Is CarMax Worth It?

[sparker256]

I have read good and bad things about CarMax. Their process seems like exactly what I am looking for since I hate even walking on to a car lot and being attacked by the vultures. However, my nearest CarMax is two hours away. I would surely hope that making a drive like that I would walk away with something but my biggest concern, knowing myself, is that I would feel emotionally obligated to myself to buy something because I made such a drive to get there. 

Any advice on how to combat this? 

I've thought about applying for loans through credit unions just to see if my rates would even be worth going to fight a car salesman. 

Also should note that while many people say CarMax runs a little high because of there no haggle pricing, I have found through researching car lots in my town that CarMax beats them by sometimes upwards of thousands of dollars. My local car lots have always over charged in my opinion.

TLDR; Is CarMax worth a two hour drive? How could I combat the urge that I HAVE to buy something just because I made the trip? Any advice, suggestions, comments?

[Anonymous]

With your current scores I would talk to your favorite CU and see what kind of dollar amount and rate they are comfortable with for you.  You may get several approvals from Carmax but they may not be the best rate as you are for sure borderline sub-prime in score.  To combat that urge that you HAVE to buy something why don't you jump on their website and check out the various cars to find the one that is right for you.  Depending on where the store is you are going to you can also apply for financing online and they can call you before you even go in and let you know what the approvals look like for you on a specific vehicle.

[StartingOver10]

Are your current scores FICO 08 or have you pulled your auto enhanced scores?

If I were in your shoes, this is what I would do given the info you posted:

• pull a 3 B report showing all your scores so you won't be surprised
• get pre-approved with a CU like the pp mentioned (before you go)
• make sure you know which vehicles you are interested in before you go and research pricing and options etc on each
• bring a smart phone or tablet so you can research right there and then if the vehicle changes
• go in with the attitude that Carmax needs you! Not that you need them. 

If you don't find the right vehicle, don't settle. If you prepare enough before you go, your obligation to purchase will diminish

[StartingOver10]

One more point - according to creditaddict, Carmax will pull a new report for each vehicle!  So be careful with your choice.

Is this your first vehicle loan or do you have a history? It is different if you have no vehicle loans in your credit profile. See sticky above for first time buyers if this applies to you. If you have no vehicle loans showing either open or closed you will most likely be considered a first timer again.

[sparker256]

I do have a vehicle loan. I currently owe $1700 and it's worth (according to kbb for trade in) $2500-$3500. So there won't be any negative equity. I could just finish paying it off but I have already spent so much on repairs and it needs more work again. I'm just tired of sinking money it to it

[Anonymous]

I bought a BMW 3 series from Carmax 6 years ago and it was a great experience.  Carmax does a good job of screening their cars so it is not likely you will get one with a issue and if you do they have guarentees that are written so as soon as I bought my car I had a BMW mechanic inspect it because I was a bit paranoid, it was in great shape.  I am normally very anti extended warranty, I would never buy one for a new car because it already has a warranty but since my BMW only had 400 miles of factory warranty left and it was my first BMW I bought the extended warranty that covered the car for 6 years or 110,000 miles, I am a stickler for details so I read the entire thing and basically everything was covered.  My experience was that in fact everything was, I had a wheel bearing, and ABS sensor that needed to be replaced, a air bag sensor and a couple of other small things all covered and all the work was done by the BMW dealership. My point is I think Carmax is a great used car dealer and might be worth the drive.  I was in and out in about an hour for the purchase, no pressure no BS of add on pressure and the financing was pretty straightforward although I always reccomend going through a credit union to secure a finance deal before you shop.

[Revelate]

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@StartingOver10 wrote:

One more point - according to creditaddict, Carmax will pull a new report for each vehicle!  So be careful with your choice.

Is this your first vehicle loan or do you have a history? It is different if you have no vehicle loans in your credit profile. See sticky above for first time buyers if this applies to you. If you have no vehicle loans showing either open or closed you will most likely be considered a first timer again.

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Shouldn't matter from a score perspective though that's an awkward procedure to be sure.  Not even sure why they'd do it, costs them more money.

[ezdriver]

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@Revelate wrote:

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@StartingOver10 wrote:

One more point - according to creditaddict, Carmax will pull a new report for each vehicle!  So be careful with your choice.

Is this your first vehicle loan or do you have a history? It is different if you have no vehicle loans in your credit profile. See sticky above for first time buyers if this applies to you. If you have no vehicle loans showing either open or closed you will most likely be considered a first timer again.

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Shouldn't matter from a score perspective though that's an awkward procedure to be sure.  Not even sure why they'd do it, costs them more money.

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Could simply be due to inexperienced sales folks at Carmax. I've been to two Carmax several times during the past year. Talked to a different salesperson each time. One thing that I found consistent that they simply know very little about cars ... my wife knew more about cars and she can barely identify the gas tank filler cap!

[Anonymous]

Some carmax sales associates know a lot about cars and are actual passionate car people, others are not.
To the point about the extended warranty, it is worth it. I have an extensive knowledge of the warranty side of it and what it covers and it is actually a much better warranty than the CPO warranty I got threw BMW on my 1 series. IF you qualify for the CAF financing you will most likely get awesome rates but as always YMMV. Having dealt and worked with both Carmax and traditional dealers I will say it is much easier to deal with Carmax. Where are you located if you might not mind me asking?

[sparker256]

South Georgia area. My nearest Carmax is 2 hours and it's in Columbus. I've been steady looking for the right car. If I get preapproved some where I might give my local Kia automotive a chance to impress me but they will have to work for it because their online prices look about 1-2k higher than Carmax.