Car Buying Articles
How To Use Edmunds.com's Price Promise
Get a Real Price, Not an "Elaborate Dance"
Edmunds Price Promise℠
makes car buying easy.
Look for "Special Offers" to get an upfront, locked-in price on a new car.Learn More
Cars don't come with price tags. Sure, there is the window sticker, but everyone knows that price is usually negotiable. But now there is a simple way to get an actual price on a real car and take the stress out of car buying.
Edmunds Price Promise gives car shoppers a guaranteed, up-front price on a specific car. According to Edmunds research, this answers the No. 1 unmet need for 54 percent of car shoppers.
"Most people's reaction to Price Promise is, 'That's the way it should be,'" says Seth Berkowitz, president and COO of Edmunds. "People want to be able to get a price on their smartphone or a Web site, rather than going through an elaborate dance to get it."
Edmunds.com designed the Price Promise program for consumers, especially younger buyers, who experience significant anxiety around car buying and are frustrated by the amount of time it takes to complete the transaction.
Edmunds is offering Price Promise to its network of Premier dealers. As of early July 2013, 1,000 dealers had put the program into action.
Building on the popularity of Price Promise, Berkowitz says Edmunds has a pilot program called Lease Promise, which clearly shows consumers the monthly payment cost and drive-off costs of a leased car.
How Price Promise Works
To find cars offered through this program, visit the Price Promise home page, select the make and model of the new car you're interested in and enter your ZIP code. Price Promise cars will display a "See Special Offer" box. Submit your name, phone number and e-mail address to instantly see the special price. There's no waiting around to hear back from someone at the dealership.
Print out the Price Promise certificate, call the designated salesperson to ensure the car is still available and go to the dealership to finalize the purchase. Note that when you see the Price Promise offer on a car, that vehicle isn't reserved for you. The vehicle is available to other buyers as well, so if it's a car you really want, it's best not to delay.
It's also important to understand that dealers don't offer Price Promise on all cars on their lots. Furthermore, the special price applies to that individual car only. Shoppers can't transfer that price to another vehicle.
Evaluating Price Promise
Although many shoppers are relieved just to have a locked-in, up-front price, others will want to know if Price Promise is a competitive price. About 85 percent of the time, Price Promise is at or below Edmunds.com's True Market Value (TMV®) price, according to David Robinson, senior director of product development for Edmunds. TMV is what others are paying for that car in your area.
Some car shoppers who are very price-conscious may still choose the traditional car-buying route. These shoppers should check TMV and contact multiple dealerships for price quotes. They can then compare prices and negotiate actively to conclude the purchase process.
For shoppers who use Price Promise, checking TMV is still a good idea. It gives them a benchmark against which to measure Price Promise offers. If they decide that a Price Promise offer is right for them, they can proceed to a fast, easy, no-haggle purchase.
Berkowitz says that the new program shows that Edmunds is "all about making car buying simple and straightforward.
"Knowing the price up front means it's one less thing to worry about in the car-buying process," he says.