Kelley Private Party Value, Used Car Values for Private Car Sales (2024)

FAQs

What does private party value mean on Kelley Blue Book? ›

The Kelley Blue Book® Private Party Value is the starting point for negotiation of a used-car sale between a private buyer and seller. This is an “as is” value that does not include any warranties. The final price depends on the car's actual condition and local market factors.

Private Party Value is the price you could expect for a vehicle sales transaction between two consumers. Depending on demand and condition, this transaction price will be between the wholesale value and the retail value.

The Kelley Blue Book Trade In Range shows what a consumer can expect to receive for their car this week when trading it in at a dealer. The Kelley Blue Book Private Party Value reports on a fair price when selling the car to an individual instead of doing a dealer trade in.

Both Edmunds and Kelley Blue Book are reputable sites that offer pricing information. The accuracy of an appraisal has a lot to do with the information the owner provides. If you overstate the vehicle condition or don't check off the correct trim level and options, your value is less likely to be accurate.

“Very Good” condition means that the vehicle has minor cosmetic defects and is in excellent mechanical condition. This vehicle has had minor or no paint or bodywork, and requires minimal reconditioning. The engine compartment is clean and free of fluid leaks. This vehicle is free of rust.

The accuracy of KBB values can vary depending on several factors, such as the condition of the vehicle, its location, and the current market demand for that particular make and model. KBB values are based on a number of factors, such as the car's make, model, year, mileage, condition, and features.

The Private-Party value is normally less than the retail value since the vehicle has not been reconditioned. In addition, the seller is not trying to make a transactional profit as they are disposing of their own property. Tag and title fees are normally paid at the motor vehicle office and not to the seller.

Trade-in Value vs. Market Value

If you're trading in your car at a dealership in greater Tampa, you may be wondering, “Why is a vehicle's trade-in value lower than its retail value? This is namely because the dealership has no incentive to buy your vehicle unless they can profit. They also act as a middleman.

For any car you might be interested in buying, NADAguides uses the single classification of “Clean Retail.” NADA Guides doesn't show private party sales/values, but the guide does have values for certain Certified Pre-Owned (CPO) vehicles.

Lag – It takes time for data and analysis to make its way through KBB. Prices listed may not always reflect the very latest trends and economic conditions. Consumer bias – Most people think the car they are selling or trading in is in better condition than it really is.

What do dealers use instead of KBB? ›

Black Book Vehicle Pricing.

The Black Book is what dealerships typically use to lookup pricing information about new, used car, truck, and recreational vehicle prices. Black Book updates the Dealer invoice and Manufacturers Suggested Retail Prices (MSRP) weekly.

KBB factors in the condition of the vehicle, local market conditions, and popularity of the vehicle, so their prices tend to be a lower than NADA. NADA values tend to lean higher because they assume cars are in good conditions. Insights can be gained from both values, but KBB looks at more factors.

After comparing multiple car buying websites, our team found CarMax pays top dollar for used vehicles.

Since 1926, Kelley Blue Book has been one of the most trusted names in the auto industry. You might say we literally "wrote the book on car values". And today there's no better place to find the value of your current car than KBB.com.

The Kelley Blue Book is a good estimation of what a car might sell for and how much it is worth. The price doesn't include warranties and other options that may increase the a cars value. Ultimately the KBB value is often used as a starting point for negotiation and not the final price.

KBB fair market value, officially known as "Fair Purchase Price," is the term used to describe the market value of a new or used vehicle set by Kelley Blue Book's pricing system. Edmunds has similar pricing information for new and used vehicles.