How is the IMV determined?
2 Answers
It is based on the price of other similar cars for sale in your area.
The information displayed by clicking the small (i) next to the IVM on a used vehicle, reads: “The Instant Market Value (IMV) of a vehicle is CarGurus' estimated fair retail price for a vehicle based on analysis of comparable current and previous sold car listings in your market.” CG infers that they know the final sales transactions negotiated between private sellers or car dealers for all comparable vehicles sold in a market region. If you believe that, then you probably believe they must have psychic powers too. The IVM for used vehicles is an estimate of the fair retail price of 'Market Listings' in a particular market region.
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