Last post on Jul 09, 2013 at 10:02 AM
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Car Leasing, Car Financing
#854 of 904 Re: Carmax is NUTS [megamark]
May 07, 2011 (6:40 am)
Then there are several million "uneducated" people out there that have done business with Carmax. I bought two cars from Carmax in the past because they had what they wanted. Does not mean I am uneducated or stupid.
I doubt you would buy a vehicle from a dealership that they took on trade and NEVER looked at because the customer they got it from said, "my car runs perfectly".
You had a reason, whatever it was, to replace your AWD Fusion. Neither Carmax or the dealership you did business with knew you and how you maintained your vehicle. They need to know their product before selling it.
Also, Carmax or another dealership would not be able to put a warranty on their vehicles if they did not do the multi-point inspection. If something went wrong and the inspection records had to be reviewed post-purchase and discovered a multi-point inspection was not performed by the selling dealership, the repair would not be covered. As a customer, you would be pissed because you would be stuck with a problem and even worse, a legality issue, depending on whether or not the dealership wanted to make the situation right. If they cared about their customers, they would.
No one implied you were stupid. Shouldn't have to clarify your level of intelligence on a forum board. It's just open discussion. Everyone has an opinion, it's neither right or wrong. Try not to take your experience at Carmax personally. You didn't like what they offered for your trade so you went elsewhere. I doubt the sales consultant who assisted you at Carmax recalls who you are.
#855 of 904 Re: Carmax Trade In Values [oghowie]
Jun 04, 2011 (6:11 am)
I originally went to a Honda dealership to trade in my 2007 Cadillac CTS and 2004 Nissan Pathfinder. Honda was going to give me 16,000 for the Caddy and 4,500 for the Pathfinder. I went over to Carmax and they gave me 17,500 for the Caddy and 5,000 for the Pathfinder, much better trade in value. I recommend Carmax.
#857 of 904 Re: Carmax: What's Your Experience? [creditscore]
Jun 23, 2011 (7:14 am)
Think about your last sentence prior to your credit score scam
Do you really think a dealership should pay you retail for a verhicl that they will sell for retail? They are in the business to flip cars. That's like expecting a person off the street who wants to buy your car to pay retail.
#858 of 904 i sold a car to carmax today
Jul 10, 2011 (5:39 am)
here's my review on yelp, if you are interested in my own person experience.
was sold at the Carmax in Modesto, California.
his is a review for SELLING your car to carmax. since i did not purchase a car there, i don't what that process is like to buy a car and do not have a review for buying a car from them.
i opened a yelp account just to give this place a glowing review. i did a lot of research about selling a car to carmax. most of the things i read seemed to say they gave you a fair price, but i read a few where the people weren't happy so i was a bit apprehensive on selling them my vehicle.
i went to the modesto location at 9am and was approached by a salesperson and told him i wanted to sell my car. we sat down on the computer, plugged in my vehicles info and then an appraiser came out in 10 minutes. we then walked outside and the appraiser looked at my car, took it for a test drive and then i went and sat back down with the salesperson. after 5 minutes, the computer said they would give me 17k for it and i said yes. i owed 15,700 on it, so i then went over to the admin office and signed some paperwork and got a check for the difference. the whole process took about 45 minutes, but i got there right when they opened.
my car listed on http://kbb.com (trade in value) for 17,500 (good condition), NADA (trade in value) 17,500 (rough condition) and the "subaru guaranteed buy back program" was around $17,500 also. i was offered 17,000 for it by carmax and am totally happy. i feel i got a fair deal.
i think people who have a problem with the price carmax offers to buy their car at is because is those people look up the "retail or private party" value on http://kbb.com and expect carmax to pay that. they wont. they are not in business to break even. they need to make a profit. if you want retail value sell it yourself. also your car may not be worth what you are thinking it is.. its only worth what someone is willing to pay for it. if carmax can get an identical car to yours for 10k at the auction, why would they pay you 15? remember you're always going to get less selling to a dealer or trading it in than what you would get selling to an individual!
also for all those people who say a "traditional dealer" will give you more for your trade in, that's because the "traditional dealer" is not giving you that great of a deal on the new car you are buying. "traditional dealers" have to make money too! a "traditional dealer" might give you more on your trade in and they might profit very little on your trade, but the new car with a sticker price of MSRP 20K, might only come down to 19K, which would be the same as them giving you less for your trade and more of a discount off the new car, just different ways of playing around with the numbers.
if you go to carmax and you think you got a "low ball" offer, it's probably because your car isn't worth what you "think" it is. so dont get mad, nobody is making you sell to them. if you dont like what they offer you, then try to sell it on your own. you have 7 days to think about it, so i guess during that time you could see if you could do better on craigslist.
however... if you still owe money on the car, then its going to be hard to sell it to anyone on craigslist. they arent going to want to hand over cash to you or your bank, wait for the title to come, then wait some more for you to sign it over to them.
so once again check the "trade in value" of your car not "private party or retail" and be realistic, dont pick excellent condition(even if you think it is).. use KBB fair/good condition and NADA rough values. also there are too many dynamics/variables for kbb/nada be an exact appraisal.
carmax will need to make a few thousand profit on it. i think the offer they give you is based off a number of things including: miles, condition, inventory on hand & demand for your kind of car, and auction prices... here is info about how they determine your car's value http://www.carmax.com/...
also if your car isn't in demand or a gas guzzler, in crappy condition, has been in an accident (google "diminished value"), has high miles or they have 20 other cars like it on the lot expect lower.
if your car doesn't meet that criteria for them to sell it on their lot, they are going to auction it off at http://carmaxauctions.com and sell it to some mom & pop dealer, which means you are going to get less.
im happy that i got out of the high payments i had on my car and also got a check for a little over $1000 dollars.
as for the carmax employees. they were friendly and i didn't feel any pressure and i got a good vibe from everyone. they seemed upfront and honest.
i would definitely sell a car here again.
the only thing is i had to drive 90 minutes to get there, but the sales guy said they are planning on opening up a location in fremont, in a few years. but how often do you sell a car? maybe once every 5 years, so what's a 90 minute drive?
i'm giving 5 stars, because i am a more than satisfied customer! i would definitely recommend carmax for SELLING your car.
#859 of 904 CARMAX-Cincinnati
Jul 11, 2011 (4:30 am)
Went to get a "buy only" offer on my car (as they advertise they're more than happy and willing to do). I was approached by a sales person. Upon informing him of why I was there, we sat at his desk and I gave him my info. This was on a Tuesday night, about 90 minutes before they were to close.
This was the 3rd "dealer" I had stopped at to solicit a buy only offer on my car.
5 minutes later, an appraiser came out to get my keys to inspect it and take it for a test drive. During the intervening time, the sales person tried over and over again to get me to look at what I might want to purchase from them on his computer screen. Time and again, I told him I wasn't interested in buying a car from them, just wanted a buy offer on my car.
There was one other couple in the building working with a sales person. But, for some reason, I could not get my "buy offer" nor my keys back. After about an hour, I told them to just give me my keys and forget about the offer. This was taking entirely too long. Finally, about 5 minutes before they were to close, the sales person went to the "administration office" to see what was going on. He came back with my offer and my keys.
The offer was literally $1,000s less than the other two buy offers I had received. In short, they "low-balled" me....no by a little, but by quite a lot.
Won't be going there again. They weren't even remotely competitive on their buy offer. And, their customer service was poor.
Wouldn't recommend going there.
#860 of 904 Re: i sold a car to carmax today [papadonkey]
Jul 13, 2011 (3:55 pm)
Good review, thanks for posting.
I sold them 2 last year with similar transactions.
One thing to keep in mind, if you are going to replace a car you are selling them (and you are not leasing the current car) is you will get a tax break if you trade in you car.
Here, 7% tax is due so getting $17,000 trade saves you $1,190 in sales tax on the replacement. So if dealer would go $16,500 and Carmax $17,000 your would be bette of trading toward a new/replacement car. $16,500 + 7% tax = $17,655.
If looking at a used car replacement, it might even make sense to buy and overpriced Carmax car - but probably not (they are really high compared to what you can negotiate elsewhere).
Selling an on lease car is different, as there is no sales tax break is most places for an on-lease car - so higher offer is better.
The fine print of the contract with Carmax to sell them the car is scary. Anything goes wrong and they unwind the deal and come to you to get the payoff and "profit check" back. No reason has to be given. The check htey gave us are us bank drafts too that can't normally be converted to cash right away. It all worked out in the end for me, so I was please with the process and the offers.
#861 of 904 Re: i sold a car to carmax today [dwynne]
Jul 13, 2011 (4:27 pm)
A bank draft is issued rather than a check to the customer selling a car to carmax is so if something is found wrong w/ the title work or misrepresented by the seller, carmax can stop payment on the draft. Carmax is protecting themselves from getting into a legal mess and loss of assets.
As for a good deal from carmax buying a car from an individual, that depoends on the vehicle itself and supply and demand in the wholesale market.
With regard to a tax break when trading a vehicle, not all states have that tax saving benefit. TN and FL do. If you live in TN but buy the the car in KY, you take the tax savings when you register the vehicle in your home state.