How do we calculate the average savings shown on carwow?
carwow savings are calculated and shown in two ways:
1) Specific model saving
A saving advertised for a specific model is calculated daily based on the up-to-date pricing being offered by dealers on our site.
You can configure different variants of a specific model - meaning different engines and trims - so within one model there are different prices for each variant. To work out the average saving for a specific model, we take the best cash price being offered for each variant and create an average for the model. We include within the saving figure any applicable discounts like dealer discounts, government grants and dealer contributions. Savings are always shown against the Manufacturer's Recommended Retail Price (RRP) for the model.
2) Average saving
A static average saving across all models is used on our homepage to reflect the average saving off RRP that our buyers have achieved on cash or finance purchases (not leases) through carwow. The average savings calculation represents the total savings amount off RRP offered by the dealer that our buyers bought from, divided by the number of customer orders. Where there are multiple quotes from the same dealer (and we know the purchase was made from this dealer), we use the most recent quote and savings figure. The current date range for these buyer-achieved savings is January-December 2020.
All off-site advertisements that contain a carwow saving are calculated exactly as presented above, including the date range. We ensure the saving used is correct at the time of submission for print or inclusion in any other form of non-dynamic media.
Do we ‘round up’ when showing savings?
No, we will never overstate a saving and where needed will round down.