Most drivers across the Rochester, Canandaigua, and Geneva areas, and indeed all across the nation are familiar with a car's Blue Book® value. When looking for a new vehicle, they look at the sale value of their vehicle based on condition and what similar cars have sold for across the nation, as recorded in the Kelley Blue Book®. There's another, similar term, however, that you may not have heard: the Black Book® Value.
What exactly is the Black Book® Value of a car? In its most basic terms it's similar to the blue book in that it's another way to determine the value of your car. Let's examine the role that your car's Black Book® Value plays, why it's important, and what you need to know when you trade your car in on a new vehicle.
What Is a Black Book® Value?
The value of your car when you're looking to buy, sell, or trade it in can be tricky to ascertain. There are a lot of factors that go into its worth, including its make, model, year, upgrades, and condition. Like the Kelley Blue Book®, the Black Book® is a car valuation guide that helps you understand what your car may be worth.
First established in 1955 by three Georgia businessmen, the Black Book® is based on auction data from over 60 auctions all over the nation and is updated weekly. It uses common terminology for condition: extra clean, clean, average, or rough. It doesn't provide estimation tools, but third-party websites have used it to provide these.
By understanding the Black Book®, you're getting a solid idea of how a dealer is going to value your car. On the other hand, understanding the Blue Book® will give you an idea of the private party resale. Understanding both will give you something of an edge when you sit down to negotiate the trade-in or sale value of your car.