How close is Edmunds and KBB for trade in values?

[Farmingdales Finest]

I am contemplating trading in my 2014 1500 after ironically getting an alert from Credit Karma saying last month that the value of my truck went up $1600 in the previous month. I have loved the truck and wasn't even thinking about getting rid of it yet as it has been the most reliable vehicle I have ever had.

Since then it spurred my curiosity what my truck was valued at so I looked it up on Edmunds.com and KBB. They both have my truck valued at between $20-24k. I thought that was crazy since I paid only $27,900 in 2016 with 36,000 miles on it. It is in very good shape but it is a daily driver and not a garage queen. I have been meticulous with the maintenance and typically give it a full detail once a year.

Those trade in values seem like they are probably close after I saw a local Ram dealer offering an almost identical truck with 3,000 less miles for $26,900.

So I have been researching possibly getting a 2500 because I will likely be getting a TT in a couple years and want the towing capacity. Yesterday I went to another dealer because according to their website they had 3 trucks I would be interested in but of course they didn't have any of them and was told they were in transit. I let them look at my truck and they offered me $15,000. Based upon my research this sounds extremely low especially after a friend traded in his 2 year old Jeep for $10k more than he paid for it new. I understand Jeeps are unique but again seeing another same year and roughly same mileage Ram being offered locally for almost what I paid 5 1/2 years ago seems to support my belief.

Am I being grossly low balled or is KBB and Edmunds off?

 

[HEMIMANN]

KBB is always substantially higher. Edmunds is in the middle. NADA is lowest. KBB helps you when selling, hurts you when buying. While NADA Blue Book used to be the gold standard before the internet, no one I've dealt with uses it anymore.

Edmunds still commands respect in the market from my experience and I have successfully used it as a middle ground valuator for both sellers and buyers.

 

[Loudram]

Just for the fun of it take it to CarMax and see what they offer you. Can't hurt.

Yes, I think the dealer low balled you.

I've seen a few guys on YouTube saying that the bubble may soon burst on car and truck prices. That could both hurt and help you. If they bubble bursts and prices drop then the dealerships might get stuck with a ton of used vehicles that they paid to much for. So they won't want to pay up for your truck. So if your going to jump, I would jump now and trade in your truck. Better yet if you can, sell your truck and wait a few months to see if the prices do drop and buy cheaper. That's if you can do without your truck for a few months.

 

[Farmingdales Finest]

Just for the fun of it take it to CarMax and see what they offer you. Can't hurt.

Yes, I think the dealer low balled you.

I've seen a few guys on YouTube saying that the bubble may soon burst on car and truck prices. That could both hurt and help you. If they bubble bursts and prices drop then the dealerships might get stuck with a ton of used vehicles that they paid to much for. So they won't want to pay up for your truck. So if your going to jump, I would jump now and trade in your truck. Better yet if you can, sell your truck and wait a few months to see if the prices do drop and buy cheaper. That's if you can do without your truck for a few months.

Carmax offered $17,000 and vroom offered $18,750 online. I have always bought used and run the vehicles into the ground so this is the first time I have even thought of selling a vehicle that I have loved owning. So in reality I am in no hurry to either want or need to sell my truck.

I am hoping this lasts until the end of the year because my son goes into the Navy in November. I could sell my truck then and use his truck while looking for what I want or waiting on something I order.

 

[HEMIMANN]

The bubble will burst - bubbles always burst. The only question is when, so if a guy can strike at all inside the bubble, do it. Not to the point of not making house payments or something, though.

 

[stembridge]

It looks like used truck prices may be starting to fall back somewhat as new truck deliveries are starting to increase, so if you're gonna do something, sooner might be better. The highest trade-in offer I got on my '15 2500 Tradesman 4x4 RC/LB was $22K. Vroom offered $26K, higher by $2K than any other car buying service. Ended up private-selling one month ago for $27.5K.

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