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...



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.

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.