Carfax.com and Edmunds.com Now Give Used Car Buyers Vehicle's History As Well As Future Cost Projections

FAIRFAX, Va.--Aug. 2, 20037, 2003--Consumers have saved tens of thousands of dollars, and avoided major headaches, by learning the past about a used car they're about to purchase. These consumers know they can go to www.carfax.com and run a vehicle history report on virtually any used car. Now, consumers can also better understand a car's future - in dollars and cents - with the new Edmunds.com "True Cost to Own" tool. By doing these two things, consumers can steer clear of a real money pit.

Edmunds.com, the first company to provide consumer automotive information on the Web, announces it has launched a free tool allowing consumers to learn the expected five-year costs of owning and operating used vehicles, including depreciation, financing, repairs, maintenance, fuel, insurance and Department of Motor Vehicles (DMV) fees.

"Last year, consumers purchased 43 million used cars while they only purchased 16 million new cars," said Scott Fredericks, Vice President, Carfax.com. "Given the economy, buying a used car today may be one of the smartest decisions they can make - if they do their homework. One of the best ways is using the Internet for research. Tools on Carfax.com and Edmunds.com will help consumers make the most informed buying decisions."

Getting a vehicle's history can help consumers anticipate expenses and determine if a car is even safe to drive. Consumers can get a vehicle history report by entering a car's vehicle identification number (VIN) at Carfax.com. Or, consumers can ask their dealer for a free CARFAX report.

Carlos Soliz, of Springfield, Virginia, learned the pitfalls of not doing solid research the hard way. He spent nearly $25,000 on his dream car - a 1998 Mustang Cobra. His dream quickly became a financial nightmare. First, he had problems with the odometer, then the engine, and then he had to rebuild the rear end. Carlos ended up putting $7,000 into repairs. That prompted him to find out more about his Mustang's troubled past on Carfax.com.

"I wasn't too happy with what I found," Soliz said. "The CARFAX Vehicle History Report gave me a warning message about a mileage rollback. The former owner did things to the car that were really hard on it. I bought someone else's headaches."

In addition to being able to look into a car's past, consumers can now foresee the future of the car they buy, as well. The Edmunds.com True Cost to Own Tool even calculates a "cost-per-mile" amount. For example, a '99 Chevy Malibu might cost 27 cents per mile while a '99 Honda Accord might cost 31 cents per mile over five years. Carlos Soliz would have been able to anticipate spending at least 42 cents per mile to own his Mustang.

Average five-year ownership costs of some of the vehicles on the Edmunds.com "Used Car Best Bets" List are as follows:

    --  2000 Honda Civic DX coupe           27 cents/mile
    --  1999 Ford Ranger XL Extended Cab    28 cents/mile
    --  2001 Toyota Camry LE                31 cents/mile
    --  2000 Mazda MX-5 LS Miata            35 cents/mile
    --  2001 Nissan Pathfinder LE 2WD       41 cents/mile
    --  2001 Lexus ES 300                   47 cents/mile

"Until now, consumers have had no source of information as to the actual costs of owning and operating a used car," said Jeremy Anwyll, President, Edmunds.com. "Both from a budgeting standpoint and for the purpose of comparing various vehicles, this tool will help consumers make more informed decisions."

Next time around, Carlos Soliz plans to do his research.

"I'd do things differently next time I buy a car," Soliz said. "I've passed up others in the past. I probably would have passed this one up, too."

About Carfax.com

Since 1984, CARFAX has been helping people uncover the truth about used cars. The CARFAX Vehicle History Report - available through www.carfax.com and through car dealers - provides an instant background check on any used car. Vehicle History Reports help consumers and dealers avoid used cars with costly hidden problems, including major accident and salvage history, odometer fraud, flood damage and more. CARFAX takes its job of providing the truth about used cars so seriously it backs every Vehicle History Report with a $5,000 CARFAX Certified History Guarantee. Based in Fairfax, Virginia, CARFAX is a wholly owned subsidiary of R.L. Polk & Company.

About Edmunds.com

Edmunds.com (http://www.edmunds.com) is the premier online resource for automotive information. Its comprehensive set of data, tools and services, including Edmunds.com True Market Value(R) pricing, is generated by Edmunds Data Services and is licensed to third parties. For example, the company supplies over 800,000 pages of content for the auto sections of AOL and NYTimes.com, provides weekly data to Automotive News and delivers monthly data reports to Wall Street analysts. Edmunds.com was named "best car research" site by Forbes ASAP, is viewed by consumers as the "most useful Web site" according to the J.D. Power and Associates New Autoshopper.com Studies(SM) for both 2001 and 2002, and was ranked first in the Survey of Car-Shopping Web Sites as reported by The Wall Street Journal. The company is headquartered in Santa Monica, California and maintains a satellite office in Troy, Michigan.

Editor's Note: Carfax.com has a corresponding video news release available. Media can contact Liz DeCastro at PRSupport@carfax.com or 703/934-2664 x 108 for a beta copy.