In Michigan.
Has anyone had experience with KBB lately? How accurate it might be?
KBB trade is a saying my vehicle is worth about 45k on trade. Carvana/vroom offered 41k.
My payoff though Ally is $35k.
Trying to decide to keep the truck or roll the equity into something else. Perhaps something that typically isn’t discounted as much as a domestic vehicle.
Thats your buyout. Ally charges market rate to 3rd party dealers, so you would have to buy it and resell to capture any equity, with taxes taking a big bite out.
Kbb also isnt really a good indicator of actual value. It tends to lag the market.
I know KBB has always been pretty bad. Just wasn’t sure about right now. I would have no problem buying out the truck. I would pay about $2100 in taxes.
You think Ally would charge a dealer more than $35k?
What KBB says is quite frankly irrelevant considering they don’t purchase cars
Absolutely, unless its an ally affiliated dealer.
What source do you think is best to get an approximation of the actual value?
The only thing that matters is what people that can actually write a check will pay
The real purpose of KBB WAS to give you a value for the car when you crash it. That’s about it, they don’t have current market value and never will.
Many folks think that it translates to market value and it rarely does.
For a while Enterprise Car Sales was tracking pretty close with KBB Good/Very Good condition, but they seem to have fallen off the radar as a viable selling venue judging by posts over the last few months.
I totally agree with the notion that something is only worth what someone is willing to pay. I also understand KBB for what it is. Dealers use it to lure people in. It is marketing like all other things in the car business. The issue I am faced with is this: do I roll equity into a new vehicle or keep the truck I have?
This can be affected by how much I can get for the truck vs. how much premium I have to pay for the new one. If I take something like a Telluride that even before the pandemic wasn’t getting discoutned much and buy it at sticker, roll in 9k worth of equity it might be a good deal.
Going to another Ram that has seen a 6-7k bump in sticker price MINUS the 10k+ in incentives that I got on my truck and is pretty common around Detroit, then I will get hosed in a couple of years when the market goes back to normal.
I hope this makes sense.
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