What is Kelley Blue Book Value?
The term "Blue Book Value" refers to the value of a vehicle according to a guide known as the Kelley Blue Book. Since the early twentieth century, the Kelley Blue Book has served as a standard in the United States' auto industry.
There exist three different values in the Blue Book Used Car Guide. The trade-in value is what you can expect from a dealer when you trade in a used vehicle; the private party value refers to the amount you can expect to pay upon purchasing a used vehicle from another individual; and the retail value refers to the amount you can be prepared to pay at a dealership.
What Factors into Kelley Blue Book Values?
There are a variety of factors that determine your car's current value, including:
The body style of the vehicle
Year of manufacture
Transmission type
Engine size
General condition & mileage
Generally, most vehicles depreciate at a rate of between 15-20% a year. The Blue Book Value helps one determine which vehicles hold their value in the long-term.
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