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Initially founded as a series of vehicle appraisal booklets, Edmunds evolved to be an online marketplace for buying and selling vehicles, which the company appraises itself. On the site, you’ll find new and used vehicles, informational resources about the buying process and access to dealerships and lenders.
Edmunds is a marketplace for buying and selling new and used vehicles. It provides appraisals, ratings and informational resources to help you buy or sell a car. Its website is user-friendly, and it doesn’t sell user data.
- Industry standard for appraisals
- Doesn’t sell user data
- Easy-to-use website
- No negotiations
- No in-house financing
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What is Edmunds?
Edmunds started as a publisher of appraisal booklets that helped both dealers and buyers to determine fair prices for used cars in 1966. Today, Edmunds has moved online with a well-established and comprehensive site where customers can find the value of their old car and begin shopping for a new one by browsing listings created by local dealers.
While Edmunds doesn’t directly buy, sell or finance vehicles, it does assess listing prices, pointing out “fair,” “good” and “great” car prices.
In addition, Edmunds has free, easy-to-use tools and calculators that help shoppers budget, estimate loan payments and even calculate the total cost of a car over its lifetime, factoring in maintenance and repairs. You can also browse databases that list national and regional buyers’ incentives.
Edmunds sets itself apart from competitors by not selling customer data to third parties. It has also expanded its content to include reviews and advice on all aspects of car ownership.
How does Edmunds work?
On Edmunds, customers can sell their vehicles or search for vehicles to buy.
Car owners can appraise their old vehicle by entering the year, make, model, VIN and license plate number under “Appraise Your Car.” Edmunds calls the price of the appraised car the “True Market Value,” which is calculated based on recent local car sales data.
There may be additional questions about the car, such as color or condition. After seeing the car’s value, you have the option of taking a cash offer by clicking “Sell My Car.” Edmunds will then put you in touch with a local dealer who will make a cash offer on the car.
Users can also search new and used car listings by local dealers. Shoppers can tailor their car searches based on a wide variety of fields: price, make, model, vehicle type, engine type, vehicle history, special features and color. Edmunds will point out any listings at or lower than market value by specifying “great,” “good” or “fair” pricing.
Each car listing is comprehensive, detailing vehicle history, special features, dealer reviews and even negotiation insights, such as how long the car has been on the market. Customers can use a form on the Edmunds website to contact the dealership via email, or customers may contact the dealer themselves.
Edmunds' site, along with all its tools and calculators, are free to use, and car prices on Edmunds.com vary. Those who want to sell a car can use the online appraisal tool, which calculates what Edmunds calls the “True Market Value.” Edmunds calculates the True Market Value of a car based on the average transaction price.
Car shoppers can search thousands of dealer listings for free. Edmunds does not set the price of the cars, but it does offer an assessment of the price.
If the price of a vehicle listing is equal to the True Market Value or lower, Edmunds will specify the price as either “great,” “good” or “fair” and then detail how it compares to the typical asking price.
Edmunds doesn’t buy, sell or finance cars, although the website does have an Edmunds auto loan calculator; this can help shoppers estimate what their payment might be if they choose to buy or lease a particular car.
Any financing opportunities on Edmunds are through dealerships or lenders that pay to advertise on Edmunds.com.
In addition, Edmunds’ Auto Affordability Calculator can help you create a car budget. While there are many helpful articles on the site that advise users about auto loans, budgeting and financing, there are no Edmunds car loans nor Edmunds auto loans.
- What is Edmunds’ “True Market Value”?
- Edmunds' True Market Value is an online appraisal tool. The True Market Value calculator evaluates the average cost of the car based on what others are paying for the same car in your area.
- Is Kelley Blue Book or Edmunds more accurate?
- Both companies are respected in the industry, and there’s little difference between their services. However, Kelley Blue Book sometimes shares user phone numbers with local dealers, resulting in unwanted phone calls. Edmunds might be the better choice for those who value privacy.
- Where is Edmunds’ car dealership located?
- Edmunds is not a car dealership. However, you can find local dealerships on the Edmunds site by entering your ZIP code under “Car Dealerships Near Me.”
- What SUV does Edmunds recommend?
- Edmunds recommends different SUVs depending on the category. For example, at the time of publishing, it recommends the 2021 Kia Telluride as the best midsize family SUV. For hybrid SUVs, Edmunds recommends the 2021 Ford Escape. For luxury SUVs, Edmunds suggests the small Mazda CX-30 or the large Cadillac Escalade.
- How does Edmunds make money?
- Edmunds makes most of its money through ads on the website. Also, Edmunds is paid to create sales leads for the auto industry, connecting customers with dealerships, financing, insurance companies and other service providers through the website.
Is Edmunds reliable?
Edmunds is a reliable company. For car appraisals and pricing, Edmunds is trusted and considered a tried-and-true industry standard alongside Kelley Blue Book and NADA. While NADA is preferred by banks and industry professionals, Edmunds is straightforward, easy to use and designed with laymen in mind. Most importantly, Edmunds doesn’t sell your data to third parties, potentially making it a better choice if you highly value privacy. In general, Edmunds is a great site for shoppers to appraise their old car and begin browsing for a new one.
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I do my research on Edmunds.com. I can compare several cars before I buy locally. I also use Consumer Reports to get their opinions and find out what costs I can and can't negotiate. I rated Edmunds a 4 instead of 5 because sometimes their descriptions are long and wordy and I just want the facts. I have always purchased locally.
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