CarMax Experience?

[RandyD]

I used PB White Diamond Glaze and it worked great on my 2006 Acura TSX. It looked beautiful in and out. Now to the point. I proceeded to Car Max to sell it. Did my research on Kelly Blue Book. Wow! They offered me at least a couple of thousand less than Blue Book "Trade in Value"(not private party). I've sold cars to them before and their price was fair(in line with KBB Trade in value). There was nothing wrong with the car in their report and they ageed on the condition being "Good". They gave me some BS about the auction value that day. Price was good for 7 days. I will go another carmax in my area after seven days and see what they say. Anyone have any experience with Carmax? Is the price somewhat random with some people? In other words do they try an unreasonable ripoff every now and then like a new car dealer?

[rider9195]

Well when I got my car from the one in Hartford, CT it looked like this...

http://www.autogeekonline.net/forum/picture.php?albumid=274&pictureid=1661

I know you aren't buying, but just a heads up to others. It was reasonably priced though.

But if you are looking for a cheap car under $10k you won't find any there.

[AutowerxDetailing]

I have never, nor will I ever, sell or trade-in my car at a dealer of any kind. Having worked at a car lot I know exactly the kind of antics they pull to give you the least amount of money possible for your trade-in.

[alko]

When I went to try to sell my 08 Accord EX to Carmax, they offered me significantly less than what the kbb value or the true market value of the car (look on edmunds.com for that one). The dealer actually have me a WAY better trade value than Carmax.

On another note, I was recently looking on Carmax for a daily driver for my mom and Carmax has nothing less than $10k on their website.

[RoadRageDetail]

Having worked for them in the past, there's only so much I can say on here. However, KBB and Edmunds do not sell cars so until they do, those numbers are estimations at best.

If they priced your car base on their auction sales, then your car only qualified as a wholesale purchase, and to to them it is not worth as much reguardless of how it looks. If it was quoted as a sellable car for a front lot purchase, it would have been a bit higher. I bought my 04 Taco through them and sold it back within a year for a grand more than I owed. I don't consider them bad people to do business with, but not everyone will enjoy their experience. Just the way business is.

[tampatopless]

I wouldn't expect any difference from the second CarMax. Your car is tagged and already appraised and it's in the computer. They will see that when you go into the second CarMax.

As far as trading it in, there are significant tax advantages to doing this - namely your sales tax basis.

For example's sake, let's say the sales tax in your state is 10 percent. You have a Vette you own free and clear. You sell it to a buddy for $25,000. You go and buy a Vette for $30,000. Your sales tax basis is $30,000. At 10 percent, you owe $3,000 in sales tax.

NOW, take a look at the trade-in. If they give you $24,000 for your trade-in, your sales tax basis on the $30,000 Vette is only $ 6,000 and your sales tax is only $600.

Plus, knowing the finicky nature of used Corvettes, I feel a little more comfortable selling to a dealership versus a private individual. My C5 that I bought used had all kinds of electrical issues that weren't discernable upon original inspection. And it had subsequent issues. So when it came time to trade up, I wouldn't have even considered selling it a private individual.

Just my thoughts. Feel free to check out the sales tax thing with your local tag office.

[Chase.Barnett]

Having worked at a car lot I know exactly the kind of antics they pull to give you the least amount of money possible for your trade-in.

Well stated. :iagree:

Been there, done that, got the t-shirt. CarMax is the last place I would ever buy or sell. Just about anyone can walk in there and get financing through Santander due to bad credit. <--- The kind of buyers they like because they are typically eager and willing. The problem is, they appeal to people who want to just point at what they like and sign papers and drive.

Truth be known, they screw probably everyone that trades or buys anything from them. They low ball you on trade, yet they want KBB/NADA retail on what your trying to buy. Granted, they do have quality pre owned vehicles, but if your buying something a year or two old, your better off buying new (assuming your not looking at a premium brand). Even if you are shopping premium, you can typically pick up a new demo with a few miles and all the perks of a brand new car with an abundance of savings.

Anyways, I did New/Used sales at Toyota and Ford for 2 years. I made great money, but honest an honest salesman is hard to find. I never had a problem telling my customer to leave if my manager was writing a deal that I felt or knew was unfair.

[Finemess]

I have sold them one, and bought three from them. Very pleased with each one. I like that the longest I was there was under an hour in all cases.

[ScottB]

their reputation was a fair value on trade in's, but like every business they are in it for a profit also. I am sure they re-evaluate their cost basis as most businesses do.

Most cars need inspection, minor renovation and cleaning, and of course expenses to hold and insure vehicle until sold.

[drisaudi]

I sell cars. I would never sell a car on my own. I always trade. I know I can get more if I sold on my own, But. I don't want people coming to my house. I don't want to worry about how they are going to pay for it. I don't have a way to run their credit to make sure they are not fraudulent, If something happens with the car they will not come back on me. Seeing they will know where I live. KBB is a good research tool. But factors as location, miles on car, and equipment are overrated at times on KBB. Especially on extremely low milage cars.

[WRAPT C5Z06]

their reputation was a fair value on trade in's, but like every business they are in it for a profit also. I am sure they re-evaluate their cost basis as most businesses do.

Most cars need inspection, minor renovation and cleaning, and of course expenses to hold and insure vehicle until sold.
:iagree:

People hold WAY too much value to KBB. There is A LOT more that goes into a price of a vehicle(sold to a dealer) than just what KBB says. If you don't like what CarMax offers to buy your vehicle for, then don't sell it to them. Simple.

[oldmodman]

I always sell my cars directly to the buyer, and not through or to a dealership.

I tell every buyer it's cash only. No checks, no bank checks, and no vehicle trades.

And to prevent a rip off I always go with the buyer and I don't allow any of his or her friends to ride along. And I take their car keys with us to insure that we won't be followed. I have had several people back out of a deal after being told that only the buyer could ride in the vehicle, and they had to give up their other car's keys before the ride along. One group of young "gents" were very upset and became very loud about this. Screaming don't you trust us. And referencing their racial heritage.
My answer really ticked them off. I said no I don't, but I always trust my two friends.

"Smith and Wesson"

They took off as fast as they could.

And I soon after sold the car at right near my asking price for cash. All they had to do was go to their bank and cash the check they got from their credit union.

[jsgntulok]

I wouldn't expect any difference from the second CarMax. Your car is tagged and already appraised and it's in the computer. They will see that when you go into the second CarMax.

As far as trading it in, there are significant tax advantages to doing this - namely your sales tax basis.

For example's sake, let's say the sales tax in your state is 10 percent. You have a Vette you own free and clear. You sell it to a buddy for $25,000. You go and buy a Vette for $30,000. Your sales tax basis is $30,000. At 10 percent, you owe $3,000 in sales tax.

NOW, take a look at the trade-in. If they give you $24,000 for your trade-in, your sales tax basis on the $30,000 Vette is only $ 6,000 and your sales tax is only $600.

Plus, knowing the finicky nature of used Corvettes, I feel a little more comfortable selling to a dealership versus a private individual. My C5 that I bought used had all kinds of electrical issues that weren't discernable upon original inspection. And it had subsequent issues. So when it came time to trade up, I wouldn't have even considered selling it a private individual.

Just my thoughts. Feel free to check out the sales tax thing with your local tag office.


Not necessarily so in every state. For instance, TX bases new car purchase sales tax on the trade difference. In OK, sales tax is based on the full sales price of the car.

[Cman8]

I've sold twice with carmax both times were fair. I like the no haggling. When I first bought my MDX I paid 17 out the door. Went to carmax this year (4 years after I bought it) and they wanted to give me 14. Not bad IMHO. I ended up using that offer to my advantage and took it in to a dealer where I bought my MINI and got 15 for it and I didn't pay any taxes since I traded it with them.

[snellvilleauto]

I've sold twice with carmax both times were fair. I like the no haggling. When I first bought my MDX I paid 17 out the door. Went to carmax this year (4 years after I bought it) and they wanted to give me 14. Not bad IMHO. I ended up using that offer to my advantage and took it in to a dealer where I bought my MINI and got 15 for it and I didn't pay any taxes since I traded it with them.

That exactly what my brother did. He got carmax's quote and took it to the dealer and they matched it +$1000 (Carmax's quote $24000) He also sold his Porsche at carmax. He had good experience w/ them. On the other hand, they quote my Sequioa at $6000. I could easily get $10000 for it since it got a bunch of aftermarket upgrades. I brought this to the saleman attention but he didn't care. He said "Take them off because we don't care of them"