At Norris, we know a lot about cars, which means we also know a lot about Kelley Blue Book (KBB). Since 1926, KBB has been the go-to resource in the automotive industry. It offers a range of services, assisting consumers like you and professionals like us in determining the fair market value of vehicles. Using data from dealerships, auctions, private sales, and industry experts, KBB analyzes factors such as make, model, year, mileage, condition, and geographic location.
Three primary values are typically provided by KBB:
Trade-In Value: This represents the amount a dealer might offer for a vehicle if the owner decides to trade it in. Generally lower than the private party sale value, it accounts for the dealer’s need to resell the car for a profit.
Private Party Value: This figure indicates the price one might expect to receive when selling a vehicle to another individual. It typically falls between the trade-in and dealer retail values.
Dealer Retail Value: Often referred to as the “asking price,” this value reflects what one might expect to pay for the same vehicle at a dealership. It tends to be higher than the private party value due to additional costs such as dealership overhead and profit margins.
We usually advise customers to utilize KBB as a starting point when negotiating to buy or sell, with the caveat that KBB values are estimates only. Things like a vehicle’s condition, maintenance history, and local market demand can significantly influence its true worth.
Kelley Blue Book serves as an invaluable resource in the automotive market, to our customers when they are navigating the buying and selling process. At Norris, we’re a resource for car sales, too. We can help you evaluate a vehicle that you’re thinking of purchasing. PRO Tip: If you’re selling a vehicle, ask us about Elite Motor Cars, our sister company.
If you’re getting ready to sell your car or truck, we can help you get your vehicle in its best condition, so you in turn can get the very best price at the sale. Kelly Blue Book and Norris Automotive – both great resources to have on your team!
