![]() ![]() Try to see things from a potential buyer's perspective. He adds that some of the factors that affect the value are the severity of the damage, the quality of the repair, and the demand for that particular model.īe honest and objective about the state of your used vehicle. "In reality, cars that have been in accidents tend to lose market value, but there is really no way to gauge how much," Arca says. If your vehicle was in an accident, it could still be considered "clean" if it was repaired with factory parts and according to the manufacturer's specifications, Arca says. The price of a car in a less-than-clean state is adjusted downward from there, and it reflects what it would cost to bring the vehicle up to a clean state. "Outstanding" is reserved for older, low-mileage vehicles in cases where well-preserved examples are hard to find, says Richard Arca, senior manager of pricing for Edmunds.Įdmunds True Market Value (TMV ®) used car prices are all set at "clean" condition, Arca says. After all, you've pampered your car the entire time you've owned it, right? But the truth is that few cars qualify for this rating. You might be tempted to choose "outstanding" to get more money for your used auto. Most people will choose one of three: clean, average or rough. Our tool will ask you to pick from five condition levels: outstanding, clean, average, rough and damaged. Without them, you may be under- or overvaluing your car. It is crucial to get the style and options right. If you're using a smartphone, tablet or laptop (assuming you're within Wi-Fi range), you can complete the options check from the driver's seat. Without it, your best bet is to sit in your car and make a note of its options. ![]() Unfortunately, few people actually hang on to the sticker. The vehicle's original window sticker (which has the car's mpg and total MSRP) is the best place to find the options. If not, here are some suggestions on where to get the information you need. If you can remember your car's options off the top of your head, great. The same goes for options such as leather seats, navigation, a sunroof or automatic climate control. Major features, such as the car's transmission, engine type and all-wheel drive, can have a big impact on the value of the car. The instant offer you receive is good for 7 days from the time you receive it on Edmunds. For those looking to sell, the CarMax offer gives you an easy way to sell your car directly to CarMax at your nearest CarMax location. TMV values shown in the Edmunds Appraisal report are estimates, not a firm offer on your car.Įdmunds also works with CarMax to provide you with a firm offer to purchase your car for vehicles that are eligible for an instant offer. What is the difference between the CarMax Offer and the Edmunds Appraisal Report? Edmunds True Market Value (TMV), also known as Edmunds Suggested Price, is a pricing system that helps you determine the average transaction price - or what others are paying - for new or used vehicles in your area so that you can begin your negotiations with a fair price in mind. If your used vehicle is new enough, you will also see a suggested "certified used" number, the approximate sale price for customers looking for a certified pre-owned vehicle. It's an average of what a shopper may expect to pay when they visit a dealership to buy the pre-owned car. The dealer retail value is for used-car customers. This option takes more work, however, because you'll be dealing with buyers yourself. This is always higher than the car trade-in value. If you plan on doing a private sale, the private-party amount is what a seller can expect. The trade-in price is what you can expect from car dealerships if you trade in your current vehicle for your next car. You will be presented with three or four automobile values: trade-in, private party, dealer retail and certified used. What you'll see in your appraisal: We will help you make the best decision if you're selling or trading in. In that specific case, you'd need to find a specialized classic car guide, such as Hagerty, to determine its fair market value. The tool appraises vehicles dating back to 1990, so if you own a classic car, this method will not work. Which vehicles can be appraised: Just about every make is covered, including luxury brands such as Lexus and Mercedes-Benz. The appraised value is based on factors such as the car's year, make, model, trim, mileage, depreciation and features. How values are calculated: We use data from a variety of sources, including dealer transactions, car depreciation costs, and consumer information. However, other than the incorporation of CarMax's transaction data by Edmunds into TMV® calculations, CarMax does not participate in or otherwise influence the manner in which Edmunds computes those values. Since June 2021, Edmunds has been a wholly owned subsidiary of CarMax, Inc. ![]()
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