If you’re looking to buy a used car, you’ll likely be looking online to research your buying options. Online classifieds websites host a wide range of affordable used cars, as do car-buying websites like Cars.com. The Kelley Blue Book website is an ideal free tool for car buyers; you can look up the estimated values of the cars. This allows you to determine if the asking price is fair. In some cases, the Kelley Blue Book Estimated Value can be used as a negotiating tool. In what cases?
misrepresented condition
Many times, you will find that used cars are listed in excellent condition, when they should be listed in good condition, and so on. Many times used car sellers will check with the Kelley Blue Book website first. They want to know the estimated value of your vehicle. Most sellers then set their selling price in line with the estimated value or slightly higher.
The estimated value of the vehicle depends largely on the general condition of the vehicle. A Dodge Grand Caravan with 74,000 miles in excellent condition will typically be worth one to two thousand dollars more than the same car in good condition. Therefore, if the seller labels your vehicle as in excellent condition, when in fact it is in fair or good condition, the estimated value (and therefore the sale price) is likely to be inaccurate.
Since most buyers, like you, can’t determine the precise condition of a vehicle until you see it in person, you should prepare ahead of time when shopping for a used car. Run a value check on the Kelley Blue Book website. The results page will show the estimated value of a vehicle in excellent, good, and fair condition. So if you see a minivan in good condition, rather than excellent, focus on the estimated value for that vehicle in good condition.
price too high
You never want to pay more than you need to on a used car. In addition, you also want to consider long-term resale value. What if you want to resell the car in three years? If you paid $1,000 or more over the car’s appraised value, you may never really get back any of your money spent or invested.
It is always recommended that you do an appraised value check when purchasing a used vehicle. However, it is critical that you take this simple step if you think the selling price is too high, even for a small amount like $200.
As stated above, you should print the results page that shows the estimated values of the vehicles you are interested in purchasing. If the seller is asking too high a price, pull out this page and use it as a negotiating tactic.
The cases listed above are cases where you can and should use Kelley Blue Book’s estimated value on a used car to your advantage. When should you not use it? When the value is higher than the sale price. So let’s say the Kelley Blue Book website says the Ford Focus is worth $5,000 in good condition and is in great shape. The seller is only asking for $4,000. You don’t want to show them the estimated value of the Kelley Blue Book. If you didn’t think to check out this site first, you may not even be aware of the fact that your car is valued at more; Don’t be the one to inform them!