Cash for Cars Experts at New York’s Big Bucks Auto uncover pitfalls of “suggested retail value” services.
When selling used cars for cash, people often look first to services such as Kelley’s Blue Book, Edmonds, or other similar sites to estimate the value of their car. Buddy Evans, Vice President of Big Bucks Auto and veteran automotive industry expert, explained recently that in reality, Kelley Blue Book and similar services’ suggested retail values can be misleading and often skew far higher than what a person can realistically expect to sell their used car for.
According to Evans, “these suggested values are often very inaccurate. Their numbers have little basis in real world vehicle sales and sellers need to understand that. Kelley Blue Book values do not take into account key factors that change frequently, even on a daily basis, such as the economy or the number of that same vehicle on the market. There are any number of issues that can alter the true value of a car and Kelley Blue Book and its competing sites completely ignore many of them.”
He also notes an industry concern that Kelley Blue Book presents a potential, inherent conflict of interest in that it derives revenue from advertising placed by auto manufacturers on its website and in its book. He further explained that this could potentially factor in to higher suggested retail values for newer model cars from the manufacturers who advertise in the book, comparative to what those cars are likely to sell for in the real world. “Kelley’s or any other pricing guide for that matter, has never actually written a check to anyone based on these prices” says Evans.
To illustrate the process for how accurate ‘industry standard’ auto valuations are calculated, Evans noted that auto-buying companies such as his use two main sources in addition to an on-site expert appraisal. “At Big Bucks Auto for example, we first research national online auctions, which show us the actual prices people are paying for any given car. We then reference the standard east coast-specific pricing guide, which provides us with another real world number we can associate with a vehicles value. In other words, at a company like Big Bucks Auto, we would not base vehicle values on ‘suggested retail values’ but rather on the actual value a vehicle has to an actual person on the actual market.”
Buddy Evans further emphasises that car sellers should do diligent research of their own. Check classified ads to locate the price of a similar car to yours on the market, and how long it takes to sell. Even suggesting that you call sellers in the classified ads to ask how much they may have sold their vehicle for, how long it took to sell, and how much their selling price may have changed since first listing their original asking price. “There’s a big difference between the asking price and the selling price of any car, and the only way to be informed on either is to do the appropriate research. It is a lot of work, but worth it when seeking maximum cash for cars. And then car buying services like ours at Big Bucks Auto and similar companies are there to provide fast, free appraisals and accurate valuations when you don’t want to take the time or trouble to attempt the process entirely on your own.”
Other helpful tips noted by Evans when selling your car in NY, NJ, Long Island, or elsewhere on the East Coast or nationwide, include being aware of the two biggest factors that affect a car’s value: the condition the vehicle is in and its mileage. Obviously, accidents greatly alter a car’s worth because people are less likely to purchase cars with known issues. If a vehicle has very few problems and low mileage, the best ways to positively increase car value are to have popular colors and more factory options. However, Evans underlined that the biggest key to selling a car is knowledge of the market. Also, that due to inaccuracies in Kelley’s Blue Book and other comparable pricing guides it is inadvisable to use them as sole source for vehicle pricing, and even to avoid their suggested values when possible.
About Big Bucks Auto
Big Bucks Auto is Metro New York Tri-State’s Largest ” cash for cars ” Car Buying Service. Visit bigbucksauto.com or call 888-442-8257. Quick quotes at bigbucksauto.com/get-a-quote/ Big Bucks Auto is located at 139-03 Queens Blvd., Briarwood, NY 11435. The Easiest Way to sell your car in NYC! We want to buy your car, not sell you one! For over three generations, Big Bucks Auto has purchased thousands of vehicles like yours. Sell your car in NYC at the highest prices paid, without any pressure! We’ve built our reputation on being friendly, giving you the most money possible for your car, and providing payment right then and there. Big Bucks Auto – where greater New York goes when it’s thinking ” sell my car “!