The Meaning of a Car’s Black Book Value
The Blue Book has long been the industry’s standard when talking about determining the value of used cars. But, there are many other colored books which determine the same aspect of a used car. But recently, the Black Book has become the number option in the industry for both dealers and consumers. This book was produced by the National Auto Research Division of Hearst Business Media Corporation.
The Black Book has been considered as the epitome when it comes to a car’s value in wholesale and categorizing vehicles as Extra Clean, Clean, Average, and Rough based on the car’s overall condition. For this matter, the book’s experts and creators attend over 50 auctions every week. In these shows, they inspect vehicles with regards to their condition, choices, features, the amount of mileage that each car has recorded, and the bargaining price. This is used thereafter to distinguish a car’s wholesale value accurately. And because of this, the black book releases an updated version of its content every week; unlike their other counterpart.
The number of a vehicle in the Black Book will be used to set-up its price in the market and its value when it is being traded-in. This helps in ensuring that both parties - the dealers and buyers - are on common ground. The dealers get a fair value for the sale of the used vehicle while the buyer can have an idea what the possible value range is for the vehicle.
Black Book has recently been considered in the market while NADA Blue Book is one of the oldest Blue Book Value estimator in the market. You can always compare Black Book value with NADA Blue Book value for suggested buying/selling price.
The Importance of Getting your Car Appraised
An appraisal of the vehicle will give you an estimate regarding the value of the car when it is in the market. This will give buyers and dealers alike an advantage of knowing the value beforehand. The value will be an important catalyst in the decision making process with regards to buying a particular vehicle, what sound offers should be sent across the table and which offers should be entertained. It gives both parties negotiating power.
Benefits of having a Car Appraised
The point of appraising a car is to know how much the car’s value is before you dive into the market. This gives an advantage during the negotiation process.
For the dealers, it basically helps you in getting the most value for the car that you are planning on selling. For the buyer on the other hand, it is also important in order to avoid paying more than what its true worth is. And this is very common nowadays because of the need of money, any dealer will jump on every opportunity to get more than what its worth.
Determinants for the Car’s Appraisal Amount
In coming up with a value for a vehicle, an appraiser takes into consideration many factors. This includes the class of the vehicle, the model and the year that it was made, and the overall condition that the car is in upon inspection. The record of the car’s maintenance is also taken into consideration, and this time the value is in reverse proportions to the condition of the car. The value of the car increases when the use of the car is evident. This means that the more wear and tear is seen, the higher its value. On the other hand, the more well maintained it looks, the more difficult it is to get a higher appraisal rating. You can read more about determining NADA Blue Book Value here.
Places to get a Car Appraised
Again, appraising a car is very important in order to gain knowledge regarding a used car’s true value. It is an important tool going forward. And there are several places or people you can approach in order to get this done such as:
- Guides such as the Black Book and any other colored book is a helpful tool that can aid you in knowing the value of every vehicle especially that it updates itself by personally going to car auctions to take a look at a particular make and car model.
- Dealer Estimates, but make sure that they can be trusted. They will be able to give you an approximate regarding its value. This takes into consideration the model of the car, the make, the year it was manufactured, and the overall condition of the automobile.
- Professional appraisers are licensed individuals whose main function is to determine an antique’s true value.
Remember, being prepared beforehand is an asset. It saves you the pitfall of spending too much or getting an amount which is under the true value of the vehicle. We will always recommend you to consult NADA Blue Book for a good Blue Book value when buying or selling a car.