Carmax Informative - Trade-in - Auto Sales
LAUREL, MINNESOTA -- We've purchase a number of vehicles at Carmax. However, our last experience was a rude awakening. Carmax says they will buy your car. This is true. You would expect a fair deal for the vehicle that you are trading in ( a previous Carmax purchase ) The dealership of course makes a profit on the vehicle when they re-sell it.
My problem was the amount of profit to trade-in that was given. This vehicle was in excellent condition although it had 101K on it. When Carmax said $5,500, I thought that was a fair deal. We have dealt with Carmax in the past and had trusted them to do the right thing.
A week after we traded in our Solara, It was listed for $11,900. The following week it was sold For $11,500. Perhaps I should be held to blame for expecting Carmax to be fair.
The next time we buy a vehicle, IT WON'T be from Carmax. Their prices are good for purchase, but they will rip you off on your trade-in.
It would be more cost effective to go to another dealer and receive more for your trade-in. This would more than offset the "lower prices" at Carmax! I deal extensively with the public as an instructor and will be sure to pass this along!