Is Blue Book Value a bunch of bull?

Question

The blue book trade in value on my 2003 Hyundai Tiburon GT with 25k miles came up as 11,500 under Good Condition. Then on NADA it came up as a similar price with the options I have and even gave me +$625 for low miles. The NADA was also around 11,500.

I went to a Honda dealership to see what they'd offer....and they initially offered me $7,500 and then when I told them about the blue book/NADA they basically told me those vales are worth nothing. They said the last guy who brought in a Tiburon go this much...I think it's a rip off. Their final offer was $8,500 but I still couldn't accept that =(

the values I got were TRADE-IN values.

I know that Hyundai's dont have the best resale value but I still think I was getting ripped off with that offer.

I just plain suck at negotiating. =(

Answer 1

Blue book/Nada are guides and they are fairly close, but just guides. A dealer is free to say anything about anything if they feel they can get away with it, like sensing you are inexperienced, etc. And it sounds like you got a huge dose of it! The great margins are in USED cars, and they are really trying to get you.

Average wholesale is about $9800 (AVG cond) according to the BLACK BOOK, which you don't have access to unless you are a dealer! (I am A wholesale dealer) so they were trying to get at least $1300 more to their side by offering you the low ball figures. Go to a Hyundai dealer and you probably get closer, but your best bet is to sell it privately.

If the market is soft for your car, sometimes you can not get the book figures no matter what you would like to happen. It's about whatever they can bully you into accepting!

Answer 2

The book values are guides, nothing more. They are published monthly, so are usually based on prices at least two months old.

I base my prices on actual dealer auction results, and the data I use is based on current sales! I looked up your vehicle, and the $8500 figure is about what your car would bring at the auction.

No dealer is going to pay more for a car than they can buy it for on the open market. The Tiburon is not the most popular car for resale, so the dealer want to be sure that they can sell it at auction, if it does not sell on the retail used car lot!!

Sorry!

Answer 3

They have to be able to make a lot of money. These guys have $3000 house payments. been there. The book they have is different. You are wise to sell yours. You can get what you want for it. Never trade your car. You lose. If you must trade you will get the best trade in at a hundai dealer. The others do not want it. shop on the last day of the month and ask to see the invoice then offer $500 over the invoice. If they are too greedy and say no, go to the next dealer, they will do it. Before you sign anything multiply the payment amount by the months that you will be paying for it. You will see the total cost. Be wise...

Answer 4

The Blue Book, or NADA book is a guide, NOT a bible.

I use the Manheim Auction reports to see what that type of vehicle actually sold for in the last 30 days at dealer/wholesale auctions.
If I can buy a similar car at the auction for $7500, how can I justify paying you the KBB or NADA book of $11,000?
The dealer down the street, that bought at auction, would undersell me every day and I'd be out of business in short order.

Answer 5

ok here's how it works. Blue book and NADA have 3 categories. One is trade in value...one is retail value..and the last is individual seller value.

Now here's the trick. when you buy a car...once you drive it off the lot it decreases in value...period. so go to www.kelleybluebook.com...or to what ever the NADA sight is...put in all the information...then in the milage area put in an arbitrary number..such as 1000 miles. What the car is worth there is what you offer them. Trust me...they will take that offer. As far as your trade in...you'll have to finagle (if that's a word but you know what I mean) with them on that. But...don't give anything over what the nada or kelley says the car is worth with the arbitrary milage.

Hope this helps

Answer 6

The kelly blue book is for the average resale for the car. It is not a god book. A god book is it is not set in stone as to what your car may or may not be worth.
It is only a guide as to what you can expsct to get.
It verrys from differrent parts of the country.

As for the dealer, well thy want to make money on your car, so thy will offer much less then the kelly book.
Lets say your car is worth 10000. and the dealer will offer 8900
that is why thy will mark up your traid to resell it for say 12000 but till take 10000. that way you feel you are getting a good deal and the dealer is realing making a proffet.

Answer 7

The blue book has several "values"
1) Retail
2) Private party
3) Trade - in

Were you talking retail and dealer was talking trade-in?

Blue book values are just a guideline, nothing more. Ultimately, it's the marketplace (supply and demand) and your negotiating skills that determine the price

Answer 8

Blue book has more than one value if you read it. The price you can expect from a private sale, dealer cost, ect...Try going to their web-site. And BTW, Hyundai's have poor resale value, all of them...

Answer 9

Car Dealers only like the KBB if shows in their favor. It is truly just a guide, but I don't believe it's that far off. You'd probably be better off selling it yourself and then purchasing a new vehicle.

We got SSSOOOO RIPPED OFF by a dealer about a year or so ago and it still makes me sick to my stomach to think about it! We got screwed on the trade-in and the car we purchased. Your better off to go to a dealer that is more honest!

Answer 10

No, it's a pretty reliable source if you use it properly. Of course the dealers will tell you this and that because they don't want you to be educated.