Kelly Blue Book values vs the real world

Rius

I have a quick question; for a still-reasonably-new car, a 2008 dodge charger in good condition, how accurate are the Kelly Blue Book values for sale/trade when selling or trading in the real world?

amateurhour

It all depends. Unfortunately there is no set amount. Is it the V6 or the V8? Because even though the V8 probably has a higher value, you'll be able to sell the V6 for more just because of the gas prices.

I'd say take whatever the blue book is, set your sell price 10% lower, and see who bites, while being willing to negotiate as far as 20% lower if it's not too low a figure for you to take.

Rius

It's the V6, which has been nice enough as far as gas goes. 10%-20% lower is pretty acceptable for me, if that's what it winds up being.

Spudge

KBB tends to be pretty close, and most people use it (or NADA guides which is more popular) when doing their own research

The Crowing One

What you should look out for is the big drop in value over the first 3-4 years. Since this is an '08, you're going to bear the brunt of the loss of value if you try to sell. The biggest indicator is really mileage. Take an average of 15k per year and see where it stands up. If it's under, you can ask more; if it's over ask less.

Regardless, and somewhat off topic, you're crazy to sell an '08 now unless you have huge issues with the car. Getting another year or two out of it is a better financial decision than selling now. Due to the rapid, rapid devaluation that happens during this period, you'll see slower drops in KBB value forth a few years while gaining the use of an auto without additional base cost.

JHunz

The advice above is pretty much for selling it yourself though. If you expect to get KBB trading in to a dealer you're going to be sad when they quote you their price.

DevoutlyApathetic

Yea, trading in to a dealer is going to complicate things quite a bit. They will use the numbers to "give" you more for it but the financing terms might get slightly longer.....

You'd be likely better off selling it yourself. The used car market is pretty strong for sellers at the moment, though it not being the most fuel efficient vehicle will hurt you there.

Rius

For some more info, I bought it used for 16,500 a couple of years ago with about 18k miles, and it has 37k miles now. So I'd say it has less than the average # of miles. KBB is saying 12-13k, so by that measure it hasn't lost too much value with respect to how much I paid. It'd be a different story if I bought it new, I'm sure.

The Crowing One

Hm, that all sounds about right. Cars.com backs it up, nationally. Depending on the exterior and interior condition and trim you could be safe trying it in the $15k range, though two(+?) owners will be an issue. I think it would be worth it to try to price it there around $14-15k and sell yourself, to see if you get a bite. Otherwise the ranges there seem good if you adjust toward climate and condition.

Also, as pointed out, a dealer quote will be different.

L Ron Howard

KBB pretty much aggregates data for the car based on your region. For example, lots of cars in similar condition with similar miles and options only sell for $3k by you, but by me they sell for $10k.
Or the original VW bug sells for $5k in California, but in Ohio they sell for $300.

If nothing else, it's a great place to start negotiations.