BOOO Carmax!
#1
BOOO Carmax!
So I got my 2010 premium loaded GT (except sunroof & nav) with 22000 miles appraised at Carmax today just to see the 1 year depreciation. Their quote was $21k. My car has no damage, perfect condition, and slightly high miles due to a long HIGHWAY commute. The "expert" who appraised it was in his early 20's...needless to say, if you want fair value, never sell to Carmax. A dealer offered me 27k for a trade-in at 12k miles. The 5.0 is cool but I still know the value of a quality car and powertrain like the 2010 has. Boo Carmax!
#2
Cobra R Member
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CarMAX used to be pretty fair but they have gone downhill and usually offer less than auction price for cars.
I had a 2006 Focus ST (loaded) and after 18 months they offered me $7500. I had SVT Wheels on it and they said that dropped it a bit. They wouldn't tell me how much. I eventually "pulled" out of them that their "final" offer with the stock wheels and tires would be less than $9k. The car stickered at $22k. I paid just a little above $17k. I eventually sold the car myself for $12.5k. Yeah, $5k more than they offered. On a FOCUS.
The BEST thing about Carmax is you can drive a ton of different cars (all day long). I've never bought from them either but have been "in the process" a few times. Just never felt the deal was that great.
I had a 2006 Focus ST (loaded) and after 18 months they offered me $7500. I had SVT Wheels on it and they said that dropped it a bit. They wouldn't tell me how much. I eventually "pulled" out of them that their "final" offer with the stock wheels and tires would be less than $9k. The car stickered at $22k. I paid just a little above $17k. I eventually sold the car myself for $12.5k. Yeah, $5k more than they offered. On a FOCUS.
The BEST thing about Carmax is you can drive a ton of different cars (all day long). I've never bought from them either but have been "in the process" a few times. Just never felt the deal was that great.
#4
Mach 1 Member
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Bottom line: a dealer will not and can not give you what your car is worth. They need to give you less in order to make money on the deal. Perhaps Carmax is paying less than they could, but they're in business to make money. The best bet is to sell the car yourself.
#5
Mach 1 Member
My wife brought her car to CarMax and had it appraised after I spent an afternoon detailing it.
The thing is spotless with 65k miles. Looks as good as it did when we bought it..with a couple of rock chips and one small door ding.
Exactly KBB "good" trade in.
AHHHH..NOOOO!
The thing is spotless with 65k miles. Looks as good as it did when we bought it..with a couple of rock chips and one small door ding.
Exactly KBB "good" trade in.
AHHHH..NOOOO!
#6
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Dealers USED to recommend you take your car to Carmax and sell it there because they could offer more for your car than the dealer. Not so much any more.
So now you get the same (or worse) than the dealer AND a no haggle (arguably HIGH) price on the cars you want to buy from them. Their new cars are actually priced pretty competitively and from what I've learned from some of the folks who work there, not really what they want to sell. Apparently they sell a small fraction of new cars compared to the used cars where they'll make WAY more profit.
I don't particularly dislike Carmax. I think their business model is great. I just don't think I would ever a) sell a car to them or b) buy a car from them. Just not for me. But I can definitely see where it suits a larger majority.
#8
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What people don't understand about used cars is how demand in the area and auction prices set trade-in pricing. You could have a car bring $2-3K more in another area of the country because of it easy.
Last edited by bpmurr; 5/14/10 at 09:48 PM.
#11
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I was going to order basically the same 2011 version and I wouldn't have had any negative equity but it still wasn't worth it to me. But I still can't throw away that $750 coupon that doesn't expire until July 6th.
#13
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Still plan on bringing my 05' there before going to the dealer. It can't hurt. I saw they were selling a 05' vert with 15k or so miles on it for over $20,000. I thought that was pretty jacked up. I'll be happy with 12 grand in my pocket. Mine has 39k miles on it.
#14
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Heck for $12k I might buy it!
#16
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So I got my 2010 premium loaded GT (except sunroof & nav) with 22000 miles appraised at Carmax today just to see the 1 year depreciation. Their quote was $21k. My car has no damage, perfect condition, and slightly high miles due to a long HIGHWAY commute. The "expert" who appraised it was in his early 20's...needless to say, if you want fair value, never sell to Carmax. A dealer offered me 27k for a trade-in at 12k miles. The 5.0 is cool but I still know the value of a quality car and powertrain like the 2010 has. Boo Carmax!
Last edited by Five Oh Brian; 5/18/10 at 10:55 PM.
#17
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yep. deprection on a new car is killer. gotta pay to play. some ppl its worth it. to some its not and would rather get a 1-2 year old low mile car and let someone else eat that big first depreciation.
#18
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For instance I was looking at a 2010 Taurus SEL for a daily driver. The used prices were higher then what I could pickup a new one on the lot for.
Last edited by bpmurr; 5/18/10 at 08:46 PM.
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