I took my 95 Honda Civic to Carmax. They'll "buy mine, even if I don't buy theirs". National advertsing. Major Network TV.
I first researched on Carmax's site, the national retail selling price. It was about $7900.00 for my car.
I then used CarMax's blue book valuation. I was a little concerned when the "Trade-in Value" was only $2500.00. I thought "Wow! What a huge spread. Huge mark up."
I was more concerned when I realized I would get even less for a cash sale (wholesale).
So I went. Got the pitch. Trade your car. Get cash back. Take the payments for newer car and sell in a couple years or trade.
No thanks, just want to sell Honda. OK.
$1200.00 cash with clear title.
Are you joking?
You'll steal my car for $1200.00 and sell it for $7900.00
$6700.00 Margin?
It was explained CarMax doesn't buy at auctions or from other dealers, this is how they get their massive inventory.
They have in-house repair shops.
They have in-house financing.
They have in-house warranties, extended, but use remainder of national manufacturer's new car and powertrain to effect some repairs.
I was 'schooled" that car payments are a way of life now, everyone will always have one and that's all anyone cares about.
You have to be an idiot or desperate to buy a car from Carmax at these outrageous prices.
I did the right thing.
I left.
Not mad, just incredulous. Just left.
Tried again with my 2000 Ford F-150 S/C.
Selling price $17999.00
Trade in $5500.00
Cash $4000.00
Are you joking now? Surely!
$14,000.00 Margin?
Just some advice. Don't buy from places like this. Shop around. Your car is worth what the market will pay. Period. If you don't get satisfaction, keep shopping.
Adjust your expectations to what you find in the marketplace, but don't be taken advantage of.
Trust your instincts, when the deal is right and you are satisfied, then close the deal, but get all promised in writing, including warranties. Do this BEFORE you sign your name.
Once you sign your name, you have agreed and authorized EVERYTHING that has or will occur.
The only way to change bad practices and close bad business is to affect the business economically. DON'T BUY!
Don't become emotionally attached to an object. There are thousands more out there just exactly like the one you want.
Car purchase is the second most expensive purchase with a long term payment commitment. If it's not right, WALK AWAY!
Hope this helps someone.By the way, didn't sell either ride, just keep and pay to fix when needed. Much cheaper.
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