Edmunds.com's True Market Value® Pricing Finds Major Price Differences on Identical Cars Across the U.S.
Note: An original version of this release included an incorrect price on a Ford F-150 in the Atlanta market. The reference to the F-150 has been removed from this version. Edmunds.com apologizes for the error.
SANTA MONICA, Calif. — May 8, 2013 — The price you pay for your next new car likely is influenced by where you're buying it, reports Edmunds.com, the premier resource for car shopping and automotive information. In fact, according to Edmunds.com's True Market Value® (TMV®) pricing, a buyer in one market could pay thousands of dollars more for a model with the same options that another buyer purchases thousands or even hundreds of miles away.
"A new or used car in New York won't necessarily sell for the same price as a similar car in California," says Edmunds.com Pricing Analyst Richard Arca. "Car buyers should be aware that, along with regional incentives, factors like increased local demand and even local weather conditions can affect car prices within a market. It's not too different from what we see every day in the fluctuation of gas prices."
For example, Edmunds.com found that the TMV® for a 2013 Mercedes-Benz C250 Sport Sedan is almost $1600 more expensive in Houston and Chicago ($33,624) than it is in Philadelphia ($32,036). And the phenomenon isn't just limited to luxury vehicles like Mercedes. Edmunds.com saw some significant price differences on some of the best-selling vehicles in the U.S. market:
|Segment||Vehicle^||Most Expensive Market*||TMV® Price||Least Expensive Market*||TMV® Price|
|Midsize||2013 Toyota Camry LE Sedan Automatic 4-cyl.||New York City||$22,355||Dallas||$20,061|
|SUV||2013 Ford Escape SE 2WD 1.6 L Turbo 4-cyl.||Chicago||$22,859||San Francisco||$22,419|
|Compact||2013 Toyota Corolla LE Sedan Automatic 4-cyl.||San Francisco||$17,854||Dallas||$16,287|
|Luxury||2013 Mercedes C250 Sport Sedan 1.8 L Turbo 4-cyl.||Chicago, Houston (tie)||$33,624||Philadelphia||$32,036|
* Only the top 10 U.S. markets were considered for this analysis
Edmunds.com's True Market Value® (TMV®) pricing is a powerful — and free — tool that informs car shoppers what other people in their area are paying for the same vehicles. Knowing the TMV® price can help buyers negotiate the price of a new or used car, as well as the amount they should receive for their trade-in vehicle. Additionally, sellers can use the Edmunds TMV® calculator to help set the price of a used car that they plan to sell to a private party. Edmunds.com displays the TMV® of a new car along with its invoice price (roughly what the dealer paid for it) and its manufacturer's suggested retail price (MSRP, also known as the "sticker price").
Car shoppers can learn more car pricing tips and strategies at http://www.edmunds.com/car-buying/how-to-use-tmv.html.
About Edmunds.com, Inc.
Edmunds.com is a car-shopping Web site committed to helping people find the car that meets their every need. Almost 18 million visitors use our research, shopping and buying tools every month to make an easy and informed decision on their next new or used car. Whether you're at the dealership or on the go, we're always by your side with our five-star Edmunds.com iPhone and iPad apps and our Edmunds.com Android App. Our comprehensive car reviews, shopping tips, photos, videos and feature stories offer a friendly and authentic approach to the automotive world. We're based in Santa Monica, Calif., but you can connect with us from anywhere by following @Edmunds on Twitter or by becoming a fan of Edmunds.com on Facebook.