Buying a Used Car: When To Break Out the Kelley Blue Book Value and When To Not
If you are looking to buy a used car, you will likely search online to research your buying options.
Online classified websites are home to a wide range of affordable used cars, as are car buying websites like Cars.
com.
The Kelley Blue Book website is an ideal and free tool for car buyers; you can search the estimated values of cars.
This enables you to determine if the asking price is fair.
In some cases, the estimated Kelley Blue Book value can be used as a negotiating tool.
In what cases? Condition Misrepresented Many times, you find that used cars are listed in excellent condition, when they should be listed in good condition, and so forth.
Many times, used car sellers will first consult with the Kelley Blue Book website.
They want to know the estimated value of their vehicle.
Most sellers then set their selling price inline with the estimated value or slightly higher.
The estimated value of the vehicle depends highly on the vehicle's overall condition.
A Dodge Grand Caravan with 74,000 miles in excellent shape will typically be valued one to two thousand dollars higher than the same car in good condition.
So if the seller labels their vehicle as being in excellent shape, when it is really in good or fair condition, the estimated value (and therefore the asking price) is likely inaccurate.
Since most buyers, such as yourself, cannot determine the accurate condition of a vehicle until seeing it in person, you want to prepare ahead when looking to buy a used car.
Run a value check on the Kelley Blue Book website.
The results page will show the estimated value for a vehicle in excellent, good, and fair condition.
So if you look at a minivan in good, as opposed to excellent condition, focus on the estimated value for that good conditioned vehicle.
Price Too High You never want to pay more than you need to on a used car.
Moreover, you also want to consider long-term resell value.
What if you want to resell the car in three years? If you paid $1,000 or more above the estimated car value, you'll never be able to really recoup any of your money spent or invested.
It is always recommended that you run an estimated value check when buying a used vehicle.
However, it is vital that this simple step is performed if you feel the asking price is too high - even by a little amount such as $200.
As previously stated, you should print the results page that shows the estimated values of the vehicles you are interested in buying.
Should the seller be asking too high of a price, whip out this page and use it as a negotiating tactic.
The above mentioned instances are cases in which you can and should use the estimated Kelley Blue Book value on a used car to your advantage.
When should you not use it? When the value is higher than the asking price.
So lets say that the Kelley Blue Book website says that Ford Focus is worth $5,000 in good condition and it is in good shape.
The seller is only asking $4,000.
You do not want to show them the Kelley Blue Book's estimated value.
If they didn't think to refer to this site first, they may not even be aware of the fact that their car is valued at more; don't be the one to inform them!
Online classified websites are home to a wide range of affordable used cars, as are car buying websites like Cars.
com.
The Kelley Blue Book website is an ideal and free tool for car buyers; you can search the estimated values of cars.
This enables you to determine if the asking price is fair.
In some cases, the estimated Kelley Blue Book value can be used as a negotiating tool.
In what cases? Condition Misrepresented Many times, you find that used cars are listed in excellent condition, when they should be listed in good condition, and so forth.
Many times, used car sellers will first consult with the Kelley Blue Book website.
They want to know the estimated value of their vehicle.
Most sellers then set their selling price inline with the estimated value or slightly higher.
The estimated value of the vehicle depends highly on the vehicle's overall condition.
A Dodge Grand Caravan with 74,000 miles in excellent shape will typically be valued one to two thousand dollars higher than the same car in good condition.
So if the seller labels their vehicle as being in excellent shape, when it is really in good or fair condition, the estimated value (and therefore the asking price) is likely inaccurate.
Since most buyers, such as yourself, cannot determine the accurate condition of a vehicle until seeing it in person, you want to prepare ahead when looking to buy a used car.
Run a value check on the Kelley Blue Book website.
The results page will show the estimated value for a vehicle in excellent, good, and fair condition.
So if you look at a minivan in good, as opposed to excellent condition, focus on the estimated value for that good conditioned vehicle.
Price Too High You never want to pay more than you need to on a used car.
Moreover, you also want to consider long-term resell value.
What if you want to resell the car in three years? If you paid $1,000 or more above the estimated car value, you'll never be able to really recoup any of your money spent or invested.
It is always recommended that you run an estimated value check when buying a used vehicle.
However, it is vital that this simple step is performed if you feel the asking price is too high - even by a little amount such as $200.
As previously stated, you should print the results page that shows the estimated values of the vehicles you are interested in buying.
Should the seller be asking too high of a price, whip out this page and use it as a negotiating tactic.
The above mentioned instances are cases in which you can and should use the estimated Kelley Blue Book value on a used car to your advantage.
When should you not use it? When the value is higher than the asking price.
So lets say that the Kelley Blue Book website says that Ford Focus is worth $5,000 in good condition and it is in good shape.
The seller is only asking $4,000.
You do not want to show them the Kelley Blue Book's estimated value.
If they didn't think to refer to this site first, they may not even be aware of the fact that their car is valued at more; don't be the one to inform them!
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