How do you derive "Instant Market Value"? How is "Instant Market Value" different than Edmonds "Dealer Retail Value"?Thanks
Edmunds, for example
Oregon City, OR
For pricing in
True Market Value®
Private Party Sale
Pricing Details for a 2007 Dodge Caliber
R/T 4dr Car
Customized True Market Value® Prices
National Base Price
Power Glass Sunroof
Color Adjustment - Dark Blue
Regional Adjustment - for Zip Code 97045
Mileage Adjustment - 83,000 miles
Condition Adjustment - Clean
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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