I'm trying to get a handle on it so that I have an exit strategy for all my cheapass acquisitions. I seem to have a run of cars that all come in at $750, but I know that's not their bottom. Anyone know how Carmax comes up with a dollar amount when they appraise a car?
I think they have a voodoo shaman sacrifice a Yugo...
What are you trying to sell?
http://www.carmax.com/enUS/we-buy-cars/determining-your-offer.html
i think they buy cars that do not suck, so none of the stuff i am willing to sell would qualify as more than scrap to them.
I've always heard that they make lowball offers bordering on insulting that would only be suitable for the desparate.
I sold my SRT-4 to carmax and got a fair price. I could have gotten more privately, but I didn't want to deal with teenage tire kickers.
My buddy used to work there. As far as what he told me, the price is based upon what they can get for the car at auction.
Ya, my experiences have been they usually give ~$250-500 more than wholesale on a car if it's one they can turn and sell in their store. If they are sending it to auction, meaning it's not suitable for their stores, they will give slightly less than Wholesale. They don't run a charity, so they aren't going to give you Private party, but you'll probably do a little better than Dealer trade assuming you have a clean, non-wrecked car.
Yeah all in all I would say the offers I have gotten have been pretty fair, I was just hoping I could get an idea of how they decide on numbers, so I can arm myself with knowledge when I go buy my next three-figure car.
Considering some of the prices I've seen on their "sale" cars, I've come to the conclusion that CarMax deals heavily in "out of thin air" pricing. Mileage, color, equipment, don't seem to count nearly as much as.....? Time of day? Day of the week?
I saved over $5000 when I bought my GTO from an Atlanta dealership compared to local Carmax. The cars were comparable in condition and options. I told the Carmax salesman about the other deal I had found and asked if they would readjust and he said to enjoy my drive to Atlanta.
Evidently pricing guidelines are established by corporate types and they wont budge. My advice is to look on autotrader to get the market range for the model and go from there. Carmax is going to be sure that they can make money on your car whether they hold it in the store or send it thru the auction.
I saved over $5000 when I bought my GTO from an Atlanta dealership compared to local Carmax. The cars were comparable in condition and options. I told the Carmax salesman about the other deal I had found and asked if they would readjust and he said to enjoy my drive to Atlanta.
Evidently pricing guidelines are established by corporate types and they wont budge. My advice is to look on autotrader to get the market range for the model and go from there. Carmax is going to be sure that they can make money on your car whether they hold it in the store or send it thru the auction.
integraguy wrote: Considering some of the prices I've seen on their "sale" cars, I've come to the conclusion that CarMax deals heavily in "out of thin air" pricing. Mileage, color, equipment, don't seem to count nearly as much as.....? Time of day? Day of the week?
they will use any reason to increase the price, and ignore any reason that might decrease the price.
low miles on an 03? it gets priced same as a similar miles 08. high miles on an 09? gets priced same as an 09 with 30k less on it. high miles 05 with top of the line trim? priced like an 07 or 08 with average mileage.
To state the obvious: Carmax is in business to make money. If you want to take the time and make the effort, you can surely do better.
That said, the convenience is worth a price. I've sold them one car, and refused their low offer on another. The car I decided to sell myself netted me $1000 over their offer, so I guess it was worth the effort.
Finding any car dealership, used or new, that doesn't feel slimy is a challenge. IMO, Carmax is neither the best nor the worst, and they are fast and convenient.
wasn't there someone on here who had a buddy that would buy cars with blown headgaskets off craigslist, run some head gasket fix through them, and sell them to carmax?
My brother recently brought his wife's SUV to a Carmax curious as to what they would give him for it. He had purchased it for $13,500 a few years prior, and was shocked when Carmax offered him $14,500 for it! He took the money and ran.
I supposed if you get a fair deal or not depends what they think the demand is for your trade/ sold car. His was a Mercury (Escape clone) hybrid. I guess they wanted it enough to give him a fair deal.
A little birdie told me it's a little bit of this:
Gimp wrote: the price is based upon what they can get for the car at auction.
and a lot of this:
1988RedT2 wrote: If you want to take the time and make the effort, you can surely do better.
They don't advertise "top dollar for your trade", so why do you go in expecting it? They will tell you straight up "our offers are NOT retail, NOT private party, NOT trade in value." Everyone who complains about being lowballed went in with unrealistic expectations. In selling to Carmax, you trade money for convenience, period.
i've been lowballed the two times i've taken cars to them, but they were both manual trans vehicles. since they seem to cater to the less informed shopper, i'd guess they have a harder time moving them (at least down here in texas). i test drove an 05 wrangler rubicon 6spd that they were only asking 16,900 for, which sold later that evening, all the other similar year/mileage rubicons i found were asking 20k or more.
but, jeeps a wierd. one of the only vehicles around that increases in value when you modify it.
Strizzo wrote: one of the only vehicles around that increases in value when you modify it.
I think I found the reason why you felt lowballed...aftermarket mods detract from the value for Carmax
In reply to calteg:
i was looking to trade non-modified vehicles at carmax. i was talking about people taking a 10k jeep TJ putting a $500 lift and a grand worth of tires and wheels and expecting 15k for it. and people pay it too!
No, they're a little more spooky than a dartboard. They use an improvised Ouija board.
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