Experience selling car to Carmax?

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Casper
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Re: Experience selling car to Carmax?

Post by Casper » Mon Mar 13, 2017 9:56 am

ralph124cf wrote:In 2007 I was selling a 1998 F-150 after I bought a new truck. Carmax had higher mileage, less well equipped F-150s advertised for sale for $10,000. They offered me $5,000. That is quite a profit margin. I sold privately for $7,000.

Check what Carmax is advertising as the sale price of a very similar car on their website, and expect them to offer half of that.

Ralph

Experiences will vary. I sold a car to them for $19k a couple years ago, then checked the website to see what they ended up listing it for. It was around $21k.

More recently, they offered $23k for another car of mine. I sold it to a car dealer instead for the same price, and they turned around and listed it for $26k. CarMax probably would've done about the same.

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tdhg566
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Re: Experience selling car to Carmax?

Post by tdhg566 » Mon Mar 13, 2017 10:47 am

I've bought and sold numerous cars at CarMax. You don't get top dollar for your trade-in/sold car, and you don't pay lowest dollar for your purchase. But they make the process easy, so it depends how you value your time, how easy it would be to sell your car, and how much risk you want to take dealing with the public.
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gasdoc
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Re: Experience selling car to Carmax?

Post by gasdoc » Mon Mar 13, 2017 12:28 pm

tdhg566 wrote:I've bought and sold numerous cars at CarMax. You don't get top dollar for your trade-in/sold car, and you don't pay lowest dollar for your purchase. But they make the process easy, so it depends how you value your time, how easy it would be to sell your car, and how much risk you want to take dealing with the public.


tdhg566, you stated that much better than I did- perfect.

gasdoc

lbwarped
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Re: Experience selling car to Carmax?

Post by lbwarped » Thu Aug 10, 2017 3:30 pm

Just sold a 2001 Subaru Outback to Carmax, which had brake problems, rust, and some scraping noises while driving.
KBB Private Party: $1,800, Fair
KBB trade-in: $527
CarMax: $1,000

Craigslist had very little response at $1,200, so CarMax was the obvious choice.

Church Lady
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Re: Experience selling car to Carmax?

Post by Church Lady » Thu Aug 10, 2017 8:16 pm

CarMax is a fast sale. They will buy your car regardless of its condition. They will give you a quote good for seven days. However, you won't get the best price price for it.

I sold my first car to CarMax. A couple years before I sold the car, I needed an estimate of its value for a reason I can't recall. The receptionist said NO PROBLEM!! They fiddled with my vehicle for maybe twenty minutes. To get the quote, I had to talk to a rude, pushy salesman trying to convince me my car was crap to make me accept a low price for it. I reminded him I had no intention of selling the car that day and MAN WAS HE ANNOYED! Unpleasant experience!

A couple years later, I traded the car to CarMax for another one. It was convenient, but the price was definitely lowball. I paid for convenience!

My family disposed of a vehicle that comprised part of an estate by selling it to CarMax. The heirs had to dither over whether to accept that offer or do something else.
It was almost a year later we took the car in again. The offer went UP over $1000! CarMax explained that cars like that sell better in the summer, hence the better price. Who knew? We were pretty happy about that!

I would sell to CarMax again if I had another estate disposal, or if I were giving up my car for good, or perhaps if I were buying a car from CarMax, If I were replacing my car, I would probably prefer to trade it to the dealer.
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delamer
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Re: Experience selling car to Carmax?

Post by delamer » Thu Aug 10, 2017 8:24 pm

We just sold (and bought) at Carmax. The Edmunds' estimate was $500 less than what CarMax offered, so we were satisfied. Plus we saved on the sales tax by trading to them, or another $600.

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Re: Experience selling car to Carmax?

Post by Nebster » Sat Aug 12, 2017 3:09 am

I received a Carmax estimate of $28k for my vehicle a few weeks ago with KBB pp at 33.5 and KBB trade at 29. After a week of not much interest on craigslist, I got ready to take the car over there, but I tried getting a Vroom estimate on my phone on a whim. I got a $30k offer a few minutes later, and it was picked up a few days later and the money wired into my account. Easy-peasy.

Carmax seems like a great business, but the market can move to be a little more efficient, I suspect.

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Dogbreath650
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Re: Experience selling car to Carmax?

Post by Dogbreath650 » Sun Aug 13, 2017 1:35 pm

I had a 2006 Scion TC that I had used as my work commuter car. When I retired I took it to Carmax and they gave me an estimate of $1200. Reason being is I had one minor accident with a deer that resulted in a fender being replaced. Even though the car looked great, because it was in an accident they reduced their offer. I posted it on Auto Trader and a week later sold it for $4200 :happy

I believe that if the car you are selling is <10 years old and never been in an accident they may be competitive but otherwise you are better off to sell it yourself.

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Re: Experience selling car to Carmax?

Post by ellvizzle » Sun Aug 13, 2017 7:09 pm

I recently was trying to sell my 2006 Hyundai Tucson. While mechanically it was in very good condition and I'm sure had many more miles to go, it did have some noticeable hail damage and a cracked windshield. I tried to sell on Blinker, but didn't see much action. Went to CarMax to see what they'd offer--$700 and the woman said I should probably try elsewhere before considering that. I then went to a local dealership and was offered $1400. Figured that was the easiest way I was going to get anything worthwhile. So, I basically got low balled at CarMax.

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weltschmerz
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Re: Experience selling car to Carmax?

Post by weltschmerz » Sun Aug 13, 2017 7:18 pm

I have sold 2 cars to CarMax over the years. You won't get top dollar, but that's not really the point. They are offering a hassle-free, quick transaction. I love using them, and I'm sure I will do so in the future. The last car I sold, a 2010 Toyota Yaris, the dealer offered me $4500 in trade. I went to CarMax, they offered $5k on the spot, so I took it. Plus they handle all the paperwork, so it's easy-peazy. I'm sure I could have gotten another $1-2k by doing a private sale, but it was well worth it to not have to deal with the craigslist knuckleheads.

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grabiner
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Re: Experience selling car to Carmax?

Post by grabiner » Tue Aug 15, 2017 11:06 pm

Even if you don't sell to CarMax, you get a competitive offer which other dealers know about.

When I bought a new car, I took my trade-in to CarMax. I was offered $3000, which matched the Kelley Blue Book value of the car. The dealer who sold my car offered a lowball of $2000. I told him that I already had a CarMax offer of $3000, and he agreed to match that in after-tax value (in MD, sales tax is only charged on the difference between purchase and trade-in). If he hadn't matched, I could have gone half a mile to another CarMax to make the sale; I wouldn't have had to drive thirty miles back to the original CarMax.
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Re: Experience selling car to Carmax?

Post by madbrain » Tue Aug 15, 2017 11:35 pm

Experience this year trying to sell a 2011 Prius in January with 125,000 miles that had been in several accidents but was fixed :
- dealer trader-in offer : $4500 .
- Carmax offer : $2500 - they claimed they would only auction it, because they didn't like the way it was repaired.
- craigslist : $7000 (was advertised at $8000) . I had to tell another person who was on the way to go home because the car was actually sold. Probably could have gotten $7500 or the full $8000, but I was happy to get rid of it.

All these happened on the same day - car was sold through craigslist, cash in hand and deposited through the Chase ATM machine that automatically scans and counts the bills.

Carmax was 5 minutes from the dealer, but it took 45 minutes for the inspection and to get the quote . Complete waste of time.

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jimb_fromATL
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Re: Experience selling car to Carmax?

Post by jimb_fromATL » Wed Aug 16, 2017 10:30 am

madbrain wrote:
Tue Aug 15, 2017 11:35 pm
Experience this year trying to sell a 2011 Prius in January with 125,000 miles that had been in several accidents but was fixed :
- dealer trader-in offer : $4500 .
- Carmax offer : $2500 - they claimed they would only auction it, because they didn't like the way it was repaired.
- craigslist : $7000 (was advertised at $8000) . I had to tell another person who was on the way to go home because the car was actually sold. Probably could have gotten $7500 or the full $8000, but I was happy to get rid of it.

All these happened on the same day - car was sold through craigslist, cash in hand and deposited through the Chase ATM machine that automatically scans and counts the bills.

Carmax was 5 minutes from the dealer, but it took 45 minutes for the inspection and to get the quote . Complete waste of time.
It worked for you, but it looks to me like that's a vote in favor of other folks feeling safer about buying a car at CarMax. They would not buy your car to sell at retail because it had been wrecked and did not meet their standards.

However, it didn't really work all that well for the unsuspecting buyer who probably did not have the car checked out by their own mechanic or body shop and did not know any better than to pay you more nearly normal market value for it ... though it was worth less.

(That's also an illustration of why it's a good idea for a used car buyer to have a car checked out by a shop or knowledgeable person before buying it.) :(

jimb

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Re: Experience selling car to Carmax?

Post by Will 82 » Sat Aug 19, 2017 11:33 am

So I just sold my 2008 Toyota Tacoma to CarMax. 109,600 miles.. TRD Sport Package, but 2WD (bought in Alabama and moved to Pennsylvania). It had been in an accident in December 2010 when I rear ended someone. $11k worth of damage to the front end. KBB private sale value on it in Good condition is $11,900. Trade in is around $10k. I had it listed on Craigslist for $12k which I never expected to get.

First took it to CarSense - they offered $6k.
Then to We Buy Any Car - they offered $8k.
Finally this morning to CarMax - they offered $11k.

I took CarMax offer and ran out of there. Honestly I would've happily gotten rid of it privately for $10k. I'm still shocked at the number they offered me.

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Re: Experience selling car to Carmax?

Post by LadyGeek » Sat Aug 19, 2017 12:05 pm

This thread is now in the Personal Consumer Issues forum (car).
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madbrain
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Re: Experience selling car to Carmax?

Post by madbrain » Sat Aug 19, 2017 6:23 pm

jimb_fromATL wrote:
Wed Aug 16, 2017 10:30 am
madbrain wrote:
Tue Aug 15, 2017 11:35 pm
Experience this year trying to sell a 2011 Prius in January with 125,000 miles that had been in several accidents but was fixed :
- dealer trader-in offer : $4500 .
- Carmax offer : $2500 - they claimed they would only auction it, because they didn't like the way it was repaired.
- craigslist : $7000 (was advertised at $8000) . I had to tell another person who was on the way to go home because the car was actually sold. Probably could have gotten $7500 or the full $8000, but I was happy to get rid of it.

All these happened on the same day - car was sold through craigslist, cash in hand and deposited through the Chase ATM machine that automatically scans and counts the bills.

Carmax was 5 minutes from the dealer, but it took 45 minutes for the inspection and to get the quote . Complete waste of time.
It worked for you, but it looks to me like that's a vote in favor of other folks feeling safer about buying a car at CarMax. They would not buy your car to sell at retail because it had been wrecked and did not meet their standards.

However, it didn't really work all that well for the unsuspecting buyer who probably did not have the car checked out by their own mechanic or body shop and did not know any better than to pay you more nearly normal market value for it ... though it was worth less.

(That's also an illustration of why it's a good idea for a used car buyer to have a car checked out by a shop or knowledgeable person before buying it.) :(

jimb
The accidents were disclosed. The buyer came with another person and took a long test drive.
My point is that Carmax (and car dealers that take used cars as trade-ins) have a profit motive and will always buy your vehicle below what they think they can sell it for. Sometimes that can be a significant difference. In this case, Carmax wanted to pay $2000 less than the dealer was willing to take for trade-in. As a seller, I would not choose to use Carmax first. I would only go that route if I had no other means to sell the car.
I have gotten a decent price selling to a dealer before - strictly selling transaction, not trade-in. I won't waste my time with Carmax.

When it comes to buying, I would only ever buy new, and I wouldn't go to Carmax for that.

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