BLACK BOOK Car Values most Accurate (THE REAL REASON KBB is WRONG) Kevin Hunter The Homework Guy
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- Опубликовано: 6 фев 2024
- Kevin Hunter gives Black Book Car Values to members who sign up for direct help!
Need Trade in value or a Used Car value? Accuracy is Key! Black Book car value is the only trusted car book value used by banks and credit unions.
Black Book, founded in 1955, is widely known for providing accurate car valuations for the automotive industry. KBB is most popular because it's FREE to the public. JD Power and NADA should NOT be used. NADA is the MOST-Anti Consumer organization in the Car industry, and JD Power is in bed with them!
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Why do we ONLY use Black Book, and how is Black Book different, better, and more accurate than all other books for Car Valuations? In today’s show we’ll answer that question, and at the end today, we’ll share a few more details on the launch of our Wholesale Car Purchasing Program and how YOU can get involved!
Why do we always use the word Homework in everything we teach? Because at the center of every successful car purchase was a ton of homework. Educated buyers DON’T get swindled, and it was always HOMEWORK that got them into a good car deal. But, today, we’re presenting you with some Homework to do on Black Book, and a few of the not so great competitors out there. We share our thoughts FREE of any entanglements or financial obligation to ANY of these organizations. We’ve seen what works, and why, so today, we’re going to tell you WHY.
The Black Book family of vehicle appraisal guides in the United States, providing vehicle pricing data, is published by National Auto Research, a division of Hearst Communications. Funny how there’s always layers of ownership, right? New and Used Car Dealers, Lenders, Manufacturers, Fleet Remarketers, and even many Government Agencies have used Black Book since 1955. It grew the fastest of all the book values out there because it quickly became known for its accuracy. In ANY Car Market, but especially TODAY, accuracy means everything. Today, it’s no mistake that Black Book has over 30,000 dealer members nationwide which is more than double what the likes of KBB or NADA, or JD Power have. This is WHY we choose Black Book too, and I LOVE using it!
Of the competing vehicle book valuations out there, here are the founding years and some details about each:
Black Book was founded in 1955. It is widely known for providing accurate valuation information for the automotive industry, with a focus on wholesale and residual values, primarily serving dealers and financial institutions because it’s a subscription access only. Thankfully, it’s here on The Homework Guy channel, that you, the consumer can also get access to Black Book value information. If you’d like fast service with bookouts, become at least a $29.99 Homework Guy Help Member here on our channel, and Liz turns those book-outs around pretty fast for you!
LIZ: Ranked at #2. KBB (Kelley Blue Book) This car book service dates back to 1926 when Les Kelley, a car dealer, first created a list of automobile values. Kelley Blue Book, known widely as KBB, has become one of the most popular sources for vehicle pricing and information. But, popularity doesn’t mean accuracy. It’s popular with consumers MOSTLY because KBB made book values available to the general public. Of course that draws a crowd. But, there happens to be a Dealer Book version which has different info and numbers than the consumer information. Why would they do this? That’s a great question for KBB. Why tell consumers one story, and dealers another? But, their ownership record is “sort of” an answer: After being started by Les Kelley (a dealer) in 1926, years later KBB was acquired by AutoTrader, which is a subsidiary of Cox Automotive. These big Automotive companies are NOT known for transparency. After its acquisition, KBB operated as a subsidiary of AutoTrader, but is now widely known to be under the Cox Automotive umbrella. 
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We have a FREE Merchandise give away at the end, today!
I'll keep you guys in mind when I am needing a new car. Right now, I plan on sitting on what I have for a while.
Not a bad idea!
My brother got thrown off a car lot back in the 1970s when he pulled out a NADA book out of his pocket.
I stopped using KBB when I did a new car comparison and they said a 2024 Toyota Crossover didn't include power windows! What?? I only go to Edmunds, Consumers Report, and of course YOU TWO!!! I'm learning a lot and since I have a few more months left on my car lease, I will absorb all this information and have a nice checklist ready when ready to revisit the dealerships for my next vehicle.
Thank you.
Good information
AS ALWAYS.
I APPRECIATE the work you do to keep us all informed !! 👍🏻👍🏻
KBB has a mistake on their valuations for for first generation Honda Ridgelines. They list the highest price model as the RT but the highest price model is the RTL and in later years the SE model, the RT is the stripped down model. I called them and was told, there is nothing they can do. This costs consumers money on trade, but they don't seem to care.
Not too surprising...
Outstanding. Thank you. Blackbook helped me get much more for a trade-in a couple years ago than I would have otherwise.
Great to hear!
Where did you get your black book?
I have a lease coming up the first week or so of May. I despise what I went through when I leased it three years ago. I feel they held me hostage and wore me down.
I haven't seen a black book since the early 1970s when I worked as a Claim Manager for a major insurer. At the time my company required that we settle total loss claims using the Black Book and I vividly recall the flood of complaints from our customers to the state Insurance Depts alleging that we were offering far less than the fair value of their cars. NADA book was always the highest dollar book at that time and KBB was somewhere in between. I assume those positions remain today. If you are offering to buy cars for customers for $1500 >over Black Book that is probably a pretty good deal.
I frequently watch your videos and now I see you, like Car Edge, Ben Hardy and a growing number of auto "experts" are offering car buying help which many buyers really need . I can't wait for the FTC regscurrently in circulation actually go into effect this year and hope they don't get delayed or watered-down! I will however believe that when I see it!!! Keep up the good work.
Years ago a dealer offered me wholesale value from the Galves Guide on a trade in, but used KBB retail prices to sell used cars. Huge difference in values.
Hi
Lorna from Manitoba Can. What do the Canadian dealerships use to value their cars? Two years ago we bought a Buick encore privately didn’t realize when we went to ensure that it was a “rebuilt” 😮. We took it to the mechanic and had it checked up to bottom and he said there was no frame displacement, etc. and on CARFAX it was listed as a front bumper hit and airbags being replaced as they were deployed. we’ve had no problems and it’s been a great car and very luxurious… We want to trade it in now and we’re worried about what it’s worth in THEIR BOOKS ! 😵💫🤔 they’re so sneaky, we’ve compared a 2014 Buick encore premium ( turbo-loaded) in the market between Manitoba and Saskatchewan so we somewhat know what they’re going for but the ones we’ve looked at are not rebuilt. What should we expect as a percentage off retail price?
I’ll look for an answer if you get time 👌
Hi, thx for the information. I plan on using your wholesale car buying service in the future and have a question. YOu and others have said the used car prices are coming down. So when is the best time to buy? I know it's like looking into a crystal ball and is there a ball park "best time to buy?"
I have the luxury of time so I can wait for that time of the year...
Thanks again, you guys are great!!
mitch
It depends. Some of the gas guzzlers have already dropped substantially, and there were some 2023 vehicles left on the lot. In September, I picked up a 2023 Ram Tradesman (low end trim) for ~4500 less than invoice (not MSRP, but invoice). Smaller vehicles seem to still have a reasonable demand, so, in my opinion, wait a bit longer for those.
Not only that, but there is an honest dealer close to me. No dealer add-ons and they suggested I use my own credit union. Doc fee was reasonable too.
If this helps, I'm personally waiting until mid summer to buy another used car.
Tnx Kevin.. Mid summer works for me also...and I'll keep a pulse on the market. Manheim down 23% from peak. Lets see where it will go. @@KevinHunter
Cutious about your thoughts on using MMR pricing guide. Is it a credible source for dealers only? How accurate and up to date? Any advantage to the average consumer when researching a used vehicle purchase or to evaluate a trade vehicle? Thank you. Love your content and passion.
The base MMR is the average wholesale price. It's more useful as a dealer reference.
Great vid! I'm told that motorcycle dealers use NADA. Is there blackbook data (or a more accurate source) for motorcycles?
Use KBB for motorcycles. Never use NADA. Black Book also publishes motorcycle values.
Awesome!
Thank you! Cheers!
Are we still going by the Average/Rough retail prices when negotiating prices?
Never trust a single source. Use all three
Car price on Internet for used 2018 Mazda was $18870, with 24800 miles. It also said "Internet pricing on some vehicles includes Mazda Finance Rebates. Incentivized rates may affect incentives and/or pricing. Plus dealer installed equipment $2,895.00. Prices do not include tax, title, license, $999.90 doc f
nd other dealer installed options. Off Mly on vehicles in stock at the time of nurchase and prices expire at midnight on the uate displayed. Does that mean the $2895 is included in the $18870 price?
No matter how you slice it, the name of the capitalistic game in the auto industry is to keep information out of the hands of consumers. Black Book chooses to make their information unavailable to consumers; they don't have to. Given the power of computers and the nature of the internet, Black Book could just as easily directly offer me a subscription to their service rather than having to go through you guys as a "lucky one", but they don't. Ask yourself why. Information that is free is generally vague or useless. What dealers actually pay to acquire a used car is more secret that the nuclear arms code. I should be able to ask a dealer for the auction invoice on the car plus his recon fees, and negotiate a fair price from there. But I can't. That's why I have to do all this homework, and I hate homework now as much as I did in school.
Nobody likes the game involved. Neither do we. We're working on changing it.
ruclips.net/user/postUgkxg3ES8ULTk5fvogwBX0dUT5yb9Rz_4DVx
What about Galves or V auto ?
I thought Black Book is another generic term like Alcantara but atleast I know now.
You got it. Black Book is not a generic term!
I always use Mannheim dealer auction data
Can that be accessed for free?
@@arthurl.9985 no sir, you need to be a licensed dealer
Is there a way to get black book value for my car from THG team for a one time flat fee? Without subscription?
On our website. There's a way to do it. thehomeworkguy.com
How well are the cars you purchase inspected?
Verry thoroughly inspected. Next to brand new, most of them!
@@KevinHunter Good to know. I used many of your vids when I purchased my last car. I had 4 dealers competing for my business and it was the first time it was enjoyable. Keep up the good work.
I'm looking at GMC Sierra's. Should the pandemic years be avoided 2020, 2021, 2022?
It pays to be careful with those years regardless of the make!
Anything made March 2020 or after has poor quality parts....
the place that I worked at makes parts and we have employees that come from other plants that made vehicle parts if you would hear the stories that we swap, you'd probably think twice before looking at those vehicles 😏
One of my neighbors is a car wholesaler. He says that no one uses
Black Book anymore. There is an app on his phone he uses to scan the vin right off the car. It tells him what an exact last car brought at the most recent auction.
Can you get the app name from him?
He's full of crap. Black Book by far has the greatest number of users, 30,000 of them are dealers.
It's called the Autoniq App!!!
I have tried to give you the name of the App but my reply keeps getting taken down. Cancel culture here too??
@@davidsiddall2289 can you somehow disguise the name of the app within your reply?
I have an F-350 Super Duty Lariat Diesel Turbo engine, 4X4 with 33 plus miles got appraised at Jim Burkes Ford in Bakersfield, for 15 K under along with Kelly Blue Book and Car Gurus. The truck still under warranty, very well taken care of and these above mentioned entities want to rip me off.
Please don’t use them they are dishonest and don’t recommend them to no one.
Nissan stock price collapsed today so expect more of that en route. Long $hmc Honda Motor Corporation strong buy
My CU uses JD Power for their loan pricing
Some do
What about new car prices??
MSRP is the new car price.
Is this fair? Is it likely to change in 2024?@@KevinHunter
$1500 over the wholesale cost? Is that the best you can do? 🙂
I would love to use Black Book to sell my used car but I can’t gain access to it
We give our viewers access to it through our membership progrm. We don't have any choice but to limit it because we only get so many book-outs per month.
USAA will give it to you if your a member.
@@rrt08USAA will give you the black book value of a specific make and model?
Join information video describing levels never mention access to Black Book. I assume you have access only and will look up info on our behalf? No problem. Just clarifying. :)
Black Book isn't mentioned on our member levels because it;s just a voluntary added perk. It's available on Homework Guy help and Homework Guy Consults.
Harsh? You have to use many more adjectives before it would be considered harsh Kevin 😂
Isn't that the truth? NADA lives under the belly of a snake!
Is Elizabeth okay? She seems overly sad or out of energy this video.
Hey Kevin, you know used car prices are controlled by COX Automotive. End-of-story.
If that was the end of the story, why does KBB struggle for validity when it's owned by Cox Automotive?