Does Kelley Blue Book Values Apply When Selling A Junk Car?
To accurately assess a junk or broken cars current value depends on tools that aren’t available in Kelley Blue Book. The Blue Book is not a very useful valuation tool when trying to find a junk cars value. Unfortunately it can’t account for damage, repair costs, or salvage vehicle prices accurately.
Salvage car values tend to be closer to around 50% of the Kelley Blue Book Value. Junk or broken cars are worth significantly less than 50%. The KBB value reflects pricing for a drivable car, not for junk or broken vehicles. You may be able to check auto salvage rates in your area to get an approximate value for vehicles in a similar condition as yours.
What Is Kelley Blue Book Exactly?
Most commonly known as the Kelley Blue Book or just Blue Book Value, is a valuation tool you can use online to get a fair appraisal on car and truck selling prices. You just enter your vehicle’s details – year, make, mileage, options, color, condition, etc – then it provides several price values including, trade in, private party, and retail.
Only since 1995 have Kelley Blue Book values have been accessible to the public. It was a wholesale pricing tool that priced each make and model based on condition: excellent, very good, good, and fair for used car dealers. The physical ‘Blue Book’ was delivered to dealers on a regular basis. You can find your car’s Blue Book value online at KBB.com.
Why Kelley Blue Book Can't Price Junk Cars Accurately?
A different set of factors go into calculating values of junk and broken vehicles. The formula used to estimate the value of automobiles for Kelley Blue Book are the make, model, year, condition, mileage, location, and other factors influence the KBB estimated purchase price. The value of a junk vehicle is largely based on the current scrap metal prices for the salvageable parts of the vehicle.