As we reported recently, the 2007 Ford Edge SEL generated a lot more excitement than we anticipated, with two buyers coming forward in the first weekend. One family wanted it for a high school-aged daughter and test drove it twice. The next day the father called me, cleared his throat, and made an offer.
First, I'll remind you that our True Market Value price was $18,033 and our listing price on Autotrader.com was $17,900. It's always fun to try to guess what a person's opening offer is going to be. I was psychically sending him signals to offer $17,500 and I would generously offer to split the difference and close at $17,700.
"We could be over there this afternoon with cash and pay you $16,000," he said. (Buyers always think that using the word "cash" will make you giddy with excitement.) His offer took me by surprise and I couldn't conceal my disappointment. "No, I can't consider that," I told him. "The very least we'd take is $17,500." He said he wasn't in a hurry and told me to call him back if I changed my mind.
Two hours later I got a text message from him, "Okay, we'll buy the car at $17,500." Nice.
Frankly, I was surprised we were able to get this much for the Edge and sell it so quickly. Yes, it's a pleasant SUV, with a comfortable driving position and good looks. But the brakes scare me (152-foot stopping distance from 60 mph versus 120 feet from competitors) and our observed lifetime fuel economy of 14 mpg is disappointing.
So we paid $29,500 for the Edge and we were able to sell it for $17,500. That's a depreciation of $12,000 or 40 percent over three and a half years ago and 36,400 miles
Be sure to check out the Wrap Up and Parting Shots that will be posting soon.
Philip Reed, Edmunds.com Senior Consumer Advice Editor @36,400 miles
Categories: 2007 Ford Edge SEL
