Last post on Jan 26, 2012 at 10:51 AM
You are in the Edmunds Support Questions & Issues
What is this discussion about?
Car Buying, Car Financing, Car Leasing, Car Selling, Car Values, Certified Used (CPO), True Market Value (TMV)
#130 of 180 Re: This has me scratching my head [oldfarmer50]
Dec 16, 2010 (6:52 pm)
I wouldn't be using any book to value cars that cheap.
When you get below $5k, a car is worth what you feel its worth. Its all about condition, condition, condition. I mean, new tires and brakes can double the value of a car otherwise worth $500. Books can't take things like that into consideration.
#131 of 180 Re: This has me scratching my head [qbrozen]
by Kirstie@Edmunds HOST
Dec 17, 2010 (7:05 am)
TOTALLY agree. On a newer model, unless a vehicle has been totally trashed, they're pretty much the same-ish, and if you're talking about a vehicle that's in mass production (e.g., Malibu), then there's a broad enough market for, say, a 3-year-old vehicle to estimate, in general, what they're going for.
There aren't enough, say, 1995 Toyota Camrys being traded in a particular area to get a real sense of what the market value is. Also, there's more likely to be a wider variation in the condition and mileage of such a vehicle. Thus, it's more difficult to assign a "blanket" value to older cars. It's more of a case-by-case basis.
#132 of 180 Re: This has me scratching my head [kirstie_h]
Dec 18, 2010 (4:34 am)
"...There aren't enough...being traded...to get a real sense of what marked value is..."
Yeah, that's what I thought. The only thing that still confuses me is why would TMV deduct for low milage rather than increase valuation. On that 94 Buick I mentioned there was a $160 deduction for low milage whereas some of the other sites gave as much as a $500 addition.
In the end I think you and qbrozen are right, an older car is only worth what you are willing to pay.
Dec 18, 2010 (1:34 pm)
I can't seem to navigate through the Edmunds website to find the TVV for a 2007 Nissan Xterra,62500 miles for example.
Can you help?
Dec 19, 2010 (11:39 am)
Go to the "Used Cars" section at the top of the page. When that opens look for the spot where you enter the make and model for apraisal. Enter your information and click "Apraise It". That will take you to another page where you select the particular year. You then enter the milage and options and get your TMV.
Dec 20, 2010 (11:17 am)
is the same car valued higher at a dealers lot than on private property? It is the same car.
#136 of 180 Re: Why [euphonium]
Dec 20, 2010 (12:09 pm)
Why is the same car valued higher at a dealers lot than on private property? It is the same car.
I believe the numbers shown are what you can expect to pay as opposed to values.
And I think if private sellers thought they could sell their cars at dealer prices, they would. Then both prices would be the same.
#137 of 180 Re: Why [euphonium]
Dec 20, 2010 (1:29 pm)
Because you have some protection when buying from a dealer as opposed to private party. Private party could sell you a lemon and you can't do a thing about it in most cases.
PLUS, most people are just more comfortable buying from a dealer, so that means higher demand and higher transaction prices.
And, finally, because the dealer has much higher traffic and, therefore, much higher chance of finding the right buyer, so they don't have to discount as much as private party.
#138 of 180 Re: Why [euphonium]
Dec 25, 2010 (9:56 am)
"...valued higher at a dealer's lot..."
Here in NY dealers are required to give you at least a 30 day/1000 mile warranty. That, and the ASSUMED reconditioning costs result in a PERCEIVED higher value.
In reality I would think the higher cost is to cover the salesman's commission.
#139 of 180 Re: Have other edmund's users found TMV to be realistic? [rb94burb]
Dec 28, 2010 (11:25 am)
I'm shopping for a new car (first in quite awhile) and have been used to the Edmunds books w/ invoice & MSRP. I find TMV to be confusing and not exactly useful. Why do I care about TMV? I want to negotiate from invoice. To me, TMV seems to be an unholy alliance between a formerly trusted source (Edmunds) and the car stores. Or am I over-stating it?