The Kelley Blue Book® (KBB) is widely recognized as the ideal resource for the valuation of used cars, trucks, and other vehicles. As useful as it is, the KBB is not always accurate even for good used vehicles due to variables discussed below, and it cannot provide meaningful estimates of value for damaged automobiles or those to be sold for salvage. There are special factors for calculating the difference between the Blue Book value and the market value of a junk car.
Can I Use the KBB to Find Out the Value of My Junk Car?
An accurate car value assessment depends on variables that cannot be accounted for in the KBB, so the Blue Book car value typically does not hold up at the potential point of sale. For example, it can’t account for damage or repair costs. The value of a salvage vehicle is even much less likely to be accurate in the KBB.
On the contrary, salvage car valuations tend to be closer to around 50% of the Kelley Blue Book Value. The KBB value reflects pricing for a driveable car, not for a vehicle in salvage condition. Check auto salvage rates in your vicinity to get an appropriate valuation for a vehicle in a similar condition to yours.
What Vehicles Can the Kelley Blue Book Price Accurately?
The KBB values are based on recent sales data. The Blue Book values do rather reliably reflect the fair market value of new vehicles and used cars that are in fairly good condition. However, when selling a damaged, undrivable, or salvage car, expect the KBB value to be very different from the amount your vehicle is really worth.
In some cases, using the Kelley Blue Book Private Party Value option renders more realistic prices for vehicles. But, you would need to factor in the cost of the money and time you will spend listing your vehicle, showing it to multiple parties, waiting while trying to sell it, etc.
NADA and Manheim Alternatives to Kelley Blue Book
Alternatives to the KBB include the National Automobile Dealers Association (NADA) guide, which is for dealers to use in pricing trade-ins. But, its valuations are with the assumption that all trade-ins are in very clean condition. Of course, that is not the usual condition of older or junk cars. So, NADA pricing must be adjusted for expected repairs, maintenance, and detailing. So most dealers now use the Manheim Market Report, a.k.a. the Black Book. It’s not available to the public and it lists far more conservative valuations for used automobiles.
How Is the Value of Salvage Vehicles Calculated?
A different set of factors go into the calculus for valuations of salvage vehicles than the formula used to estimate the value of automobiles for the Kelley Blue Book. For example, the make, model, year, condition, mileage, location, and other factors influence the KBB fair purchase price. The value of a junk vehicle is largely based on the current various scrap metal rates for the collective parts of the car.
So, How Much Is My Car Worth?
If you want to find out how much your damaged or salvaged vehicle is worth, Junk Car Cash Out can help. Call us to get the current value of your junk car from one of our car-buying experts. We will provide you with an estimate of the fair market value of your car within just a minute or two, including free towing and transfer of title.
To get a price quote for your car from our state-of-the-art pricing tool at Junk Car Cash Out, you can just answer a few basic questions about the vehicle to generate a quote. It probably takes less time than filling out all the fields to get the Blue Book value of your car, and it’s incomparably less prone to pricing errors than the KBB for a damaged or very old car.
Why Choose Junk Car Cash Out?
We buy junk cars, trucks, SUVs, vans, and newer vehicles too. We pay top dollar for junk cars that don’t run, wrecked cars, etc. We’ll tell you the current value of your junk car, and if you decide to sell us the car, we’ll tow it away at no cost to you.
