Lux Cars Chicago in Buffalo grove, IL | Rated 4.7 Stars | Kelley Blue Book (2024)

FAQs

What is considered fair on Kelley Blue Book? ›

“Fair” condition means that the vehicle has some cosmetic defects that require repairing and/or replacing and requires some mechanical repairs. The paint and bodywork may require refinishing and body repair. The engine compartment has leaks and may require a tune up. This vehicle may have some repairable rust damage.

Fair Purchase Price is determined by collecting thousands of actual consumer vehicle purchase prices, plus data from national vehicle registration databases and several other reliable third-party sources. Kelley Blue Book's lead analysts and statisticians review and validate the data each week for reliability.

The Kelley Blue Book^® Lending Value is Kelley Blue Book's benchmark value for wholesale and retail lenders. Based on the Kelley Blue Book^® Auction Value, the Kelley Blue Book Lending Value assumes that the vehicle is in good to excellent condition, fully reconditioned, inspected, and prepared for retail sale.

Kelley Blue Book's 5-point Expert Rating scale — from 0.0 (worst) to 5.0 (best), with each digit broken into tenths — represents a system of measurement that we are all very used to using in our everyday lives.

You can find the actual value of your car by going to a library or bookstore and referring to a Kelley Blue Book. Or, you can find similar vehicles that are being sold in your area (within 50 miles of your zip code) with local auto trade magazines, or online.

Please note that insurance companies do not have any obligation to use Kelley Blue Book pricing to determine replacement values. Insurance companies use Kelley Blue Book as a reference but will set their own policies as to which values they use.

As stated above, the Black Book is what dealers usually refer to when trying to figure out how much a used vehicle or trade in is worth. Consumers will typically use Kelley Blue Book values when estimating new and use vehicle costs.

Since 1926, Kelley Blue Book has been one of the most trusted names in the auto industry.

KBB factors in the condition of the vehicle, local market conditions, and popularity of the vehicle, so their prices tend to be a lower than NADA. NADA values tend to lean higher because they assume cars are in good conditions. Insights can be gained from both values, but KBB looks at more factors.

Examples of vehicles in poor condition are ones with severe mechanical issues, substantial cosmetic defects, a branded title (such as salvage or flood) and so on. Learn how Kelley Blue Book determines vehicle price information.

What are two things you definitely should do with a used car before buying it? ›

The Black Book value is essentially the wholesale or auction value of a car. Black Book sources pricing data from both wholesale auctions and actual vehicle transactions from across the country. They update or validate their used car prices on a weekly basis.

The Fair Market Range is Kelley Blue Book's estimate of what you can reasonably expect to pay this week for a vehicle with typical mileage and options (or with the miles and options you specify), excluding taxes, title and fees when purchasing from a dealer. Each dealer sets and controls its own pricing.

In most cases, you'll still need to negotiate the value of your trade, the cost of financing and the price of any add-ons. If a car is in high demand, a dealership can charge far more than the sticker price. When demand is lower, you can expect to pay less than the sticker price.

For generations, Kelley Blue Book has been the industry-standard for trust and transparency providing vehicle valuations, expert ratings and reviews, and editorial content relied upon by consumers, automotive dealers and manufacturers.

Kelley Blue Book doesn't provide price information for cars in poor condition. Examples of vehicles in poor condition are ones with severe mechanical issues, substantial cosmetic defects, a branded title (such as salvage or flood) and so on. Learn how Kelley Blue Book determines vehicle price information.

A "good" vehicle will need some reconditioning to be sold at retail. Most consumer owned vehicles fall into this category. Fair condition means that the vehicle has some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition.

What Does Fair Condition Mean? This means the patient's vital signs are stable and within normal limits. They're conscious, though they might feel uncomfortable. And the doctor expects them to have a favorable (promising) outcome.

KBB fair market value, officially known as "Fair Purchase Price," is the term used to describe the market value of a new or used vehicle set by Kelley Blue Book's pricing system. Edmunds has similar pricing information for new and used vehicles.