Car Guru Instant Market Value changing daily
I have been watching a particular car on a few different sites, including this one. A couple of days ago (and yesterday) the car was categorized on this site as a "Fair Deal", with the "instant market value" less than $30,000, and the car being priced by the seller for over $30,000. Today, the seller dropped the price to below $30,000, and the car is now considered by this site to be a "Good Deal", and the "instant market value" of the car today is over $31,000. Nothing about the car has changed - it is on a dealer lot, is a certified pre-owned vehicle, and the mileage is the same as it has been for over 75 days.
How is it that the "instant market value" of this car just yesterday was under $30,000, yet today it is over $31,000, when everything but the seller's asking price has remained the same for over 75 days?
I think that you'l find the demand on the used car market has impacted the overall value of pre-owned vehicles, thus the instant market value has increased although nothing else about the vehicle has changed.