How is instant market value calculated? Is it different than Kelly Blue Book?
I think instant market value is based on the average selling price of the vehice you are searching for. Not actual purchase price. KBB uses their own formula's. They are close and give you a ballpark figure to what you can expect to pay or sell a vehicle for. The ultimate priice is what you are willing to pay for the vehicle and what someone will sell it for. Condition, maintenance and mileage are key.
From Cargurus Home......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, vehicle condition, trim, mileage, transmission, options, region and other factors.
I'm a bit confused on instant market values as well. I've seen pretty much identical listings (year, make, model, mileage, options, etc) in the same area vary by several hundred dollars. Is this value assuming the vehicle is in excellent condition?
I'd like to know the answer to this also. I'm in the market for a 2008 Saab 9-5, and I find that the KBB value is a full $2000 less than the CarGurus value!
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