You'll hear a lot of terms thrown around when you're shopping for a new or pre-owned car. One you might hear is “true market value,” but is it relevant to you and your prospective purchase?
At Hall Acura Virginia Beach, we'll tell you what this, and other common car buying terms, mean.
What is True Market Value?
True Market Value is a pricing system that tries to determine the average transaction price for a given vehicle. It looks at multiple transactions and gives you more info than a simple MSRP would, giving you a better starting place if you plan to negotiate the price of your vehicle.
The main benefit of the True Market Value is that it's based on actual transactions. The MSRP is just the suggested price. The invoice price is what the dealer has spent to buy the vehicle, and it's usually within this range between the invoice price and the MSRP that you can start the negotiating. The True Market Value simply gives you a more accurate starting point because it reflects sales that actually happened.
The True Market Value can also help when you're shopping for pre-owned Acura vehicles. You just need to know more info, like the condition of the car. Factors like mileage and whether or not the car is a Certified Pre-Owned model can also affect the pricing.
It's also good to know this info if you're trading in a car. That's a used vehicle after all, so knowing its approximate True Market Value can help you ensure that you're getting a better deal on your trade-in.
Find Your Next Luxury Car!
So if you're in the market for a new or pre-owned luxury car and you want to pay a fair price, visit our Acura dealers in Virginia Beach. Our knowledgeable luxury car dealers can answer all of your questions, and we'll get you behind the wheel of an SUV or sedan that suits your budget!
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