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

237,855

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 of 1 people found this 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 of 1 people found this helpful.
3,255

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 of 1 people found this helpful.
3,255

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 of 1 people found this helpful.

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

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