How close is Edmunds and KBB for trade in values?

[farmingdalesfinest]

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?

 

[rossagge]

Even though the market is commanding high dollar for used trucks right now, dealers are still low balling. I'd try getting multiple quotes from several dealers to see who gives you the most money. Maybe even get quotes from car buying services. KBB has one. As an example, a guy I work with traded his 2013 Laramie 2WD CC w/113K mi. and was given $13k for it in Phoenix, AZ. I thought that was low value. I'm sure there are folks on here that can give you some experience on selling or trading their similar year trucks. I sold my 2020 2500 TM 4x4 CCSB w/22k mi. for a few bucks over sticker price! Owned it just over 8mths.

Check out the 2022 Ram builds and order thread before you pay too much from local dealers. Mark Dodge in Lake Charles La, is still offering aggressive discounts. 10-12% off MSRP! Depending on trim level.

2022 Ram HD Builds and orders - Post and discuss your order here!

Depends,I have seen trucks built and at a dealer in Michigan in 5 weeks,from start of build to the dealer This. It all depends on how much is shipping to the region, then how much to your area from the rail.

hdrams.com

The market is there for your truck. I would think you can definitely get more than $15K for your truck. Shop it around. All the best!

 

[Squatch]

I’ve used the Kelly blue book service to get offers on the truck, it is not nearly as cool as it sounds. They basically handoff to some local dealer who contacts you and then low balls you. I’d recommend trying CarMax from what I have heard. But in the end you’re best selling privately, dealers are never interested in you making money.

 

[Squatch]

Also, to answer your question. They are typically too low on estimates, especially on older desired trucks like 3rd gen Cummins.

 

[Crusty old shellback]

When I was selling off my old veichles to buy my new PW, I looked into several places.

Sold my '01 F250 on CL and got real close to what I was asking for it.
Sold my '15 Hyundai Genesis Sedan to Carvana for $1000 less than what KBB and Edmonds said it was worth on the high end.

But on the flip side, you are going to have to do some searching/possible driving to find a dealer who will sell you a new truck at a deal. Most are jacking up their prices over MSRP due to the shortages.

Supply and demand.

Good luck.

 

[farmingdalesfinest]

I’ve used the Kelly blue book service to get offers on the truck, it is not nearly as cool as it sounds. They basically handoff to some local dealer who contacts you and then low balls you. I’d recommend trying CarMax from what I have heard. But in the end you’re best selling privately, dealers are never interested in you making money.

I put in my truck specs on Carmax's site and they offered 17k. Better but I would either keep it since like I said I wasn't even thinking about getting rid of it until I got the notification from credit karma. If I test drive those trucks and like one enough to want to buy it I will sell it on my own and be able to put down a bigger down payment.

 

[mcarey]

I put in my truck specs on Carmax's site and they offered 17k. Better but I would either keep it since like I said I wasn't even thinking about getting rid of it until I got the notification from credit karma. If I test drive those trucks and like one enough to want to buy it I will sell it on my own and be able to put down a bigger down payment.

Try Carvana and Vroom too. There may be other ones as well, but I used Carmax and those two. The pricing varied by just north of 5K across all three. Unfortunately, CarMax was the best offer I received - but I've seen tons of posts around the internet with people experiencing otherwise.

 

[rossagge]

Part of those services is location too. I float between TX and AZ quite often and for giggles I tried KBB buying service. Like Squatch said, it is linked to local dealerships. They still offered me $5k more than the dealership I bought from in TX. But oddly enough, I tried my hand at another local dealer in TX when I got back and they gave me $5k more than AZ. So from my initial quest to sell, I ended up getting $10k more. Gotta just shop it around at dealers or list it on your own.

 

[farmingdalesfinest]

Even though the market is commanding high dollar for used trucks right now, dealers are still low balling. I'd try getting multiple quotes from several dealers to see who gives you the most money. Maybe even get quotes from car buying services. KBB has one. As an example, a guy I work with traded his 2013 Laramie 2WD CC w/113K mi. and was given $13k for it in Phoenix, AZ. I thought that was low value. I'm sure there are folks on here that can give you some experience on selling or trading their similar year trucks. I sold my 2020 2500 TM 4x4 CCSB w/22k mi. for a few bucks over sticker price! Owned it just over 8mths.

Check out the 2022 Ram builds and order thread before you pay too much from local dealers. Mark Dodge in Lake Charles La, is still offering aggressive discounts. 10-12% off MSRP! Depending on trim level.

2022 Ram HD Builds and orders - Post and discuss your order here!

Depends,I have seen trucks built and at a dealer in Michigan in 5 weeks,from start of build to the dealer This. It all depends on how much is shipping to the region, then how much to your area from the rail.

hdrams.com

The market is there for your truck. I would think you can definitely get more than $15K for your truck. Shop it around. All the best!

After this experience yesterday I looked up airfare to Lake Charles and I can get a one way ticket for $98. If I fly down and drive back to NJ I would roughly spend $7-800 which based upon what I have read here is more than worth it!

 

[rossagge]

... more than worth it!

DEFINITLEY!

 

[farmingdalesfinest]

Try Carvana and Vroom too. There may be other ones as well, but I used Carmax and those two. The pricing varied by just north of 5K across all three. Unfortunately, CarMax was the best offer I received - but I've seen tons of posts around the internet with people experiencing otherwise.

I stumbled upon Vroom right after I read your post last night and they offered just under 19k. If the dealership had offered that I would have seriously considered because personally I am skeptical about the values I keep reading but again I have to assume many places are offering in that range if all of these services are saying the same ranges.

 

[borracho]

For what it’s worth this has been my experience with carvan and vroom while shopping my current truck around. About 1.5 months ago I submitted a request to both places for a quote on my 2016 lariat F250. Vroom offered something like 54k and caravana was ~44k. I resubmitted last week and vroom was down to 48 and carvana was at 38k. A local Ford dealer has also offered 49k in the last week. I plan to go to carmax this weekend and see what they offer before making a decision.

 

[MarcG]

In my experience the KBB/ Edmunds car values are currently overly optimistic and the KBB instant offer is not all that useful as it's just a referral service.

About a month ago I sold two trucks (17 Ram 3500 DWR and a 17 Tacoma) and did the Vroom, Carvana, in-person Carmax on both of them. Of those 4, consistently the KBB referral was the lowest, then Carvana, then Carmax then Vroom. I ended up going with Vroom for the Ram and a local Toyota dealer (not a referral) for the Tacoma. Both I received more than I paid for them new (after applicable discounts at the time). I know Vroom ended up selling my truck for $5k over what they bought it for...which coincidentally was pretty close to the KBB estimated trade in value for my truck.

On a side note, the dealers that I went to to get local offers (some after providing their quotes and me then relaying the online numbers) all indicated that if I was going to sell, to do so quickly as they anticipated the used car market taking a dive as the new car deliveries pick up in about a months time. To test the theory I did the online quote for the one vehicle I was keeping and I got an offer of a little over $60k then end of last week I requested a re-quote and got offered under $55k. Take it as one data point but it does seem there is movement in the market so if your serious about selling you might want to make you move now.

It looks like the private party used market is still reasonable strong as a buddy of mine did a similar thing with his 1/2 ton GMC, both online dealers and in person quotes came in around $5k lower than he was willing to sell for so he did Craigs/Offer-Up/etc route. Got a few offers, one was cash for $3k over target price...he went with the cash offer.