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Smart Shopper Carmax - What's Your Experience?
762 messages, Last post on Nov 14, 2009 at 11:37 AM
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Replying to: amfrench (Feb 16, 2009 8:53 am) Like I posted back in Fall of '08. They wanted to buy my '07 Scion tC for $5,000. Before I walked in there; I looked through "Blue Book" and saw the value is $7,700-ish. My advice to you about this....If this Toyota is extra car and you need cash. I'll say try. But if you're just wanting to up size or down size, think about it. You can always get appraisal; they don't charge. |
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I had never gone there before, but heard that Carmax is generous with trade-in values. I found that not to be the case. I have 1999 Honda Accord V6 Coupe EX , in very good condition and low miles. CarMax is selling the exact same car with higher miles for $10,000. And they don't negotiate the price. They really charge a lot for Accord Coupes with low miles. They had two other Accords like that and were charging $9500 to $10,500. Mine is fire engine red, so it will be worth more I think . I just had it repainted and all the small dents and dings removed. The guy offered me with a straight face only $3500. What a joke. I am pretty sure I can sell this private party for $6500, if not more. This model really keeps its value. What do you guys think?
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Replying to: mitchflorida (Apr 09, 2009 5:48 pm) |
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$6500 is the private party price for this particular model. They should be ashamed of offering $3500 for a car they are selling for $10,000. They did not have this model on their lot, it was located in a different state. How are the Buyers at CarMax paid? I am guessing he would probably make about 25 percent of the profit on the used car? The buyer said he wouldn't put the car on the CarMax front line . . he didn't say he wouldn't be keeping the car. Who would expect them to put a 10 year old car on the front line? They also have a 1998 Coupe for sale. that is the oldest car that Carmax will sell.
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Replying to: mitchflorida (Apr 10, 2009 5:39 am) |
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Apparently, this whole "Buy a new car & get free sales tax" tax break probably will put Carmax back on track. I drove by the one near me and saw several cars went on test drives. I heard this break only effects on used cars? But I thought I heard Obama stating it was for both "New & Used?" I'll probably wait for that Scion iQ... I know its "concept" but there's so many Toyota employees who happened to be Scion owners also. They visit the same sites as Scion owners and they claim its gonna to be released as a model for 2010. Also, stated they are not going to have that same $20k sticker tag as the Smarts. Its so cool...If xD and Yaris were mated together; the offspring would be the iQ. LOL My carmax S.C. better not talk me out of it or I'm gonna see another salesperson from another dealership. I wouldn't feel right letting Carmax service it if I didn't buy from them. I know they will give me crap everytime I was there... LMAO |
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Replying to: Thul17 (Apr 11, 2009 11:02 pm) Maybe I've been living under a rock but I've never heard of that tax break. Here in NY that could equal several thousand dollars on a new car. Could you post a link or tell us more? |
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Replying to: Thul17 (Apr 11, 2009 11:02 pm) Currently if you itemize you can deduct sales taxes paid to the state, but if you do you lose the ability to deduct state income tax.
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Replying to: snakeweasel (Apr 12, 2009 5:42 am) The American Recovery and Reinvestment Act of 2009 which was signed into law by President Obama, on Feb. 17, 2009, represents a massive effort to stimulate the economy with spending and tax cuts. One tax provision designed to generate more automobile purchases is a new income tax deduction for state or local sales or excise taxes paid on qualifying 2009 motor vehicle purchases. People contemplating purchasing a new car or other qualifying motor vehicle this year are very likely to be quite interested in learning the details of this new temporary deduction. New temporary deduction. For purchases on or after Feb. 17, 2009 and before Jan. 1, 2010, the Recovery Act expands the definition of taxes allowed as a deduction to include qualified motor vehicle taxes paid or accrued within the tax year. ( The deduction generally is allowed to itemizers. It also is allowed to those claiming the standard deduction as an addition to that deduction. Only taxes on that part of a the qualified motor vehicles purchase price not exceeding $49,500 may be deducted. The amount of sales or excise taxes that may be treated as qualified motor vehicle taxes is phased out ratably for a taxpayer with modified AGI between $125,000 and $135,00 ($250,000 and $260,000 on a joint return). Old Law: Taxpayers had a choice of either deducting Sales and Use Taxes OR State and Local income tax. New Law: You can now deduct sales tax on a qualified motor vehicle even if you choose to deduct state and local income taxes. If you take the standard deduction and do not itemize - you get an increased Standard deduction for taxes paid on a qualified auto. You are only allowed a deduction UP to a $49,500 purchase price. So, if you buy a car for $65,000 you can not take the full amount of sales tax paid. Finally, if you make over $135,000 or $260,000 you are the Obama Wealthy and not allowed squat.
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Replying to: golic (Apr 12, 2009 6:53 am) For purposes of your federal tax return, the sales tax is a deduction and not a tax credit. Therefore it is not a dollar for dollar trade off. For example, if you purchase a $25,000 car and pay 6.5% sales tax of $1,625 you would get a deduction on your tax return for $1,625. Depending on what tax bracket you are in, that would determine your savings. If you were in the 28% tax tax bracket, your tax savings would equate a $455 tax savings. So, no where even close to being "FREE" |
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