What is Kelley Blue Book Car Value | Ottawa, IL

If you have ever shopped for a new or used car, you have probably come across the term "Kelley Blue Book Value." But what exactly is a Kelley Blue Book value, and how is it determined? Here at Bill Walsh Hub, we've put together a guide to help you understand this term and what it means for your car-buying experience. 

 

What is Kelley Blue Book Value?

The term "Kelley Blue Book Value" - or often just "Blue Book Value" - refers to a price that signifies how much a car is worth as determined by the car guide Kelley Blue Book. A trusted resource for almost a century, the Kelley Blue Book actually provides three different values for cars: trade-in value, private party value, and retail value. Let's look at each of these more closely.

 

Trade-In Value

Just like it sounds, the trade-in value refers to the amount you can expect to get from a dealer when you trade in a used vehicle toward the purchase of another vehicle. This value is important for you to know if you're trading in your current vehicle, as it will let you know how much of your new car purchase will be covered by the trade-in.

 

Private Party Value

The private party value refers to the fair price for a given vehicle when purchasing from a private individual - in other words, when not purchasing from a car dealership.  

 

Retail Value

The retail value is the amount that you should expect to pay for a vehicle if you purchase it at a car dealership.

 

How are Kelley Blue Book values determined?

Experts at Kelley Blue Book go through a massive amount of data every day to ensure that their guide values are accurate. In addition to assessing basic new vehicle information from car manufacturers, Kelley Blue Book experts look at wholesale auctions, independent and franchise dealers, private party transactions, and other situations to give the most accurate value for a specific car as a specific point in time.


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