How do you determine the instant market value?
I think the instant market value listed should be accurate. The vehicle I looked at has a value around $5000.00 less than what is listed.
Under the FAQ's as shown on the bottom of this page. What is the "Instant Market Value"? Put simply, Instant Market Value is the estimated fair retail price for a vehicle based on similar listings in the market. We analyze millions of currently listed and recently sold cars to determine the Instant Market Value for a vehicle based on year, trim, mileage, transmission, options, region and other factors.
An easy way to find your instant market value is visiting this link. http://www.fromcartofinish.com/home_from_car_to_finish From there, you can enter the info of your vehicle then click submit. Now you can find the instant market value of your car. It may not be 100% accurate, but it's pretty close. If you have any questions, i'll be happy to answer them.
I did as you said and you validated my point. http://www.fromcartofinish.com/home_from_car_to_finish DOES NOT have an instant market value for VIN: 1FTRX12899FA69288 at $25505.00 like you do, They value this vehicle for a clean retail at $20800.00. Again I ask: How do you determine the instant market value? Your analysis of millions of currently listed and recently sold cars doesn't seem to determine the Instant Market Value for a vehicle based on year, trim, mileage, transmission, options, region and other factors or the numbers wouldn't be this far off.
You might look at other sites, like www.kbb.com or www.nada.com, to get more values. But then again, they rate things different too and come up with different prices. So as was stated above all these site do is get you in a ballpark of worth, and it a bargain tool for the dealer and you to sell or purchase a car. The ultimate value price is what you end up paying, not what any site says it's worth or what it is listed at.
I was curious about this also for the following reason: A car appeared on cargurus.com in early August. According to the analysis it was $4,323 above the market value. I saved a snapshot of the graph. The dealer has since dropped the price of the car by about $3K and cargurus now says it is below market value? Huh? I examined the new graph and it has some different data points on it. These lead to a different linear fit and a different estimate of the current market value. It is worth pointing out that the car in question has over 100K miles and in the original graph there was only one car in that range. In the new graph there are no comparables with more than 75K. All of this just points out that these current market value estimates should be taken with a grain of salt --- frequently examining the CarFax reveals interesting information that can be used as a bargaining tool (or make one avoid the car entirely!). Allan
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