Question: What Is Instant Market Value?

What is CarGurus instant market value?

Put simply, Instant Market Value is the estimated fair retail price for a vehicle based on similar listings in the market.

We analyze millions of currently listed and recently sold cars to determine the Instant Market Value for a vehicle based on year, trim, mileage, transmission, options, region and other factors..

What is IMV car?

Its best-known feature is the CarGurus Instant Market Value (IMV), which is the site’s own calculation of the fair retail price for a particular vehicle, based on comparable listings.

What is a good mileage for a used car?

Mileage will vary between vehicles, but a decent rule of thumb to follow is that people drive an average of about 12,000 miles a year. Therefore, 120,000 miles would be a good mileage for a used car that’s about 10 years old. Of course, some cars will have less or more miles on the odometer.

Can you negotiate a used car price?

Today, many shoppers negotiate for a used car by requesting quotes via email or even texting the owner. … Get the numbers: Look up the car’s current market value. Make the right opening offer: Keep your offer low, but realistic. Make a counteroffer: Sweeten the deal, but not too much.

Should you offer less than the asking price?

In a sellers’ market, you would be foolish to offer less than the asking price (if that price reflects the current market value of the home). While in a buyers’ market, you have less to lose by offering below asking price. Even if the seller rejects your initial offer, they will likely come back with a counteroffer.

What time of year is best to buy a car?

Christmas Eve, New Year’s Eve, New Year’s Day Many car-buying experts say the best day of the year for car buying is the very last day. Monthly, quarterly, and annual sales targets all converge on Dec. 31, so great deals abound. Others say New Year’s Day rivals New Year’s Eve as the best day to buy a car.

Are CarGurus prices negotiable?

2 Answers. Car sales are ALWAYS negotiable! Most sellers expect the buyer to ask for a lower ‘best price. ‘ If you’re paying cash or with a cashier’s check instead of financing the car, that’s another plus on your side for negotiation since it means a faster sale.

How do I know if I got a good deal on a new car?

How to Tell if You’re Getting a Good Deal on a CarCompare the Purchase Price. … Never Negotiate Based on Monthly Payment. … Let Them Sell You. … Always Counter-Offer. … Incentives & Rebates. … Know What Fees You Should (or Should Not) Pay. … Don’t Forget the DMV. … Service Matters.

What should you not say to a car salesman?

10 Things You Should Never Say to a Car Salesman“I really love this car” You can love that car — just don’t tell the salesman. … “I don’t know that much about cars” … “My trade-in is outside” … “I don’t want to get taken to the cleaners” … “My credit isn’t that good” … “I’m paying cash” … “I need to buy a car today” … “I need a monthly payment under $350”More items…•

Is it better to buy from a dealership?

a dealer: the price. Buying used is obviously cheaper than buying a new car. … Dealers have more overhead costs they need to cover, so they need to make a profit on the cars they sell. Private sellers, on the other hand, are usually more willing to negotiate and get the vehicle off their hands.

How much will a dealership come down on price on a used car?

According to iSeeCars.com, used car dealers cut the price on the average vehicle between one and six times over that 31.5 day listing period. The first price drop is significant — the firm says that the price drops, on average, by 5% the first time the dealer rips the old sticker off the car and pops a new on.

How does CarGurus get paid?

“Featured ads” are paid, and ads on the site. They don’t take a cut of the car payment and don’t tack on fees. … cargurus make money from me and other dealers who pay a monthly fee to listing our inventory to sell cars.

What is the best way to negotiate a car price?

Let’s dive into some car negotiating tips that will help you drive home grinning from ear to ear.Do Your Research. … Find Several Options to Choose From. … Don’t Shop in a Hurry. … Use Your “Walk-Away Power” … Understand the Power of Cash. … Don’t Say Too Much. … Ask the Seller to Sweeten the Deal. … Don’t Forget Car Insurance Costs.

Why you should never pay cash for a car?

But when it comes do debt, as with many things, you need to learn the rules early so that you can break them once you’ve established good habits. Because the reality is that there is a cost to making a big purchase in cash, and it’s a lot bigger than the interest my friends might pay on an auto loan they don’t need.

What should you not do at a car dealership?

7 Things Not to Do at a Car DealershipDon’t Enter the Dealership without a Plan. … Don’t Let the Salesperson Steer You to a Vehicle You Don’t Want. … Don’t Discuss Your Trade-In Too Early. … Don’t Give the Dealership Your Car Keys or Your Driver’s License. … Don’t Let the Dealership Run a Credit Check. … Don’t Engage in Monthly Payment Negotiations.More items…•

Is CarGurus IMV accurate?

So how do we help dealers? The answer is simple: CarGurus helps dealers sell cars. Because of the unique way that CarGurus ordinates its search results, 95% of the leads sent from CarGurus to dealers each month are for inventory that has been validated by CarGurus as a Great, Good or Fair deal.