The Kelley Blue Book is a trusted guide to vehicle pricing, providing fair market values for new and used cars based on condition, mileage, and options. Founded in 1926, it remains a standard reference in the automotive industry.
The Kelley Blue Book uses a proprietary algorithm to calculate vehicle values. It considers factors like:
| Value Type | Definition | Example (2021 Honda Accord Sport) |
|---|---|---|
| Private Party Value | Price a private seller might get | $22,500 |
| Trade-In Value | Price a dealer offers for trade-in | $20,800 |
| Suggested Retail Value | td>Price a dealer might ask$24,100 | |
| Certified Pre-Owned Value | Price for CPO vehicles | $23,400 |
Many assume the Kelley Blue Book is an official government resource - it's not. It's a private company. Also, values aren't set in stone. For instance, a rare classic car might exceed its listed value due to collector demand.
I once helped a friend sell her 2018 Subaru Forester. The Kelley Blue Book trade-in value was $21,200, but she got $22,500 at a local dealer by negotiating and showing competing offers.