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Smart Shopper Edmunds Pricing & TMV
114 messages, Last post on Nov 12, 2009 at 10:44 AM
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Recent car buying experiences have caused me to question the reliability of the data used by Edmunds, NADA, Black Book and others to produce TMV, etc (that is if I understand the source of their data). To explain ... I have noticed that each time I have negotiated a price on a trade-in deal, the price adjustment is always placed on the used car trade in value instead of as a reduction to the one being purchased. For example ... I trade in a 12 year old worn out sedan with 160k miles. Not worth a whole lot, so I expect $500 to $1,000, and this is consistent with reported trade-in values. It's also consistent with the dealers first offer. We start negotiating, and when the deal is done, I negotiate $2k off the price. When the paperwork is printed, the used car trade in value is suddenly $3k, and the price of the car being purchased is sticker. To me, this does 3 things. First, it causes the database of car sales maintained by the State to be misstated. Second, it gives the Used Car dealer "paperwork" they can use against the guy the comes in to buy the trade-in to show that they "have $3k" in the car. And lastly, it causes the value estimates produced by Edmunds and others to be misstated with respect to what "people are paying in my area". This would be no fault of Edmunds or the other value providing sources, they can only estimate from the info. that is available for them to gather. Thoughts on this question / concern? 
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Replying to: pa_fisherman (Jul 23, 2006 4:36 am) If there were no tradein, the dealer presumably would only work off the sticker price. Could my purchase skew data -- probably, but at least in my case, I believed I got a good deal. Perhaps, Edmunds only records straight-up sales rather than sales distorted with trade-ins. |
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Replying to: pa_fisherman (Jul 23, 2006 4:36 am) I also questioned the accuracy of the TMV and it created quite a stir among the posters on forum " PURCHASING STRATEGIES - QUESTIONS & SUCCESS STORIES" post #2027. Since you are fairly new to Edmunds you might want to do a little reading. It gets old and goes around a couple times but you'll get the idea. I'm also from PA, maybe there is something in the air or the water that makes us skeptical. Happy reading, jmonroe |
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Replying to: pa_fisherman (Jul 23, 2006 4:36 am) Second, I often times wonder about Edmunds in regards to private party sales. I know many many people who lie about the purchase price so they can get a tax break. Also, I have often wondered how dealer auctions sales play into the prices listed on Edmunds. What about ebay sales, I assume they are considered what exactly, private or dealer because BOTH sell there. |
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We are the only Rover dealer for sixity miles in two directions and a 100 something miles in the other two directions. If you put in our zip code the TMV price you get is not a reflection of our transaction prices at all.
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Replying to: british_rover (Jul 23, 2006 1:42 pm) Is the Edmund's TMV below or above your selling prices?
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Replying to: roundtrip (Jul 23, 2006 1:51 pm)
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Replying to: british_rover (Jul 23, 2006 2:00 pm) I agree with those who say if they negotiate X price for the new car, and Y for their trade-in, those are the numbers that better appear on the contract. Very shady for dealers to say "the only difference is the difference!" (i.e., if they put $15,000 for the new car and $10,000 for the trade, it means the same if they put $20,000 for the new car and $15,000 for the trade. 5k difference either way.) No. Lies are lies, accurate numbers are accurate numbers. Whatever price is agreed to better be the price written down, or I'd walk. In my state (Virginia) there would be a big difference in taxes, for starters.
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Replying to: biancar (Jul 23, 2006 3:55 pm) My thoughts on the TMV system is that either there is a significant bit of error in their system first of all. Secondly I wonder how wide a area they take into account. The Land Rover dealer in the far southern corner of the state near the New York border gives their cars away. They are a very large dealer and have a lot of competition from the city and long island dealers so they have to compete. I know from talking to people that at least for LR3's they normaly start at just a bit above invoice. Now if their program takes into account all sales within say a 100 mile radius of a zipcode with no regards to any other demographic or geographic data then maybe the number shake out properly. It is only about 70 miles as the crow flies from my dealership to the far southern part of CT but over the roads it is over a 100 miles and takes a couple of hours. Your choices are go over back roads and take forever limping threw tiny towns or go down 95 and deal with the massive New York traffic. |
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Replying to: british_rover (Jul 23, 2006 6:11 pm)
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