There is no doubt these sites can be a great resource because they often do have car reviews and real life test reports, user experiences and car ratings, and pricing data, or recommended pricing, on used cars and new cars for both trade ins, private party sales, and dealership sales.
Sites such as these get their used car pricing information from various sources. Some use information cars for sale that are currently listed for sale online, and some from cars that have actually sold using recent data and reporting.
Some use the pricing data from auctions and some using reported sale prices from the state registrations. Once all that information is gathered there has to be some sort of adjustment made to figure out the sale price from the wholesale price, the trade in price, and auction value.
With that in mind, we start to uncover the problem and disdain most auto dealers have with these 3rd party car sites. They have not actually seen the car that is for sale, nor sat in it, touched it, and driven it. All they have is the generic information about the cars they are reporting on. Hence, the information they provide, and the pricing history, is not always applicable when determining the fair price on a different used car even though it might be the same year, make, and model.
What really matters to a car dealership that is actually selling the car, is how much did the car cost them to get it, how much overhead and bills do they have to pay in order to make the car ready for sale and keep up the dealership, the building, and pay the sales people.
In addition to the obvious differences that can exist from one car to the next, think about how challenging it can be to determine what a fair price for a car is without being able to physically look at the car itself. Add to that the different information 3rd party car sites used in arriving at what they consider to be a fair price. Did one site take actual sales prices in your area?
Or did another site take wholesale auction costs and then estimate a retail price from there? We urge you to do the research for yourself. However, many factors can influence the actual price of a vehicle.
While they leverage several sources of data to provide price estimates, their estimates may lag behind local or industry changes. You can easily check the value of your car online for free using KBB or Edmunds. The more accurate information you provide, the more accurate estimate you can expect. Both Edmunds and KBB may suffer from lag time and consumer bias that lead to higher trade-in values.
The Black Book is the most-used dealer resource, and it tends to display lower trade-in values. Therefore, just because KBB or Edmunds displays a certain trade-in value, it does not mean you will get that high of an offer from a dealer.
Posted in Car Buying Tips. Toggle navigation. Select a Model. Get Prices Now. Geoff Cudd. Table of Contents Black Book vs. Edmunds vs. How is Black Book Value Determined? How is Edmunds Car Value Determined? If you're looking for an easy process If you're looking for the most accurate Frequently Asked Questions.
Make, model, condition, options, and contact info VIN or license plate. Series of questions about car, but no contact info needed VIN or license plate. What is Edmunds True Car Value? The car conditions to choose from are: Outstanding : Low-mileage vehicles that are preserved well. Exceptional condition. No reconditioning is needed. Glossy paint and no damage. Nearly-new tires. Clean title and passes emissions.
Very few vehicles qualify for this condition. Clean : Normal wear, but no major cosmetic or mechanical issues. Glossy paint but may contain a couple of nicks. Minor reconditioning may be needed. The tires still have significant tread. Clean title and can pass an emissions inspection. Average : Requires significant reconditioning and may include cosmetic or mechanical issues.
Dull exterior paint with several dings or scratches. Worn interior. Tires with usable tread. Clean title and can pass emissions. Rough : Requires significant repairs for many cosmetic or mechanical problems. Interior and exterior need repairs.
Tires may need replacement. Can pass emissions with minor repairs, still has a clean title. Post by livesoft » Sun Jun 01, pm. Post by deuceplus » Sun Jun 01, pm. Post by Busting Myths » Sun Jun 01, pm. Post by chald » Mon Jun 02, am. Post by aja » Mon Jun 02, am.
Post by Mudpuppy » Mon Jun 02, am. Post by sarahjane » Tue Jun 03, am. Privacy Terms. Time: 0. Quick links. Which used car pricing guide to use? Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities. Post by chald » Sat May 31, pm Hello, I find a large variance in the used car pricing guides out there and was wondering which one I should go by when negotiating with the dealer.
Bringing up the Edmunds and the NADA pricing did nothing as they think the car will sell at their price. I like the car as it has all the maintenance history but don't want to overpay. Any advice? Thank you!
Re: Which used car pricing guide to use? Also don't forget truecar. Perhaps you can find a similar car advertised online within miles of your location? There are internet forums on various models where folks report their OTD prices. I'll look up a matrix now and see what prices I find.
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