NADA vs KBB
#1
NADA vs KBB
Does anyone know the difference between the two? I know that my bank (USAA) uses NADA for a basis for car loans. The difference in what my car is worth is quite a bit though. I'm just trying to figure this out a bit. Here are the links:
http://www.kbb.com/KBB/UsedCars/Pric...uizConditions=
http://www.nadaguides.com/usedcars.a...a=-1&mi=140000
http://www.kbb.com/KBB/UsedCars/Pric...uizConditions=
http://www.nadaguides.com/usedcars.a...a=-1&mi=140000
#3
Does anyone know the difference between the two? I know that my bank (USAA) uses NADA for a basis for car loans. The difference in what my car is worth is quite a bit though. I'm just trying to figure this out a bit. Here are the links:
http://www.kbb.com/KBB/UsedCars/Pric...uizConditions=
http://www.nadaguides.com/usedcars.a...a=-1&mi=140000
http://www.kbb.com/KBB/UsedCars/Pric...uizConditions=
http://www.nadaguides.com/usedcars.a...a=-1&mi=140000
You would have to assume that its just simply two different companies estimating values in separate ways. You would probably need to find someone that works for each company to find out their process in evaluating and placing value on used cars.
Most reputable banks and credit unions base loans off NADA, which from what I've noticed gives higher values than KBB for used cars.
Obviously most people buying a used car like to use KBB for the lower price reasons.
#6
TMV.... look up the true market value in your area.(edmunds.com) Its the best system other than the blackbook used at the auction-which isn't available to the public for free. NADA and KBB is for your parents. GL
#7
KBB is the most accurate period! Its used by dealers everywhere, Im a used car dealer myself and strictly use KBB. KBB is just more accurate. That blackbook is bogus....Im not gonna ever believe the value of my 2001 GS430 is $6,000 thats the kind of values the blackbook gives you....Basically it takes the actual book value and slashes it in half!!
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#8
KBB is the most accurate period! Its used by dealers everywhere, Im a used car dealer myself and strictly use KBB. KBB is just more accurate. That blackbook is bogus....Im not gonna ever believe the value of my 2001 GS430 is $6,000 thats the kind of values the blackbook gives you....Basically it takes the actual book value and slashes it in half!!
As to the KBB vs NADA, I know that my insurance company (State Farm) used NADA to settle up with my wife's ES300 that got totaled by our son a few years back. I remember KBB's price on an 00 ES300 was lower than NADA ($11,000 vs $14,000). I almost fell over in disbelief when State Farm stated they use NADA and offered us $14000 as a settlement. So I guess you can say that NADA is good for those who have State Farm Ins.
#9
KBB is the most accurate period! Its used by dealers everywhere, Im a used car dealer myself and strictly use KBB. KBB is just more accurate. That blackbook is bogus....Im not gonna ever believe the value of my 2001 GS430 is $6,000 thats the kind of values the blackbook gives you....Basically it takes the actual book value and slashes it in half!!
Last edited by KNEXX; 10-27-09 at 10:00 PM.
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