB,NADA, Edmonds and the dealers) are hoping you will go to a dealer and trade it in for so called book valve so they (the dealers) can resale it for well over book value hoping everyone doesn't know what the truck is worth. I think this holds true for some popular models of cars and SUV's also.
Quick reply to this message
 
Old 12-29-2011, 05:22 AM
 
Location: ( ͡ ͜ʖ ͡) (╯□)╯︵ ┻━┻ ̡
7,112 posts, read 11,256,469 times
Reputation: 3872
The best "book value" gauge is Craigslist or parking a vehicle on the corner of a busy intersection with a "for sale" sign in it.
Quick reply to this message
 
Old 12-29-2011, 05:38 AM
 
10,139 posts, read 23,307,058 times
Reputation: 8290
Quote:
Originally Posted by von949 View Post
The best "book value" gauge is Craigslist or parking a vehicle on the corner of a busy intersection with a "for sale" sign in it.
In 1989 perhaps. Then came the Internet which changed all that.
Quick reply to this message
 
Old 12-29-2011, 06:08 AM
 
Location: NJ
17,579 posts, read 39,794,977 times
Reputation: 16147
Quote:
Originally Posted by Wilson513 View Post
In 1989 perhaps. Then came the Internet which changed all that.
I'm not an expert but I'm pretty sure Craigslist is on the internet.
Quick reply to this message
 
Old 12-29-2011, 07:37 AM
 
10,139 posts, read 23,307,058 times
Reputation: 8290
Quote:
Originally Posted by manderly6 View Post
I'm not an expert but I'm pretty sure Craigslist is on the internet.

Hahaha! Apparently I am not an expert on Craiglist!

Seriously though, the change is that local sources for value no longer limit the value of a car. Craigslist or the local paper, or a car lot on the corner or offering the car with a sign no longer determine value. I have bought four cars since 2000 with my the computer mouse from as far away as 600 miles. Prior to the Internet, no one bought a car more than 5 miles away and no one compared prices beyond the local car lots. A NADA book was kept secret by car dealers and was hard to come by for anyone. I remember the first one I got was from the desk drawer of a loan company where I moved some furniture in the 70's and I thought I had found the dead sea scrolls. Today, I can tell how thousands of similar cars are priced all over the US in 10 seconds.

Hence, things have changed.
Quick reply to this message
 
Old 12-29-2011, 07:45 AM
 
Location: Chicago
38,690 posts, read 89,243,749 times
Reputation: 29451
Quote:
Originally Posted by hogsrus View Post
At one time book values could be used as what it was intended to be but, now all the book value people has crawled in the bed with the car dealers and thus should be taken with grain of salt.

Most all pick up trucks will sell for a lot more than the book value. They ( KBB,NADA, Edmonds and the dealers) are hoping you will go to a dealer and trade it in for so called book valve so they (the dealers) can resale it for well over book value hoping everyone doesn't know what the truck is worth. I think this holds true for some popular models of cars and SUV's also.
So let me see if I understand your hypothesis: you believe KBB, NADA, Edmunds, etc., produce information they hope the consumers will rely on for pricing a vehicle so that dealers can then sell them to unwitting customers who don't have any information when shopping for a vehicle . . .
Quick reply to this message
 
Old 12-29-2011, 04:28 PM
 
Location: Eastern Kentucky Proud
817 posts, read 1,223,180 times
Reputation: 783
Quote:
Originally Posted by Drover View Post
So let me see if I understand your hypothesis: you believe KBB, NADA, Edmunds, etc., produce information they hope the consumers will rely on for pricing a vehicle so that dealers can then sell them to unwitting customers who don't have any information when shopping for a vehicle . . .
No...not any information....just incorrect information, there is a difference.
Quick reply to this message
 
Old 12-29-2011, 04:50 PM
 
Location: Birmingham
11,787 posts, read 13,375,279 times
Reputation: 10020
Quote:
Originally Posted by hogsrus View Post
No...not any information....just incorrect information, there is a difference.
No, there is no conspiracy like that. Dealers typically use Black book for appraising trade ins. It isn't free. The values there tend to undercut what Joe Internet can find for his "perfect" condition trade at kbb or edmunds. Nadaguides is on the net and free and usually a better choice IMO then Kelly or Edmunds.

It also may come as a shock to you that auto dealers are businesses in search of profit. So they buy vehicles at wholesale, recondition them and then sell them for a profit. You can be a "dealer" so to speak and choose not to trade in your car and seek retail for it on the open market.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Automotive
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top