There is no question that many who have ventured into the buying and selling of vehicles in the industry have heard at one point or another of the blue book value for trucks. However, not everyone completely understands what it is all about or precisely what it stands for including its value to both buyer and seller. The reality is that it can represent a number of things for different people like being a pricing guide, tool for estimation, or even protection against fraud and scam in the marketplace.
Anyone who is interested in buying and selling of trucks should be aware of some of the more important concepts involved to be able to ensure that they get the most out of every transaction. Many people would compare the blue book value for trucks to a little black book which contains numerous secrets and guides, except that it caters purely to trucks more than anything else. There are also different versions of this tool that deals with other types of vehicles. Some of the more important concepts to comprehend about this powerful tool include:
- The function of the blue book and why it is important.
One of the earliest published blue book still used until today first made its appearance in 1926 made by Les Kelley who named the book after The Social Registry. It is known for the listing of the names of movers and shakers in the locality, and came to be known as the blue book. Eventually, it transformed into one of the most trusted resources of information for the entire automotive industry.
Some industry insiders even refer to it as the industry bible because of the unquestionable contents that it present. The good thing about it is that it has successfully kept up with the technological advances, market trends, and other variations that it has been one of the most practical online resources for people who want to buy or sell vehicles.
The blue book value for trucks therefore is a type of reference that allows owners as well as buyers to pool relevant and critical information for both new and used trucks to be able to determine a fair and equitable price of the vehicle.
- Vehicle pricing manual.
It should not be surprising that the blue book value for trucks should contain pricing information for both new and used trucks being sold in the marketplace. Some of the more useful information that can be gathered from this resource can include:
- MSRP (Manufacturer’s Suggested Retail Price) – which is basically the price suggestion from the manufacturer and is normally (and acceptably) inflated. This price can incorporate a destination charge for the truck including the minimum required cost for equipment. This information however is listed separately.
- Dealer’s invoice – this value represents the price that manufacturers normally charge truck dealers carrying their brands. This price excludes any expenses incurred by the dealer like in the case of advertising, preparation of the vehicle for display, and sales commission among others. It is important for truck buyers to be aware of this price before they attempt to look at the price stickers found on the lot of truck dealers.
- New truck blue book value – considered as the average selling price assigned to the truck, it is derived from the actual sales made from dealers across the country. It is important to understand that it is not impossible to have some regional pricing differences which can be attributed to the varying demands. This means that locality can dictate the actual value of the truck.
- Optional equipment price – this particular valuation references any optional installations that buyers may want to have on the vehicle they want to purchase. The blue book lists the pricing options separately for some of the equipment.
- Used truck pricing value guide.
For those who are looking towards buying used trucks, there is no doubt that this powerful tool can be extremely useful as well. It touches on some of the pertinent concepts on how pricing valuation is determined for used trucks. Some of the more important considerations that buyers should be aware of are:
- Retail value – it represents the average listing price quoted by dealers anywhere in the country. This is extremely important to note and understand because it represents only the typical price requested by the dealers for the used truck. The actual selling price can be considerably less depending on the negotiation. The retail value though can be considerably higher compared to the private party price because of the inclusion of sales and advertising commissions.
- Private party value – this price reflects the potential value of the used truck when buying it from a private party like your next door neighbor for example. Since individual sellers do not usually incur the overhead cost experienced by dealers, the asking price can be significantly lower compared to the retail value. It is important for buyers to be aware that not all private party transactions across the country are being tracked, which means that pricing can have significant variance.
- Trade-in value – this is the average valuation of the used truck that will be offered by the dealer to the owner in return for the vehicle. This price can be relatively lower compared to what can be expected from private buyer transactions.
- The blue book value for trucks online resources.
To ensure that all buyers and sellers receive not only relevant, but updated information as well, there are a number of blue books maintained online that deliver updated resources usually on a weekly basis. This gives stakeholders the chance to compare models, evaluate safety ratings, read reviews, select insurance carriers, and shop via classifieds. Buyers will have the pick of either new or used trucks that are currently being sold in the market.
The selection criteria centers mostly on the make, body type, and manufacturer of the truck. The information required will include the body trim as well as the model year of the truck along with the zip code of the buyer. Various pictures of available trucks will be displayed based on the query information supplied. This is how simple and quick the entire process can be with this powerful tool.
When buyers and sellers comprehend these valuable concepts, they will better understand how powerful the blue book value for trucks can be.