Kelly Blue Book values?

Question

Selling a 1994 BMW five series...am interested in how accurate the KBB stated values are in terms of asking price. I am not trading in, but just selling outright. I understand that you enter your year, make, model, mileage, condition, etc., and get an assigned value. However, I was told by one individual that KBB values are "high," and I shouldn't expect to get as much as they predict. Any experienced people out there, please comment. Thanks.

Answer 1

KBB should only be used as an "idea" and not treated as gospel. It doesn't update daily and cannot be perfect just by nature alone. It can give you a decent idea of how much to ask for, however.  

If you live in or near a large city, go to autotrader.com and find other 5-series around that age and mileage, and see what they are asking. This would give you a better idea as to what you can get. Make sure to check for both used car dealers and private parties as well.

Answer 2

For a car that old, there will be wide range of variables, so KBB will not be as accurate.

Go to a few web sites and look in a 100 mile radius, see what that exact car is listed for. Cars   dot  com  or Autotrader   dot c  om.

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Answer 3

I used to think KBB values were on the high side but NADA values seem to be as high or higher in some instances. Keep in mind these numbers are subjective. It boils down to,"it's worth what you're willing to sell it for and what someone is willing to pay for it."

Answer 4

Here's the thing about Kelley Blue Book: It only updates a few times a year, and lately with the rising gas prices it's grossly inaccurate in regards to luxury cars and SUVs, V8's, etc.  For the most part they're not only high, they're astronomical.  A 14-year old BMW is worth roughly $5,000 on KBB, but most people walking around with 5 grand in their pocket aren't going to spend it on an older BMW with no warranty, they are going to use it to buy a newer, more reliable car.  If you want to know what your car "sources" for (what it's truly worth) you can take it to a CarMax and they will do a free appraisal and give you an offer based on what that same car is doing on the wholesale market.  You can also look up your car at www.edmunds.com . It's a slightly more reliable source than the current Kelley Blue Book.  Good luck!