Why KBB overprices cars
KBB is used in the US for estimating the value of a used car before buying/selling it. While helping friends buy used cars, I felt that it always overvalued the car. I feel there is anĀ anchoring effect in play here.Ā A car owner (seller) feels happier checking the value of their car since it is being reported higher than what they expect. This provides a nice room for providing aĀ discount for converting the buyer....