There will come a time when you need to know the value of your car. Say you are looking to trade in your car, refinance for a better rate or sell your car on your own. How will you know if you are getting a fair deal without knowing the base value others are using to calculate your costs? Also, if you have the misfortune of totaling your car in an accident, it’s helpful to know how the car would have been valued pre-accident to compare it to the pay-out from the insurance company.
In industry-speak, this number is called the car’s “book value” because it is derived mainly from three bibles of valuation in the automotive industry: the Kelley Blue Book, Black Book, and the NADA guide. Fortunately, like most everything else these days, these books offer online tools that can help you determine your own car’s value for free.
I decided to give these tools a “test drive” (excuse the pun) by visiting the two sites. First, I tried Kelley Blue Book at www.kbb.com. After filling in a simple questionnaire about the type of car I own, its specific features—down to the color and condition—the computer worked its magic, yielding a current value of between $12,257 and $14,128 for my 2014 Infiniti Q50, based on my geographic location. My results sheet included an overall consumer rating for the car, with customer reviews, a link to car comparisons and shopping options, and an offer to begin the trade-in process.
When valuing your car on the Black Book site, you are automatically redirected to www.newcars.com. Once you enter your make, model, mileage, option information and a few other criteria, you reach the results page—in my case a range between $12,800 and $15,170, pretty close to the Kelley Blue Book range above. Be sure to click on the option at the top of the page for determining your Black Book used car value, or the app will assume you are looking to purchase a car and immediately try to capture your contact information, including your mailing and email addresses!
The NADA site offers a wealth of information also, but it is a little more general. On its site, you can research car values in your area, get free dealer quotes and car history reports for specific vehicles. There is plenty of information that can help you make decisions about particular makes and models you are considering.
You may have heard the old aphorism “knowledge is power,” and in this case it’s absolutely true.