Used car price: KBB vs. Edmunds

[NateDN10]

In trying to decide on a fair price for the Accord listed in my signature, I'm seeing very different results between Kelley Blue Book and Edmunds.

KBB says $5850, Edmunds says $4300. That's a rather significant difference.

A guy who's interested in buying the car was telling me that KBB gives the usual asking price, while Edmunds gives the actual selling price. Is that accurate?

Thanks!

 

[JHZR2]

Iirc they all give pricing tiers. Private party sale, retail, wholesale more or less. If one is a real survey of sale prices for similar cars, that is good.

I'd also do comps of ended auctions of similar cars on eBay to get some real and current prices.

I'd also say to be firm because there can be a lot of variability, especially if trade-in valuations are part of the mix.

A 2001 car with 115k should have a lot of life, so don't be afraid to hold on to it and use it until the right deal comes along...

 

[eljefino]

Though your car is in good condition (I assume) many others listed for sale at similar prices are not.

The good (?) thing about Honda Accords though is the high mechanical self esteem of their owners, so they usually check off "excellent" on those online price configurators. So the cars hold their value just because they hold their value.

In short, ask what you're asking, if it doesn't sell in a couple weeks knock 5% off and try again. If the prospective buyer balks, just tell him you'll think about his offer and if it doesn't sell in a week you'll hold onto his phone number.

This puts the scare in them that their lowball won't stick.

 

[bepperb]

I'm sorry it's probably not what you want to hear, but KBB is always massively high. Edmunds is as close as you'll get to what average transaction prices really are. At 11 years old, though, a lot comes down to condition.

I sold my 01 Accord in 2009 for 5500, with 113k, FWIW. It was a great car, but didn't have enough doors.

 

[The Critic]

Even KBB and Edmunds values are not accurate, because they are not updated frequently enough to reflect changing market conditions.

Manheim's weekly (or daily?) auction prices for your vehicle are probably the most accurate tool for determining trade-in values, and then you can figure out a more accurate selling price by using their auction price as a guide. Galves also has a "market ready" price as well, I believe.

 

[NateDN10]

Originally Posted By: bepperb
I sold my 01 Accord in 2009 for 5500, with 113k, FWIW. It was a great car, but didn't have enough doors.

That's exactly why we're selling it - not enough doors!

Thanks for the advice.

 

[crw]

I have been an observer of both KBB and Edmunds for many years, and KBB is always high. Even if you take into account the "tier" or condition level of the cars, KBB is very high.

When you go to a new car dealer and they have used cars on their lot, usually they are listed at KBB. But if I'm a buyer, I'm looking at the Edmunds number.

 

[MNgopher]

I view KBB as the price dealers are asking - not what they are actually getting, and as a result, thir numbers are quite high.

Edmunds usually seems to be in the ballpark and I've never had trouble moving a car that the condition is adervtised correctly and priced accordingly on those values.

While the KBB and Edmunds values may have a lag time in them being updated, it is what is most commonly used in the market based on easy availibility.

 

[needsducktape]

I've used NADA for just about everything -bikes too

But if you really want to know what your car is worth do an ebay search for your exact model - and a craigslist search. SEE WHAT THEY ARE SELLING FOR.

And if you want to move it quickly list it a few hundred below the next similar car.

 

[odie]

We get the book value of Good / Average from Edmunds , KBB , and NADA . Then divide it by 3 to get the book value and present that to the dealer . Has worked thus far . We also print out all 3 and show them to the dealer . Good luck .

 

[dparm]

Edmunds TMV is a bit more accurate in my experience, though the best thing you can do is just browse Autotrader and similar sites to see what the reality of things is.

KBB is worthless, IMO. Dealers love using it despite the ridiculous inaccuracies its plagued with. They'll screw you with it on a trade, or on a sale.

Carmax uses KBB exclusively and they are definite lowballers.

 

[tommygunn]

Originally Posted By: odie
We get the book value of Good / Average from Edmunds , KBB , and NADA . Then divide it by 3 to get the book value and present that to the dealer . Has worked thus far . We also print out all 3 and show them to the dealer . Good luck .
Not a bad idea LOL...that's "exactly" what I was going to suggest....

Ive heard the biggest pit fall of those online price evaluators, is people will check "Excellent condition" - but very rarely is any vehicle over 2-3 years old "excellect" condition.....there's bound to be wear of some sort SOMEWHERE on the vehicle.

I like Edmund's True Cost to Own calculator though, and perhaps their calculator does some configuring with those numbers too

 

[Norm Olt]

Remember: these figures are predisposed for vehicles in "average" condition. Considering the "average" driver in the US is at about the 70th percentile, one can easily imagine what that entails!

Cheers!

"When the people who VOTE for a living outnumber those who actually WORK for a living,, we are going to be in trouble..."

Guess what? We're in trouble!