Last post on Nov 18, 2011 at 6:46 PM
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#231 of 240 Question regarding TMV?
Sep 14, 2010 (2:39 am)
I'm shopping for a 2003 Ford Excursion and have a question regarding edmunds.com's TMV. Are these values realistic and do a majority of dealers actually use these values when selling a used car? I found an 03 Excursion online but waited to make an offer so I could research what a fair offer would be. The dealer's advertised price was $22,000. During this time the dealer sold the truck to another dealership which in turn listed the truck for $26,000. Folllowing the TMV customized appraisal I called and spoke to the dealer's internet manager and made an offer of $16,500 and explained to him how I came about this figure, the internet manager informed me that he could not sell the truck for less than $25,000 and to call back when I was ready to make a realistic offer. The TMV seemed very low to me considering what the truck was listed for. I expected the dealer to mark the truck up to 15%, $3,300 from the $22,000, of the listed price not 20 to 25&. So is the TMV realistic and are markups usually this high? Apologize's for the long post!
#232 of 240 Negotiating using TMV - what if dealer price is already lower?
Sep 19, 2010 (5:29 am)
I'm researching newer used cars and finding that in many cases the advertised value is already lower than or equal to the TMV dealer retail recommended by Edmunds. Some examples:
- 2008 Nissan Altima 2.5S, 23K mi, Certified, at $17,500 by both
- 2008 Nissan Altima 2.5 S, 20K miles, Certified, at $17,567 by Edmunds, only $17,495 by dealer
- 2007 Mazda Touring i 5-Door, 32K mi, not certified, at $17,400 by Edmunds and only $13,988 by dealer
- 2007 Ford Fusion SE, 23K mi, not certified, at $13,717 by Ed, only $12,987 by dealer
All are listed as one-owner vehicles.
I usually use Edmunds TMV price as a target to talk the dealer down to but what do I do in these cases where the dealer is already below TMV? Is it a sign that there's something wrong with the car (especially the big difference with the MAzda 6) or just a sign of the times? I have no trade to work with, so what should I use as a fair price to accept? Ask the dealer to drop $500? $1000? $1500?
Appreciate any opinions - thanks!
#233 of 240 Re: Negotiating using TMV - what if dealer price is already lower? [rjmerryman]
Sep 19, 2010 (9:31 am)
The TMV values are very good for new cars ,but for used cars they are grossly inflated and overpriced. A rough estimate would be to try to get the Edmunds private party value or somewhere between the trade in price and the private party price. That IMO is much more reasonable.
Also I would not add many options while calculating Edmunds used car TMV. These options dont add up so much on a used car. Trying pricing the Edmunds TMV using just the trim level you want to buy and dont tick off too many options-- Just select the price for that trim level and I think you will get prices closer to the dealers' listing price.
When I was buying my car-- I too noticed that Edmunds used car TMV is way too high especially when you select the available options!!
#234 of 240 Re: Negotiating using TMV - what if dealer price is already lower? [rjmerryman]
Sep 20, 2010 (7:17 am)
Thanks for the advice!
#235 of 240 OTD by email
Oct 21, 2010 (12:46 pm)
I am trying to get OTD pricing by email (new car). I have asked 3 dealers. They keep emailing saying they cannot contact me by phone,I don't want dealers ringing all hours of the day. I keep asking for the quotes in writing, they just won't do it.
Is this normal or do I shop elswhere?
#236 of 240 Re: OTD by email [bodi]
Oct 21, 2010 (1:42 pm)
Yeah, it's normal. Most dealerships use that "free price quote" stuff to get you into their dealerhship, or to get you on the phone... where they will talk you into coming to their dealership. They don't want you to shop their numbers. You can try other dealerships, some out there will actually work with you via email. Or, you could look at dealerships inventory (online) and be specific on what particular car you want to buy when emailing. Or, you can figure out what you want to pay and make an OTD offer via email.
#238 of 240 Not everyone knows what OTD means. -sigh-
Oct 21, 2011 (10:52 am)
I emailed a local dealer for a price quote OTD today and this is the response:
Dealer: The M.S.R.P. IS: $24,795.00 and the Purchase Price would be: $23,794.00 (OTD)
Me: Does the 23,794 otd price include fees and TTL? If so can you itemize these numbers?
Dealer: This price does not include Sales tax, titling or licenses fees. That is your responsibility to handle that through your local Dept. of Revenue. the Sales tax amount is determined on where you live.
Even to this day, salesmen cant figure out what OTD means.
#239 of 240 Re: Not everyone knows what OTD means. -sigh- [pengwin]
Oct 21, 2011 (1:16 pm)
Did you tell them where you live?
Did you tell them if you were transferring the plates or getting new?
It all may make a difference.
They gave you their OTD price. The other stuff is up to you in their eyes.
Nov 18, 2011 (6:46 pm)
I am in NJ and looking to finance a vehicle. This will be my first time. What fees tagged onto the sale price of a vehicle are okay and which ones scream scam? Comments from people in NJ are much appreciated. Thanks.