Instructions
Significance
Nearly one of out of every three people who purchase a new or used automobile in the United States visits the top-rated Kelley Blue Book website. According to the company, no other medium reaches more in-market vehicle shoppers.
History
In 1918, a young entrepreneur named Les Kelley traveled from Arkansas to California, where he started the Kelley Kar Kompany with an inventory consisting of three Model Ts parked in an open lot. A few years later Kelley started distributing a list of automobiles that he wanted to buy with the prices that he was willing to pay. Soon other auto dealers began relying on Kelley’s lists to price their own vehicles.
In 1926 Kelley formally published his first Blue Book of Motor Car Values. When a shortage of cars led to skyrocketing prices during World War II, the government imposed a ceiling based on Kelley’s Blue Book values. The Kelley family got out of the car-selling business in 1962, devoting their full-time efforts to the Blue Book, which thrived as a trade publication for the next three decades.
A consumer edition of the Blue Book was released in 1993 and the Kelley Blue Book Company established what was to become an immensely popular website in 1995. The company also provides Blue Book values for recreational vehicles, all-terrain vehicles, snowmobiles, motorcycles and manufactured homes.
Features
Three types of Blue Book values exist for automobiles:
A trade-in value represents the price that a vehicle owner should expect to receive from an auto dealer.
The retail value is the price that an auto dealer might seek for a specific vehicle.
The private-party value is the suggested price for a vehicle that changes hands as part of a transaction between a private buyer and a private seller.
Considerations
A vehicle’s overall condition is a key consideration in establishing its Blue Book value. For the purposes of Blue Book values, autos are classified as being in excellent, good or fair condition.
The equipment found on vehicles–such as air conditioning, engine sizes and other accessories like cruise control–also factor into the equation when calculating Blue Book values.
Misconceptions
Although Blue Book values are frequently used in determining a vehicle’s estimated price, other sources are available to buyers and sellers.
The National Automobile Dealers Association is the world’s largest publisher of used car and truck value guides. Black Book is another widely known publisher of vehicle valuation guides. Edmunds Inc. also has created an online True Market Value pricing guide.
Resources
* Kelley Blue Book
* National Auto Dealers Association
* Black Book
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