why did instant market value change on car I was looking at?

80

Asked by Jun 12, 2012 at 02:29 PM about the 2008 BMW 5 Series 535xi

Question type: Shopping & Pricing

ZIp 57104 This is what it was. Now instant market value is higher- 30-something.
Cargurus
2008 5 Series 535xi Sport Wagon
Fair Deal
$1,317 ABOVE
Instant Market Value of $28,638
Price: $29,955
Mileage: 42,551

6 Answers

217,195

The instant Market Value is based on the avg. cost of the cars that this site finds listed in your zipcode. A ballpark figure is all it is. So if there are more listings that are higher priced than lower, then the market value will increase. It has no bearing on actual selling price, that's the price you negotiate with your dealer and actually pay. HTH's.

1 out of 1 people think this is helpful.
80

Understand that, but why a change in a few days in a zip code where there are very few of these cars (if any) selling? Can dealers change the instant market value?

1 out of 1 people think this is helpful.
3,075

It may also reflect the vehicles coming through auction and the profit margins that dealers expect to make. If you really want to save on a lease return ride like the e60 Sportwagen, know you needs and the vehicle, then go to the auction with them. For $500 you can save thousands.

80

Hmmm...Interesting! 1. How did you know it was a lease return? 2. If you're not a dealer, how can you go to the auction with "them" as you suggest?

1 out of 1 people think this is helpful.
3,075

Make friends with a used vehicle dealer. I have several that are "old friends of the family". If you have the personality, ask for the used car manager and make friends. Tell him what you are looking for. You might get an invitation to tag along.

1 out of 1 people think this is helpful.

If a seller tweaks the options on their listing, the market price will change.

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