The Blue Book value is the worth of a particular vehicle made by the Kelley Blue Book, guide based on the car’s make, model, age, condition, popularity, and other factors. You can find out the value of both new and used cars to be sure you are getting a fair price from a dealer or independent seller. However, the blue value of a general model of a vehicle may differ from the value of a specific car that has had more or less damage than usual. The book value for used cars takes into account the standard wear and tear, but not other reports of damages such as flood damage. Damages and other specific details about a particular car can be discovered by reading the vehicle’s history report, which is many times a link on a value report site.
Determining a Blue Book value is done by professional experts and is designed to let both vehicle sellers and buyers know the fair price of a car or truck. Kelly Blue Book is one the most popular and most trusted services to offer an accurate Blue Book value for a car. Another Blue Book value service is the National Association of Automobile Dealers (NADA). To determine your own vehicle’s value, there is a formula you can follow, available on various websites. The general protocol for verifying book value is as follows:
- Year of your car
- Make (the manufacture name of your car, such as Ford, Cadillac, GM, etc.)
- Model (the name of your specific type of car; each manufacturer has a title for each kind of car they make, such as a Ford Explorer)
- Engine (the number of cylinders it has)
- Transmission (the number of speeds and whether it is manual or automatic)
- Drive-train (whether your vehicles is front wheel, rear wheel, or all-wheel drive)
- The number of miles on your odometer
- Equipment available in your car (usually there is a list of equipment and you check the ones your car has, such as power windows, CD player, sun roof, etc.)
The Blue Book value of the car is then determined, but as I said earlier, additional damage is not taken into account, and therefore, the actual resale price will differ. The value merely assumes a clean title history, but also includes advertising, sales commissions, insurance, and other costs of a dealer. The blue value has the support that vehicles at that value have passed inspections and may even carry a warranty.
Knowing the Blue Book value of a car before you buy it – whether it is new or used – can be beneficial to both a car know-it-all and the less-than-expert shopper. The value can also be useful for sellers in order to know what reasonable price to get for their car. A little research can help a lot in the long run to get you the best deal.
By Monica Drusch