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17 Oct 2023, 05:43
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E-mail from Dealership Owner to Sales Manager and Research Staff
It has been our practice to offer the Kelley Blue Book value for all trade-ins when negotiating a new-model sale. We know this has been an unsatisfactory policy because of problems assessing the condition of the vehicle. What does our research say about the impact of age and condition in determining the prices of used vehicles? Could we reasonably move to a practice of setting trade-in value solely on age of the vehicle?
It has been our practice to offer the Kelley Blue Book value for all trade-ins when negotiating a new-model sale. We know this has been an unsatisfactory policy because of problems assessing the condition of the vehicle. What does our research say about the impact of age and condition in determining the prices of used vehicles? Could we reasonably move to a practice of setting trade-in value solely on age of the vehicle?
The owner is reluctant to accept trade-ins on the sale of new cars.: No
Cars lose an average of about $2,000 in value each year.: No
The researcher and the sales manager are in agreement on the importance of make and model as determining factors in the trade-in value of the car.: No
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
65%
(hard)
Question Stats:
47% (03:08) correct
53%
(02:59)
wrong
based on 1207
sessions
History
Date
Time
Result
Not Attempted Yet
1. Consider each of the following statements. Does the information in the three sources support the inference as stated?
| Yes | No | |
| The owner is reluctant to accept trade-ins on the sale of new cars. | ||
| Cars lose an average of about $2,000 in value each year. | ||
| The researcher and the sales manager are in agreement on the importance of make and model as determining factors in the trade-in value of the car. |
ShowHide Answer
Official Answer
The owner is reluctant to accept trade-ins on the sale of new cars.: No
Cars lose an average of about $2,000 in value each year.: No
The researcher and the sales manager are in agreement on the importance of make and model as determining factors in the trade-in value of the car.: No
The owner feels that the Kelley Blue Book value is too dependent on the condition of the vehicle.: Yes
Sales staff members need additional training to allow them to set an appropriate trade-in value for used cars.: No
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
56% (00:54) correct
44%
(00:58)
wrong
based on 990
sessions
History
Date
Time
Result
Not Attempted Yet
2. Consider each of the following statements. Does the information in the three sources support the inference as stated?
| Yes | No | |
| The owner feels that the Kelley Blue Book value is too dependent on the condition of the vehicle. | ||
| Sales staff members need additional training to allow them to set an appropriate trade-in value for used cars. |
ShowHide Answer
Official Answer
The owner feels that the Kelley Blue Book value is too dependent on the condition of the vehicle.: Yes
Sales staff members need additional training to allow them to set an appropriate trade-in value for used cars.: No
Data Insights (DI) Butler 2023-24 [Question #50, Date: Oct-17-2023] [Click here for Details]
Attachment:
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28 Nov 2023, 11:35
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Cars lose an average of about $2,000 in value each year.
Can anyone explain why this is No?
Can anyone explain why this is No?
28 Nov 2023, 17:48
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pooh.2304
The line formula is -940.40 x + 12520. So for every increment of x, y loses 940.40 or ~1000$. It's easy to look at the graph and get misdirected because the units of the x axis are in increments of 2 but the statement in the question is "2000$ in value each year"
