Us Blue Book Car Value
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us blue book car value
About Kelley Blue Book (www.kbb.com)Founded in 1926, Kelley Blue Book, The Trusted Resource, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book Trade-In Values and Kelley Blue Book Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
About Kelley Blue Book (www.kbb.com)Founded in 1926, Kelley Blue Book, The Trusted Resource, is the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Each week the company provides market-reflective values on its top-rated website KBB.com, including its famous Blue Book Trade-In Values and Kelley Blue Book Price Advisor tool, which provides a range for what consumers can reasonably expect to pay for a vehicle in their area. Car owners looking to sell immediately can also get a redeemable, transaction-ready offer with Kelley Blue BookSM Instant Cash Offer. The company also provides vehicle pricing and values through various products and services available to car dealers, auto manufacturers, finance and insurance companies, and governmental agencies. Kelley Blue Book is a Cox Automotive brand.
Blue Book Cars is ready to show you how easy it is to find a quality used car in Sanford. Blue Book Cars believes in great service, fair pricing, and treating our customers right. Our values help customers come back as satisfied repeat buyers.
The company reports market value prices for new and used automobiles of all types, as well as motorcycles, snowmobiles and personal watercraft.[18] For both new and used automobiles, Kelley Blue Book provides a fair market range and fair purchase price, based on actual transactions of what others are paying for a vehicle and adjusted regularly as market conditions change.[19][20] For new automobiles, Kelley Blue Book also provides information about a car's MSRP and dealer invoice price.[21] For used cars, Kelley Blue Book provides typical listing price, certified pre-owned price, trade-in value and private party value.[22][23] Kelley Blue Book also offers expert and consumer vehicle reviews and ratings, and 5-year cost to own information for new cars.[24][25]
However, you may be able to make a case that the pieces of the car were worth more than the book value and so increase your settlement. To do that, you'll have to submit evidence such as mileage records, service history and affidavits from mechanics to show that your car was worth more than a typical car of its make and model.
This type of vehicle diminished value represents the difference in resale value immediately after an accident and before the vehicle is repaired. Although this is the type of diminished value that court systems use, it is rarely used when filing a diminished value claim with an insurance company, since the company covers the cost of repairs immediately after a covered accident.
Most insurance companies in the United States use a calculation called the 17c Diminished Value Formula to determine the new value of a vehicle post-accident. This formula originated in a Georgia claims case involving State Farm, where it appeared as paragraph 17, section c, which is where it got its name. Below are the steps used to calculate diminished value under this formula.
You can determine the sales, or market, value of your vehicle using the NADA or Kelley Blue Book websites. Both offer a calculator where you can input a few pieces of information regarding your vehicle. You will need to include the year, make, model, mileage and the extent of damage done to your car.
Insurance companies commonly apply a 10% cap, known as the base loss of value, to the sales value of your vehicle estimated by NADA or Kelley Blue Book. This cap is the maximum amount your insurance company will pay on the claim.
Insurance companies use a damage multiplier to adjust the value of the vehicle described in step two. The 10% cap value is multiplied by a number ranging from 0.00 to 1.00 according to the structural damage done to your car after an accident. The 0.00 multiplier represents no structural damage or replaced panels, while the 1.00 multiplier represents vehicles with severe structural damage.
While NADA and Kelley Blue Book take the mileage of your car into consideration when determining the value, insurance companies calculate their own mileage deduction. The adjusted value in step three is multiplied by one of these mileage multipliers to calculate the final diminished value of your vehicle.
Under formula 17c, to calculate the diminished value of your car, you would take your vehicle value and multiply it by a 10% cap. You would then apply a damage multiplier based on the damage to your car and a mileage multiplier based on your mileage.
If you are at fault in the accident, your diminished value claim will likely be denied. If the other driver is at fault, then you should contact their auto insurer to discuss its diminished value claim process.
It is important to note that state regulations also affect how diminished value claims are handled. Since every state has different statutes regarding insurance, researching state laws will better help you understand your rights regarding the diminished value of your vehicle.
Since each state goes by different statutes for diminished value payouts, it is important to research the regulations in your state. All states except Michigan allow for some level of diminished value claim to be filed if the other party is at fault.
As a result, a vehicle with an accident history will be less desirable and will attract a smaller pool of potential buyers. This will drive down the value of your vehicle below the Kelley Blue Book value.
Your diminished value impact after an accident is simply the discount that a buyer would demand in order to encourage them to buy your vehicle instead of a similar vehicle without an accident history.