Many people get nervous when it comes to buying a used car because there are so many variables. Has the car been taken care of properly? Does it have hidden flaws? And most importantly, how much should you pay for it? In a world where most things we buy have price tags, the idea of making an offer on a used car can be nerve-wracking — even frightening. Because there isn't a definitive answer to that vexing question, what is an individual used car worth?
Whether you are seeking to buy a used truck or sell a used truck you own, you need to know the value of that truck. Of course, you could say that any truck is worth what one person will pay for it. But that isn’t a very helpful yardstick when you want to buy or sell. What would be helpful to you is a valuation from an informed and independent third party. In residential real estate, many people make their living by appraising properties and suggesting to buyers and sellers what they are worth. Since each individual house is so different, this service is a necessity. But the good news is that you don’t have to hire an appraiser for your used truck; instead, you can look up the value of your vehicle, sometimes referred to as the “book value” or “blue book,"on your own. You can do this by referring to pricing guides like Kelley Blue Book and NADAGuides.
If you’re going to buy or sell a car, you better know what it’s worth; otherwise, you could lose a lot of money needlessly. But how do you determine what a vehicle is worth? There is no "stock exchange" listing minute-to-minute vehicle values as cars are being bought and sold across the country. But there are organizations that monitor those transactions and then release their findings to the auto industry and the public. Two of the most prominent of them are Kelley Blue Book and NADA Guides. So, what are the similarities and differences between them? That's what we will explain in this article. And — full disclosure — I have worked for Kelley Blue Book and for J.D. Power, the parent company of NADA Guides.
You’ve probably purchased something only to discover that it didn’t meet your expectations... or what it was even purported to be. Whether it was a kitchen gadget or a pair of shoes, you likely experienced not much more than disappointment. But if you’ve found yourself regretting the purchase of a used car, the damage could be considerable. It could well have cost you a lot of money in addition to psychological pain.
While buying from a private seller is often more affordable than going to a dealership, it isn't always the best option. There are a lot of risks involved with purchasing a car privately. When considering how you want to buy your next car, take into account the following benefits you receive at a dealership.
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