How to Accurately Value Used Cars with Edmunds Price Data (2024)

Wiack

8 min read

What is the Edmunds Used Car Value Tool?

Edmunds is an online automotive research site known for its extensive vehicle review, shopping and pricing data. One of their most popular resources is the Edmunds Used Car Value tool.

This tool allows you to input details on a specific used vehicle like make, model, year, features, mileage etc. to generate an estimated market value. Here is an overview:

Available for free online without creating an account
Covers cars, trucks, SUVs, vans, and motorcycles
Provides trade-in value, private party value, and dealer retail value
Shows value range based on vehicle condition
Frequently updated used car value data

The Edmunds used car value tool is a quick and easy way to get market pricing guidance for selling, buying, or appraising a used vehicle.

How Does Edmunds Calculate Used Car Values?

Edmunds uses advanced technology and up-to-the-minute market data to calculate accurate used car valuations. Their systems analyze millions of used vehicle sales transactions as well as current listing prices to determine fair market values.

Specifically, Edmunds evaluates:

Recent similar vehicle sales prices — Values adjusted regularly based on latest sales of that make/model.
Current vehicle listings — Values reflect what comparable vehicles are listed for sale at currently.
Market supply and demand — Values account for vehicle availability and shopper interest.
Vehicle condition — Values vary based on whether vehicle is “Clean”, “Clean minus”, “Average”, “Rough”, etc. based on mileage and features.
Region — Values differ by geographic area reflecting local market conditions.

By incorporating real-time sales data along with current supply and demand, Edmunds provides up-to-date used car values. Values are shown as a fair market value range for each vehicle.

Used Car Value Estimator Tool Walkthrough

Here is a step-by-step walkthrough of using the Edmunds used car value estimator tool:

Visit www.edmunds.com/used-car-values
Enter vehicle year, make, model — Start entering to get suggestions. Select exact match.
Choose vehicle trim — Select trim level from available options if known. Impacts value.
Enter mileage — Mileage heavily influences valuations. Input current miles.
Select vehicle condition — Choose from: Clean, Clean minus, Average, Rough. Default is Average.
Enter zip code — Local markets vary so values are area specific.
Review value range — Fair value range will display for trade-in, private party sale, and dealer retail price.
Adjust options — Modify details like miles, condition etc. to see impact on values.

Use these steps to generate used car values for any vehicle. Double check details entered for optimal accuracy.

How to Accurately Value Used Cars with Edmunds Price Data (4)

vehicle used car values,edmunds used car prices

Edmunds provides used car values in three categories representing different sale scenarios:

Trade-In Value

The trade-in value is what a dealer would likely offer to purchase a used vehicle from you. It is the lowest of the three prices since the dealer needs to make a profit reselling your car.

Assumes selling to a franchised car dealership
Vehicle will be inspected and reconditioned by the dealer
Pricing factors in required dealer profit margins
Typically 10–25% lower than private party value

Private Party Value

The private party value is the estimated value if selling the car yourself to another individual instead of trading in.

Assumes a private sale not involving a dealer
Vehicle is sold “as-is” without reconditioning
Price based on recent private party sales data
More work involved to sell privately but results in higher sales proceeds

Dealer Retail Value

The dealer retail value represents what a dealership would typically list and sell a used vehicle for on their retail car lot.

Assumes vehicle is prepped and sold by a car dealer
Includes profit margin for dealership
Reflects pricing you will find at car dealership used car listings
Highest of the three values — 10–15% above private party on average

Compare all three numbers. A private party sale will normally net the highest return selling yourself.

Adjusting Edmunds Used Car Values

The initial Edmunds used car valuation provides a fair starting point but you may need to adjust from there based on factors like:

Vehicle History

Accident history — Major accidents can reduce value by 10–30% or more.
Number of previous owners — More owners indicates higher likelihood of problems.
Maintenance records — Proof of ongoing maintenance adds value. Lack of records reduces value.
Modifications — Cosmetic or performance mods usually decrease value unless selling to enthusiasts.

Vehicle Condition

Mechanical issues — Undisclosed problems or needed repairs require valuation discounts.
Interior wear and tear — Damage to seats, carpets etc. lowers price.
Exterior condition — Dents, dings, worn paint all negatively impact pricing.
Missing features — Lacking features that were options on a given model bring values down.
Aftermarket additions — Upgraded tires, audio system etc. can increase price.

Assess these specifics on the actual vehicle you are valuing to adjust up or down from the Edmunds baseline quote.

How to Accurately Value Used Cars with Edmunds Price Data (5)

Edmunds Price Data for Selling Your Used Car

Utilizing Edmunds used car values helps you set the right asking price when selling a used vehicle. Price it too high and it will sit unsold; too low leaves money on the table. Follow these tips:

Check Edmunds Private Party and Retail Valuations

Compare both numbers to establish fair listing price range. Avoid pricing above retail value.

Adjust Pricing Based on Actual Condition

If vehicle is rough, price below the quoted Edmunds value ranges. Upgrade pricing for pristine condition.

Compare to Similar Local Listings

See what other local sellers are listing comparable vehicles for. Edmunds values provide the starting point.

List Higher Price Knowing You Can Negotiate

Leave room for buyers to negotiate down the asking price so you still get fair market value.

Recheck Values if Car Doesn’t Sell

If no buyers after a few weeks, reinput details to see if Edmunds value has dropped and adjust price accordingly.

Having an objective third-party value assessment gives you data to properly price your car to maximize selling proceeds.

Using Edmunds for Used Car Buying Offers

Edmunds used car values help assess fair offers when purchasing a used vehicle:

Compare Asking Price to Edmunds Retail Value

If purchase price exceeds the retail valuation, negotiate lower or walk away.

Factor in Vehicle History and Condition

Adjust quoted Edmunds prices down to account for undisclosed issues, accident history, high miles etc.

Have Edmunds Values Handy at the Dealership

Refer to Edmunds pricing during negotiations if dealer won’t come down to market rates.

Be Wary of Deals Far Below Edmunds Quotes

Extremely low prices likely indicate hidden problems. Extensive inspection is required.

Check Edmunds Before Accepting a Private Party Offer

Verify the seller’s asking price aligns with Edmunds private party valuation range.

Consulting objective Edmunds data protects against overpaying and builds justification for lower offer prices.

Appraising Vehicles for Trade-In with Edmunds

Determining accurate trade-in value is also essential when negotiating your used car trade-in at a new vehicle purchase. Maximize its value by:

Start with Edmunds Trade-In Estimate

This provides expected wholesale pricing a dealer will pay for your used car.

Deduct for Mechanical or Cosmetic Issues

Account for repairs, bodywork etc. the dealer will need to perform before reselling your car.

Adjust for Features Like New Tires or Stereo

Add value for new tires, battery, audio system upgrades you’ve paid for that a dealer gets for free.

Compare Wholesale Prices Dealers Actually Pay

Research used car dealer auctions on Manheim or other wholesale sources for real-world pricing.

Negotiate Trade-In Price Separately from New Car Purchase

Maximize trade value without linkage to final vehicle purchase price.

Leverage Edmunds trade-in data to capture every dollar possible from the dealer buying your used car.

How to Accurately Value Used Cars with Edmunds Price Data (6)

How Accurate are Edmunds Used Car Values?

Edmunds provides one of the most trusted used car valuation sources:

Values typically fall within a few percentage points of actual sales prices
Algorithms rapidly adjust pricing based on latest market data
Values account for regionally adjusted market conditions
Provides fair trade-in, private party, and retail dealer pricing ranges
Covers the full range of consumer sale scenarios

However, values are national averages. Local market supply and demand can cause fluctuations. Have secondary sources like KBB.com as well for comparison.

Alternatives Sites for Used Car Valuations

In addition to Edmunds, these sites offer used car valuations:

Kelley Blue Book (KBB) — Also trusted source of used car values and pricing data.
NADAguides — Values tool with Niada certified pre-owned pricing for dealers.
CarGurus — Quick used car value quotes from major classifieds site.
CarFax — Values with full vehicle history report option.
TrueCar — Used car value quotes tied to actual vehicle sales data.

Compare values from multiple sites for the most accurate estimate of your used car’s market value.

FAQs

Below are answers to 5 of the top used car valuation questions:

How many miles should be on a used car for the best value?

For most vehicles under 10 years old, 50,000–75,000 miles offers the optimal mix of lower mileage at good value. Over 100,000 miles causes greater wear concerns.

Which crossover SUVs hold their value the best?

The Toyota RAV4, Honda CR-V, and Subaru Forester have highest used resale values on average in the compact crossover SUV category.

Do used car prices fluctuate at different times of year?

Yes, used car prices tend to peak in the spring when tax refunds boost demand, and dip in the fall when new model year arrives.

How much does the original MSRP impact resale value?

Higher original MSRP typically translates to higher resale value. Luxury vehicles usually retain greater percentage of original price.

Should I get a used car valuation before visiting a dealership?

Yes, having an objective valuation from Edmunds or KBB establishes fair value before negotiating with the dealer selling or buying your used vehicle.

Consult these common used car valuation questions and answers to make informed pricing decisions.

In Summary

The Edmunds used car value tool provides fair market pricing ranges for trade-in, private party, and retail dealer transactions. Adjust raw values based on vehicle history, condition, and local market to dial in accurate pricing.

Comparing your asking price for selling or offer price for buying a used car against objective Edmunds data protects against leaving money on the table. Proper valuation also prevents overpaying.

Utilizing accurate pricing information leads to maximum value retention whether you are trading in, buying, or selling your used car. With market values changing constantly, having third-party guidance ensures fair deals.

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