Author Topic: Is KBB accurate for used cars?  (Read 4830 times)

p125153

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Is KBB accurate for used cars?
« on: February 07, 2017, 12:45:37 PM »
After reading this blog and doing my own research I've decided buy a used hatchback. I'm hoping to spend ~5k for something that's decent. So far I've been primarally searching on Craigslist and nearly everything I've found is priced significantly over KBB. I've been focusing on the Vibe/Matrix, Honda Fit and Focus although I'm really open to anything with good gas mileage and cargo space.

Is this just par for the course and I need to stick to KBB type offers? Or is there a disconnect between posted value and real value in the market? Open to any advice.

I am in Phoenix, if that matters and/or you see better options out there in my area!

HPstache

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Re: Is KBB accurate for used cars?
« Reply #1 on: February 07, 2017, 12:51:28 PM »
Check with NADA as well, that along with KBB are the most often quoted used car value guides.  And that's just what they are, guides.  Used car prices very often deviate from their blue book / NADA value.  I have found that people often over estimate how good of condition their car is in vs. what it really is.  A lot of times people automatically assume that their condition is "Very good" when in reality it's probably "good" or "fair" if you really look into the grading.  That's great ammunition when negotiating price, and in addition, you're the buyer with the money so that puts you in a strong position.

ChpBstrd

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Re: Is KBB accurate for used cars?
« Reply #2 on: February 07, 2017, 02:40:28 PM »
It's generally accurate +/- $500. The exceptions are cars that are very popular. E.g. I sold my pickup truck on CL within hours based on KBB pricing - but in my region, I probably could have sold for more because everyone thinks they need a truck.

AutoZealot

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Re: Is KBB accurate for used cars?
« Reply #3 on: February 07, 2017, 02:50:40 PM »
agree with v8rx7 and chpbstrd already posted

will add, at the 5K price range, yes you can use the recommended models of vehicles to help direct you to a generally good model.  BUT, you are really buying the condition of that particular car and owner.  It could be a car on the recommended MMM buy list and be complete garbage.

I've found lately, at least in my area cars in general a cheap compared to their equivalent spec SUV/truck counterparts for equal purchase price.

sisto

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Re: Is KBB accurate for used cars?
« Reply #4 on: February 07, 2017, 05:16:16 PM »
It depends on the market. In my area certain vehicles go way over KBB. Supply and demand seems to dictate. Honda's and Toyota's are getting the most over KBB, but in general nice sedans are over especially around the $5-$10K range.

southern granny

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Re: Is KBB accurate for used cars?
« Reply #5 on: February 07, 2017, 06:02:35 PM »
I use the edmunds.com site.  I think it gives a more realistic price. 

rtrnow

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Re: Is KBB accurate for used cars?
« Reply #6 on: February 08, 2017, 07:04:38 AM »
I have a fit and check the value every few months bc I'm debating how much/little insurance to carry. I find both KBB and Edmunds seem to really underestimate the list prices for the cars. As others pointed out, list price is not selling price, but they are usually 2-3K apart on a 5ishK car.

Livingthedream55

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Re: Is KBB accurate for used cars?
« Reply #7 on: February 08, 2017, 08:11:50 AM »
I agree with posters above. Sellers often price at "very good" or better when in reality the car is not (Take the Condition Quiz in KBB to see what really determines condition - look at questions for tire tread, brakes, etc - chances are car is actually not in "very good" condition)

check out KBB and Edmunds - also check NADA - although I think I have heard before that NADA tends to quote higher which is why dealer who is selling almost always uses NADA as source.

Print out the one that is lower and bring with you as part of negotiation - if you end up being interested in a car. Remember the price advertised is just a starting point.

mtn

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Re: Is KBB accurate for used cars?
« Reply #8 on: February 08, 2017, 08:16:59 AM »
For a "specialty car" like a rare edition of a particular model, or a low production vehicle, KBB and edmonds are nearly worthless.

For an appliance like the Vibetrix or Fit, its usually pretty decent but it won't tell the whole story. Expand your search out about 200 miles and see what things are going for a little farther out. Go a year or two older, and newer, and a few more miles. See what is affecting the price the most. And remember, find your price for the vehicle, then offer lower to work your way up to that price.

 

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