How to Calculate the KBB Value
When purchasing a vehicle, knowing the fair market value is insurance against paying too much, or it can alert you to a great deal. Kelley Blue Book (KBB) offers this information through a database of fair market values, based on the vehicle's condition and gives you the estimated price of a vehicle through retail establishments, private-party sales or the trade-in value. Because KBB is a free service, there is no excuse for not doing your homework before shopping for a new or used car.
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Instructions
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Go to the Kelley Blue Book website.
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Click "Research" on the top menu bar.
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Select "New" or "Used" under the "Compare New & Used Vehicles" section, based on whether you are pricing a newly released vehicle or an older car.
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Select the Year, Make, Model and Trim for the vehicle in question. Start at the top of the page and work your way down, as lower menus become propagated by the preceding menu's selection. When done, click "Compare," and you should find a listing for your vehicle on the right.
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Click "Overview & Pricing" to pull up the suggested retail value for the vehicle. This is the price you should expect at a car dealership. The price listed is for a vehicle in "Excellent" condition, which means it is like new and in excellent mechanical condition.
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Click "Trade-In Value" or "Private Party Value" to see those prices. You will see three prices, corresponding to "Fair," "Good" or "Excellent" vehicle condition. Good condition is defined as free of any major defects with only minor blemishes. Fair condition might require some reconditioning, including paint or body work, but should be in reasonable mechanical condition.
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References
- Photo Credit car dealership 3 image by Alexey Stiop from Fotolia.com
