1990 Honda Accord 2 Dr DX Coupe (210,000 miles)
Edmunds.com: $$2,106
kbb.com
$3,195
Kelley Blue Book
How does one determine which one is right? Both of these estimates figure in the milage adjustment. It’s just a car I saw for sale locally & wanted to use it for an example because these two used car pricers never agree & Edmunds always seems lower. Local used car dealers use the KBB, no surprise there since its so much more.
Given that a used car (or anything, for that matter) is only worth what a buyer is willing to pay for it, I would imagine that Edmunds and Kelley and others use surveys to a large degree. Obviously, local and regional market conditions can result in a large difference in prices, and much of used car pricing is subjective.
Which one is right? Most likely neither. But they both serve as a guide to where you want to end up.
To further add to the subjectivity of the matter is the condition of the car. No book can tell you whether or not the undercarriage is rusting or the radiator has a crack.
FWIW, the Kelley Blue Book is West Coast based. I don’t know where Edmunds’ comes from. Kelley started out as a used car dealer in the 1920s and started valuating cars back then, although the Blue Book wasn’t published until after World War II.
“Obviously, local and regional market conditions can result in a large difference in prices”
Both of them ask you for a zip code now for the car so they can give you a regional price range.
To make mattrs more confusing, NADA usually gives a different price. NADA is usually the highest and also the one most dealers (in my area) consider to be the ‘official’ price guide. Also, the price guides don’t seem to reflect when a car is in high or low demand. Sometimes the listed ‘wholesale’ price is closer to the cars actual value.
Yes, anyone know how many months delay they have before posting prices because how are we to figure in the condition of our economy?