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CarMax and others like it
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Originally Posted by SeaJay
If Carmax is only making $1,000 bucks on average for every car, what they are paying the seller is not a lowball offer. It is actually quite fair, and does save the seller quite a bit of aggravation. Quite a few posts here and elsewhere about sellers ranting about the aggravation of the private selling process.
For the cars that go to auction they offer a $1000 less than trade-in. I brought them an Accord with 166k on it and they offered $1800 while trade-in was $2800. Sold it PP for $3600 to a nice guy. Although previous to him I had several annoying people I dealt with.
The cars that go on their retail lots are much more profitable. My friend was offered $9500 for their Accord. They negotiated the offer up to $12k. The car was then listed on their website for $17 or 18k, can't remember exact number at the moment. They offer in-house financing and along with in-house warranties. Vehicles can be fixed at CarMax service centers that are attached to the store. If it's a problem they don't want to fix then they send the car to the dealership. For example, a Mercedes with a complex issue. Have it diagnosed and fixed at the dealer.
If Carmax is only making $1,000 bucks on average for every car, what they are paying the seller is not a lowball offer. It is actually quite fair, and does save the seller quite a bit of aggravation. Quite a few posts here and elsewhere about sellers ranting about the aggravation of the private selling process.
For the cars that go to auction they offer a $1000 less than trade-in. I brought them an Accord with 166k on it and they offered $1800 while trade-in was $2800. Sold it PP for $3600 to a nice guy. Although previous to him I had several annoying people I dealt with.
The cars that go on their retail lots are much more profitable. My friend was offered $9500 for their Accord. They negotiated the offer up to $12k. The car was then listed on their website for $17 or 18k, can't remember exact number at the moment. They offer in-house financing and along with in-house warranties. Vehicles can be fixed at CarMax service centers that are attached to the store. If it's a problem they don't want to fix then they send the car to the dealership. For example, a Mercedes with a complex issue. Have it diagnosed and fixed at the dealer.
Originally Posted by SatinSilver
Originally Posted by SeaJay
If Carmax is only making $1,000 bucks on average for every car, what they are paying the seller is not a lowball offer. It is actually quite fair, and does save the seller quite a bit of aggravation. Quite a few posts here and elsewhere about sellers ranting about the aggravation of the private selling process.
For the cars that go to auction they offer a $1000 less than trade-in. I brought them an Accord with 166k on it and they offered $1800 while trade-in was $2800. Sold it PP for $3600 to a nice guy. Although previous to him I had several annoying people I dealt with.
The cars that go on their retail lots are much more profitable. My friend was offered $9500 for their Accord. They negotiated the offer up to $12k. The car was then listed on their website for $17 or 18k, can't remember exact number at the moment. They offer in-house financing and along with in-house warranties. Vehicles can be fixed at CarMax service centers that are attached to the store. If it's a problem they don't want to fix then they send the car to the dealership. For example, a Mercedes with a complex issue. Have it diagnosed and fixed at the dealer.
Oh yeah, had a couple of guys that worked at Carmax apply to one of my units. They didn't make that much money about $12-$15/hr. But they were doing body work, repairs and detailing.
Originally Posted by SeaJay
If Carmax is only making $1,000 bucks on average for every car, what they are paying the seller is not a lowball offer. It is actually quite fair, and does save the seller quite a bit of aggravation. Quite a few posts here and elsewhere about sellers ranting about the aggravation of the private selling process.
For the cars that go to auction they offer a $1000 less than trade-in. I brought them an Accord with 166k on it and they offered $1800 while trade-in was $2800. Sold it PP for $3600 to a nice guy. Although previous to him I had several annoying people I dealt with.
The cars that go on their retail lots are much more profitable. My friend was offered $9500 for their Accord. They negotiated the offer up to $12k. The car was then listed on their website for $17 or 18k, can't remember exact number at the moment. They offer in-house financing and along with in-house warranties. Vehicles can be fixed at CarMax service centers that are attached to the store. If it's a problem they don't want to fix then they send the car to the dealership. For example, a Mercedes with a complex issue. Have it diagnosed and fixed at the dealer.
Oh yeah, had a couple of guys that worked at Carmax apply to one of my units. They didn't make that much money about $12-$15/hr. But they were doing body work, repairs and detailing.
Originally Posted by DGXR
I went to Carmax once just out of curiosity to see what they would offer me. They offered me a ridiculous lowball. Granted my car was 17 years old with 136k miles, but it was a popular and reliable model in very good condition. Anyway, I asked if they could do any better and they said no. I was fully planning to sell it private party anyway, and it sold for over twice what Carmax offered, it just took a month longer.
I would consider Carmax when buying another vehicle but it's not worth even 1 hour of my time to ask them for an offer on my old vehicle. They are in business to make money, and they don't do that by paying fair prices for your old car.
Apples and Oranges. Of course your vehicle went for more at private party sale. They buy at auction pricing and given your age of the vehicle, probably would have gone straight to auction.
I went to Carmax once just out of curiosity to see what they would offer me. They offered me a ridiculous lowball. Granted my car was 17 years old with 136k miles, but it was a popular and reliable model in very good condition. Anyway, I asked if they could do any better and they said no. I was fully planning to sell it private party anyway, and it sold for over twice what Carmax offered, it just took a month longer.
I would consider Carmax when buying another vehicle but it's not worth even 1 hour of my time to ask them for an offer on my old vehicle. They are in business to make money, and they don't do that by paying fair prices for your old car.
Apples and Oranges. Of course your vehicle went for more at private party sale. They buy at auction pricing and given your age of the vehicle, probably would have gone straight to auction.
Is it really that hard to sell cars for that many of you? I price it so that a buyer gets a decent deal, and that its still high enough that nobody will try to flip it. I always put firm price. If i choose to lower the price i will lower it in the ad. First Come First Serve. If it doesnt sell in a week, drop price down a hundred bucks or so. Fence sitters see it dropping and the fear of missing out kicks in. We have large universities nearby and that is an endless supply of buyers for cheap cars and even 5 digit used cars if Mommy and Daddy are paying.
Originally Posted by dareo
Is it really that hard to sell cars for that many of you? I price it so that a buyer gets a decent deal, and that its still high enough that nobody will try to flip it. I always put firm price. If i choose to lower the price i will lower it in the ad. First Come First Serve. If it doesnt sell in a week, drop price down a hundred bucks or so. Fence sitters see it dropping and the fear of missing out kicks in. We have large universities nearby and that is an endless supply of buyers for cheap cars and even 5 digit used cars if Mommy and Daddy are paying.
I've never had an issue. Craigslist has always worked, I make them email me. Incoherent, low ballers and demanding or ignorant emails get ignored. If the car is priced correctly, you can choose your buyer. Someone will send a professional email, come right over and buy the car without being a pest. I've sold at least a dozen cars that way.
Is it really that hard to sell cars for that many of you? I price it so that a buyer gets a decent deal, and that its still high enough that nobody will try to flip it. I always put firm price. If i choose to lower the price i will lower it in the ad. First Come First Serve. If it doesnt sell in a week, drop price down a hundred bucks or so. Fence sitters see it dropping and the fear of missing out kicks in. We have large universities nearby and that is an endless supply of buyers for cheap cars and even 5 digit used cars if Mommy and Daddy are paying.
I've never had an issue. Craigslist has always worked, I make them email me. Incoherent, low ballers and demanding or ignorant emails get ignored. If the car is priced correctly, you can choose your buyer. Someone will send a professional email, come right over and buy the car without being a pest. I've sold at least a dozen cars that way.
Originally Posted by dareo
Is it really that hard to sell cars for that many of you? I price it so that a buyer gets a decent deal, and that its still high enough that nobody will try to flip it. I always put firm price. If i choose to lower the price i will lower it in the ad. First Come First Serve. If it doesnt sell in a week, drop price down a hundred bucks or so. Fence sitters see it dropping and the fear of missing out kicks in. We have large universities nearby and that is an endless supply of buyers for cheap cars and even 5 digit used cars if Mommy and Daddy are paying.
The key there is "cheap cars".
You can sell commodity, daily drivers all day long in the $5K and under crowd. Anything higher takes more resources to sell. That's the way it seems to play out in my area.
Is it really that hard to sell cars for that many of you? I price it so that a buyer gets a decent deal, and that its still high enough that nobody will try to flip it. I always put firm price. If i choose to lower the price i will lower it in the ad. First Come First Serve. If it doesnt sell in a week, drop price down a hundred bucks or so. Fence sitters see it dropping and the fear of missing out kicks in. We have large universities nearby and that is an endless supply of buyers for cheap cars and even 5 digit used cars if Mommy and Daddy are paying.
The key there is "cheap cars".
You can sell commodity, daily drivers all day long in the $5K and under crowd. Anything higher takes more resources to sell. That's the way it seems to play out in my area.
Originally Posted by JTK
The key there is "cheap cars".
You can sell commodity, daily drivers all day long in the $5K and under crowd. Anything higher takes more resources to sell. That's the way it seems to play out in my area.
The more expensive the vehicle, the more patience you need to have because it will take a little longer. I have purchased and sold vehicles $20k plus private party, there are informed buyers out there that don't want to deal with a dealer. I met one at their credit union and we finalized the sale there, I walked out with a check and went across the street to cash the check at my bank.
The key there is "cheap cars".
You can sell commodity, daily drivers all day long in the $5K and under crowd. Anything higher takes more resources to sell. That's the way it seems to play out in my area.
The more expensive the vehicle, the more patience you need to have because it will take a little longer. I have purchased and sold vehicles $20k plus private party, there are informed buyers out there that don't want to deal with a dealer. I met one at their credit union and we finalized the sale there, I walked out with a check and went across the street to cash the check at my bank.
I've sold 2 vehicles to CarMax and soon a 3rd. They've always been reasonable. I think they are good for those that don't want to get ripped off at the dealer and don't want to take the time to sell privately. They are right in the middle in my experience. Selling a car privately can be a PITA.
Originally Posted by buster
I've sold 2 vehicles to CarMax and soon a 3rd. They've always been reasonable. I think they are good for those that don't want to get ripped off at the dealer and don't want to take the time to sell privately. They are right in the middle in my experience. Selling a car privately can be a PITA.
I've sold 2 vehicles to CarMax and soon a 3rd. They've always been reasonable. I think they are good for those that don't want to get ripped off at the dealer and don't want to take the time to sell privately. They are right in the middle in my experience. Selling a car privately can be a PITA.
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