- Kelley Blue Book is a book of car values that was developed in 1926 by a dealership owner named Les Kelley, who kept an extensive list of car prices for sellers and buyers. Kelley Blue Book values are now accepted as fair market value across the car industry.
- Your blue book value is based on the make, model, age, mileage and condition of the car.
- The private party Blue Book value of a used car is what an individual will likely pay for it if you sell the car yourself. This estimate is accepted by most agencies and organizations as the "fair market value."
- The trade-in value is what a dealer will likely pay for the car if you come in to buy a new vehicle in place of your old one. In most cases this value will be less than the private party value.
- Many small claims courts will require that you get proof of the Kelley Blue Book value before you come in to file a claim regarding an automobile accident. You can only win up to the market value of the car in court.
