NADA v. Kelley Blue Book

HornsTrue

25+ Posts
My SUV was totaled due to the hail damage. I looked up KBB retail value and they list 13K and change. My insurance says they use NADA retail and I looked that up. It lists 10K and change. Why the big difference?

Also, is 3K in salvage reasonable for a 99 Eddie Bauer explorer? Seems high to me.
 
What exactly does hail do as damage? Did it bust out all your windows? It seems to me that if I could get a newish car that has 10k in damage consisting entirely of uglyness, I would totally drive it for years and years for the 3k it would cost me. I'm sure as an owner you want the insurance co to make it look good as new. Can't blame you for that at all. But as a college student, serious hail damage seems like a great deal.
 
look at edmunds too. Most of the time the big difference is that the person selling the car puts condition at "excellent" when it is really fair or good.
one small dent, small scratch, takes it from excellent down a notch.
 
Deal is this. They take the SUV and give me 10K and some change. I keep the SUV, they subtract what they think they can get in salvage (3K) and give me 7K and change.

The damage, other than side view mirror and tail light, is dents. Mostly on top and the hood. I'm thinking I'll take my SUV and the money, but am wondering about their valuing process. Is 10K reasonable. Is 3k for salvage realistic.

In other words, I'm would like to try to get more money back if possible, hence the NADA, Kelley Blue Book question. Both are the retail value. Condition is not a factor.
 
I believe the answer to your question is this: the Kelly Blue Book value is unrealistic, because it is for a reconditioned car with a warranty. So everything must be excellent and it is being sold by a dealer who gives a warranty, like one of those "certified used Hondas" at First Texas, or similar cars.
An individual would never sell a car at that price.
I think NADA is more realistic about what the average selling price might really be. You should check about a month's worth of Sunday want-ads to see what people are asking for the same model to form your own idea of what it really would bring in good condition on the current market. Of course, you don't know the exact condition of those cars, or what the owners really got for them, but it is a guide you can use.
 
Call your insurance agent and ask about what you need to do insurance wise with a salvaged title vehicle. And remember, it you try to re-sell someday, it may turn into a pain in the ***?
 
Thx Accuratehorn. That was really what I was wondering. Why the difference.

I don't plan on selling the SUV. I just want it for another 6 mos to a year until I am ready to take on a car payment. So I'm not looking to have it fixed, just take the money and the SUV from the insurance, fix my tail light and side view and drive it as is, put the money in a CD and wait to trade-in when I want to buy.

The point in my question was to decide where to go in negotiation for possibly more money from the insurance settlement. The more I look, however, the more their estimate seems fair.
 
NADA = Dealer reported values
KBB = Survey of seller/buyer reported values (individuals like you and me)

Answer = Insurance will almost always use NADA as they have no intention of selling the vehicle to an individual (they will send it to auction).

NADA is actually more like an 800lb gorrilla!!

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Salvage values have been going up because of on-line auctions, places like Copart. In additon if you havent noticed lately, real common here in OKC, teams of Mexicans usually go wherever, buy a van or something that can pull another car, and they take them and using cheap labor fix and sell them. Crap like this drives up salvage prices.
 

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