Recently, I was in the market for a new vehicle. As someone who has been through this experience eight times, I felt well prepared as my search for a ninth shifted from research to dealership visits for test drives and negotiations.
At my first dealership, however, I encountered a mysterious charge I’d never seen before in all of my years of vehicle shopping: AMV.
I asked the salesperson to explain the AMV charge on the sticker. He shared that adding a charge called “Adjusted Market Value” was standard practice during the pandemic and one way dealerships were adjusting price based on much lower inventory due to supply chain issues. And, he assured me that buying now would be a great value as the likelihood was that the AMV would only increase. Further, he shared that his dealership’s AMV of $2,995 was well below the $5,000 AMV I’d find at nearby dealerships.
I let the salesperson know he had done a good job in educating me, but that my need for a new vehicle was not compelling enough for me to consider paying sticker plus AMV for this or any vehicle. Then, I expanded the geographical parameters of my search by a few miles. And, I ended up purchasing from another dealership that had far more vehicles in inventory and no AMV. (Admittedly, that dealership was 24 miles from my home while the initial dealership was only 11 miles away.)
So What?
During the COVID-19 pandemic, many individuals and families have had to make more major decisions than usual. Whether the decision is about purchasing a new vehicle, changing jobs, enlarging your family, moving, undergoing an elective surgery, committing to a cause, or even following the Way of Jesus, it is important to do the research and to count the costs (all of the costs that can be known in advance). And, it’s essential that following a season of prayerful discernment, you act.
I never expected that shopping for a new vehicle would teach me a lesson I’ll be using for the rest of my life, but I’m glad it did. (Additionally, I’m enjoying my new AMV-free SUV!)
