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CARMAX- What's your experience?

Valued Contributor

CARMAX- What's your experience?

Hello Fellow Fico Friends!

I need input on those that have used Carmax in the past.

 

1-What was your experience like?

 

2- How was the pricing/value relationship in your opinion? They seem to be a tad higher priced than competing dealers imho. 

 

3- if you financed through them, how was that part of the purchase?

 

4-Did you need proof of income? This point is very important to me. Being self employed, it's difficult to prove my income.

 

Anything else you could think of that can help a Fellow Fico'er make an informed decision Will be much appreciated!

 

Thanks in advance!

 

 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 1 of 19
18 REPLIES
Established Contributor

Re: CARMAX- What's your experience?


grillandwinemaster wrote:

Hello Fellow Fico Friends!

I need input on those that have used Carmax in the past.

 

1-What was your experience like?

 

2- How was the pricing/value relationship in your opinion? They seem to be a tad higher priced than competing dealers imho. 

 

3- if you financed through them, how was that part of the purchase?

 

4-Did you need proof of income? This point is very important to me. Being self employed, it's difficult to prove my income.

 

Anything else you could think of that can help a Fellow Fico'er make an informed decision Will be much appreciated!

 

Thanks in advance!

 

 


Hey grill,

 

I've used CarMax twice, once last year to sell my 2008 Scion tC and just last week to buy my wife's car.  I was very pleased with them both times.  Very low pressure when selling my car and buying the wife's.  The sales staff were honest and did not seem like they were trying to work one over on us.  For my wife's car, we bought a 2016 Kia Sorento with just over 10k miles on it, and he strongly recommended we didn't purchase CarMax's warranty since the factory warranty carried over.

 

When I sold my car, they offered me $1000 more than any other place in town I'd checked that day.  When buying they might be a little higher priced than what I could negotiate down to, but I'd prefer to save my time and sanity than spending hours haggling over the price.

 

We got our financing preapproved through NFCU before heading into CarMax, our sales guy when we bought asked if we were pre-qualified and/or interested.  Navy didn't ask us for proof of income and neither did CarMax since we had the financing already good to go.

 

Hope this helps,

Oz

AU:
Current FICOs [03/08/2017]: EQ 708 | TU 738 | EXP 718 | Past FICOs: [06/2013]: EQ 573 | TU 585 | EXP 541 |
Message 2 of 19
Valued Contributor

Re: CARMAX- What's your experience?

I bought a BMW from Carmax a few years ago and they were excellent.  They do a solid job of inspecting their cars and ensuring they are in good mechanical shape, I am not an exetended warranty guy but Carmax has a fantastic and inexpensive extended warranty so if you are buying a car that has expensive repairs in reliabilty issues you might want to consider buying one.  On the financing side I suggest going with a credit union and getting preapproved.  Carmax like any dealer will arrange financing but of course you end up paying for that service.  Overall if they have the car you want and you don't want to deal with haggliing they are an excellent option.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 3 of 19
Community Leader
Valued Contributor

Re: CARMAX- What's your experience?

Just bought from CarMax over the weekend and it was my first experience dealing with them...and it was a great one.  No hassle or high pressured sales tactics.  They didn't try to sell me things I didn't need, want, or ask for.  The entire experience from start to finish was about 2 hours.  Very laid back environment.  Gave me $300 over what I was expecting for my trade.  All my paperwork was done and I was sent home with it rather than the typical, "we'll put it in the mail".   Had already pre-arranged financing with PenFed...had check in hand and was never pressured to finance with them or even have them shop for a better rate.  What I did find interesting is that there's no "finance manager" which is usually the hard sell/closer in the traditional dealership sense.  That was a welcomed relief because I hate dealing with them and their high pressure tactics.  The person I signed with was just a regular office employee who had me sign over my title, sign docs for the new vehicle and it's title and sent me out the door.  

 

I hope if you do buy with them that you experience is like mine...which was absolutely fantastic!

Message 4 of 19
Valued Contributor

Re: CARMAX- What's your experience?

Thank you Oz, 850 and Loquat for your detailed replies. It sure seems like Car max is doing something right. Most people that I'm aware of seem to have a positive car buying experience. 

 

I haven't decided which route I'm going to take yet. But I thank you for taking the time to post your experience with them.  

 

They certainly remain a viable option for me.

Thanks again!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 5 of 19
Frequent Contributor

Re: CARMAX- What's your experience?

Did you end up going with Carmax? If so, what's your experience? I'll be car shopping in the next few months myself...


TU Fico 8: 754!!!
Message 6 of 19
Valued Contributor

Re: CARMAX- What's your experience?

If you plan to trade in a car (at any dealer) I highly recommend that you get a FREE buy bid from CarMax. They are one of the biggest used car buyers in the nation. Their offer is good for 7 days and it will give you a good idea what your trade is really worth.

 

As most know you need to weigh the choice of selling a car yourself or trading it in. It always seems easier just trading it in and remember most (all?) states only make you pay sales tax on the car purchase minus the trade in value. In my state, trading in a car worth $10,000 will save me about $1,000 in taxes compared to selling it myself.

 

Google Doug DeMuro, Range Rover, CarMax warranty to see his story of how much he benefitted from the CarMax warranty.

Message 7 of 19
Moderator

Re: CARMAX- What's your experience?


Appleman wrote:

If you plan to trade in a car (at any dealer) I highly recommend that you get a FREE buy bid from CarMax. They are one of the biggest used car buyers in the nation. Their offer is good for 7 days and it will give you a good idea what your trade is really worth.

 

As most know you need to weigh the choice of selling a car yourself or trading it in. It always seems easier just trading it in and remember most (all?) states only make you pay sales tax on the car purchase minus the trade in value. In my state, trading in a car worth $10,000 will save me about $1,000 in taxes compared to selling it myself.

 

Google Doug DeMuro, Range Rover, CarMax warranty to see his story of how much he benefitted from the CarMax warranty.


I wish that so was the case in Maryland.  They tax you every way they can on the sale price car regardless of trade in.. Leases are taxed at same 6% and if you buy your off lease car, you pay 6% again on whatever the residual/sale prcie is at that time.  Ridiculous.

Message 8 of 19
Frequent Contributor

Re: CARMAX- What's your experience?

I would say give Carvana a try.  I tried it last week, ordered the car online after browsing numerous vehicles, and they brought it right to the military installation where I Iive. They give you seven days to test the car and you can return if you don't like it.  I am returning mine because it's too small.  I will always try to buy through them, it's worth a look at their website of cars.  They will take you through an interactive trade appraisal with a neat video and will honor what they say your car is worth.  They gave me $300 more than CarMax for my trade.

Message 9 of 19
Member

Re: CARMAX- What's your experience?

Potentially silly question; does Carmax's no haggle pricing policy mean they won't budge or negotiate?
Message 10 of 19