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Blue Book Value
Explanation:
Refers to a vehicle's worth, as stated by the Kelley Blue Book, a widely-used reference guide that lists prices and values for new and used vehicles of all makes, models, and years. While people generally refer to Blue Book value when discussing car prices, it also contains information about motorcycles, RVs, personal watercraft, and snowmobiles.
For new vehicles, the Kelley Blue Book lists the Manufacturer Suggested Retail Price (MSRP), dealer sale price, and what other buyers paid (if you are accessing the information online). For used vehicles, it provides retail value, trade-in value, and private party value.
Private sellers often reference a car's Blue Book value in order to establish a fair sales price, and insurance companies use it to determine whether the car is worth fixing or should be declared a total loss.
Our Thoughts:
While it's important to reference any car's Kelley Blue Book Value prior to buying it, doing so is imperative if you plan on purchasing a car from an individual rather than a dealership. In addition, make sure to double check that someone is right if they quote you a Blue Book value because not only are there a number of knock-offs out there, but unscrupulous sellers could also use the confidence that the Blue Book name instills in people to lie to you.