Most people think Kelley Blue Book (KBB) is the holy grail when it comes to the value of vehicles.
The downside is the value KBB gives people is seldom the right value.
Here are a few reasons why the values may not match.
- Actual condition vs. perceived condition
- The trim level of the vehicle is not accurate
- Accessories are not accurate
There is a deliberate reason for this.
It’s called Price Anchoring.
Kelley Blue Book wants you to be so enticed by the value they show you, that you want to move to the next step, which is to start looking for a place to buy a car.
And this is the sticky information that KBB doesn’t want you to know.
THEY SELL YOUR INFORMATION TO EVERY DEALERSHIP THAT SIGNS AN AGREEMENT WITH THEM!
They are not looking out for you as a customer. They are looking out for their paying dealers!
Dealers sign big agreements with them to get leads, so they will do what they need to in order to keep them happy.
They are owned by Cox Automotive. This is the same company that owns Autotrader, Manheim and Reynolds & Reynolds.
All of these companies cater to dealerships:
Autotrader – platform dealers use to showcase inventory (another lead generating tool)
Manheim – an auction that dealers use to buy and sell used cars
Reynolds & Reynolds – a software program that dealerships use to run their entire business
If you decide to put in your information on KBB’s website, be prepared to have your phone, email and social media feed blown up by dealerships wanting you to schedule appointments so they can sell you another car, and you can trade yours in.
When you show up at a dealership, if that dealership pays for KBB Instant Cash Offer, beware of this next tactic. They will take you to your vehicle, pick it apart, load it into their system, and the average appraisal drops by 10-20%!!!
Then they print an “official” document that says “Kelley Blue Book Instant Cash Offer” and most customers fall for it because, if KBB says that’s the value, it must be true.
So if you are in the San Antonio area, and would like a real value for your vehicle, without tricks, games or big companies feeding the dealership, then upload your vehicle here for a very different, human to human experience with a real cash offer from a real person via text message in minutes and sell your car lightning fast.
Make sure you check out our other posts!