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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