That doesn’t mean that the negotiations need to end there. Since Black Book is based largely on real sales, car dealers tend to think of their suggestion of value as the guaranteed sale price for your vehicle.
Dealerships will run a report on your trade-in and use it to make you an offer on your car. However, you should absolutely know about Black Book. Now, you’ll be prepared for what a car dealership is likely going to offer you for your trade-in. However, we’ve integrated Black Book evaluations with our CarEdge member solutions. When Should I Use Black Book Values?īlack Book values were once only available for dealerships who paid the membership fee. This is another reason why dealers typically rely on their values - it allows them to make more money when they sell the vehicle. Black Book is typically more conservative than other book values. Dealerships will undoubtedly use Black Book to determine how much your trade-in is worth. Since Black Book valuations are largely based on the selling price of used cars at a wholesale auction, Black Book tends to be accurate in its evaluations. This data is available for CarEdge members. Just like other evaluators, they use as much data as possible about the target car to reach a value. Additionally, they have subsections based on the reported condition of the car. On Black Book’s website, they say that they have precise data that comes from “combining advanced capabilities of data scientists with the industry expertise of automotive analysts.” We like the way that sounds.īlack Book gives different values for wholesale, trade-in, private party, and retail transactions. Just like other evaluation tools, Black Book has a proprietary algorithm for the way that they reach their total number for a car’s value. Their goal is to have information about every car sold at an auction in the entire country. Take note that these are wholesale auctions, which means that they are for dealers only.īlack Book’s data collectors physically visit auctions to obtain sales data, although they also seek data online. How Does Black Book Reach Its Value?īlack Book’s main method to evaluate cars is to visit over 60 auctions throughout the country every week to acquire information about used cars. Join to gain access to Black Book values and much more. Car dealership solutions such as DealerTrack and Eleads integrate with Black Book to provide their sales staff with real-time Black Book values.ĬarEdge is the first non-dealer, non-financial institution to provide Black Book values directly to consumers. Why would you pay a fee to evaluate your car one time? That is a big reason why most consumers aren’t aware of Black Book (until they get to the dealership).īlack Book valuations are provided through many different mediums, most notably a weekly magazine that is circulated among approved sources, and in other formats, including their website and app. Something that is unique about Black Book is that they charge a subscription fee, which means that their book values are typically only available to car dealerships and lenders. What is Black Book?įounded in 1955, Black Book has grown and evolved every decade, but their mission has remained the same: To provide the most accurate car valuations out there.
While consumers are often familiar with a book of a different color (yes, we’re talking about you Blue Book), Black Book is often the one that dealers trust and use. Today, we’re going to take a look at one of the gold standards for car dealerships: Black Book. Members-only pricing on insurance & warranties.Up to 25% off on maintenance and repairs.Everything in CarEdge Car Buying Program.
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Free Data Value ratings, cost to own, and moreĬarEdge+ Membership $120 per year 👉 CarEdge+ pays for itself!.Free Guides Advice, reviews, news & guides.Electronics Warranty Coverage for electronics.Extended Warranty Save on an extended warranty.Finance Get pre-approved before you buy.
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