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NADA equals Dealer "Submissions"
What NADA is based on is submissions or messages from dealer members providing their estimate or judgment (not actual selling prices at auction or other sources) of values... They can submit low or high numbers, and publsihers will interpolate to fill book with pricing at some level for most every common model.. If there are a lot of transactions (as in Honda Civic) there might be pretty accurate market numbers... If there are almost none, prices shown are probably not meaningful for many buyers and sellers... For Kelley Blue Book (Calif editions) there are actually 4 prices for every car.. Buy and sell prices for retail consumers, and limited availability dealer confidential prices for buying and selling, used by dealers and some lenders...
Since dealers and insurance companies and lenders often use GOld Book dealing with consumers, prices are generally low compared to prices they'd ask for vehicles they would be selling...
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Condoluminum
In Theory, there's no difference between Theory and Practice, but in Practice, there is usually a difference... 
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