How do you derive "Instant Market Value"? How is "Instant Market Value" different than Edmonds "Dealer Retail Value"?Thanks

Asked by May 06, 2015 at 01:02 AM

Question type: Shopping & Pricing

Edmunds, for example

******

Pricing for
Oregon City, OR
For pricing in
your area

True Market Value®

Trade-in?
Private  Party Sale
Dealer Retail

$5,187
$6,355
$7,837

Pricing Details for a 2007 Dodge Caliber
R/T 4dr Car
Customized True Market Value® Prices
 
Trade-In
Private Party
Dealer Retail

National Base Price
$4,414
$5,531
$6,895

Optional Equipment
$389
$444
$568

Power Glass Sunroof
$201
$229
$293

Leather Seating
$188
$215
$275

Color Adjustment - Dark Blue
$-23
$-28
$-35

Regional Adjustment - for Zip Code 97045
$3
$4
$5

Mileage Adjustment - 83,000 miles
$404
$404
$404

Condition Adjustment - Clean
$0
$0
$0

Total
$5,187
$6,355
$7,837

2 Answers

555

I'm sure it's based on both current book values and selling prices of similar vehicles, but it's not perfect: it often does not take into account certain details, and that leads to erroneous pricing. For instance, we had a Chevy Silverado 250HD that IMV said was WAAAAY overpriced, but it didn't take into account that the truck had a diesel engine, which adds thousands to the value of a truck like that.

Hello, Team, Edmunds appraisal tool provides ways to recognize optional features, such as power sun roofs, chrome rims and heated leather seats. Diesel engines are not optional in 2007 Calibers, so that particular check box does not appear. The beauty of Edmunds' appraisal tool is that it quantifies many of the principal components of local valuation. With all that info itemized and listed in order, if a seller or a buyer disagree, especially about something as significant as an optional diesel engine, they should be able to agree on a more accurate value for whatever was omitted (or mistakenly included). That takes a lot of hocus pocus out of buying a used car.

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