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I had a 2007 Toyota FJ and knew I would sell it or trade it for a new car. In order to get an idea of its value I took it to carmax. The value is determined by several factors, condition, mileage and demand for the vehicle. I was offered $21K for the 7 year old FJ with the original price of $29K.
I negotiated a new car price at the Ford dealer who informed me that my FJ trade in was only $19K. I showed him the Carmax price and he took my trade at $21K. I would say Carmax is fair, but I also know the Ford dealer sold my FJ for $24K three days later. But he had to ship it to Denver from Dallas.
If you are looking for an easy transaction, then go to Carmax.
If you are looking to get close to fair market value for your car, avoid Carmax.
This is what it really comes down to. Carmax is a wholesale buyer. They buy wholesale, and sell retail (or at an auction, if they must.)
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I'm just not convinced the cost of a car trailer (added to the cost of a one-way truck rental) is worth the effort to pull the car down there. Once things are settled in FL, I'll start looking for something else but for now, I just want to sell the car and move.
If you think the car is only worth a grand, then it isn't worth trailering. Take it to Carmax and get a bid on it, then put it on CL for $1995, see what shakes out, and if it doesn't work out, sell it to Carmax.
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I noticed a lot of people worried about people coming back and demanding their money back after selling it privately. Does that happen often? I certainly don't want to deal with that and, right now, am leaning toward Carmax.
I've heard of it happening, but only in rumors online, never from anyone I actually know. Its buyer be ware when it comes to a used car, the buyer has few-no recourse in the case of buyers remorse. They can call or text or threaten all they wwant, but they can't dp anything once the sale is final.
No problem, and you're welcome! Just to give you an example, the car I had appraised was a 2011 Honda Accord V6 EX-L coupe. Looks brand new inside and out, and runs like a champ, relatively low mileage. I know many here love to jump on the very mention of KBB value, but for the sake of perspective, what they offered me was about $6k less than the KBB value of the car. Definitely much, much, less than what people are selling that car in that particular trim for privately. Now, that isn't to say that taking it to the Honda dealership or any other dealership is going to be any better, in fact they might offer much less, who knows? Put it to you this way, if you see that the book value on your car is $10,000, you've priced it at $8,000 on Craig's list in hopes to just move it fast, Carmax might offer you $4,-$5,000 for it. So, be prepared for that. With all that said, I would definitely take it over there just to see what they do offer you. Who knows, they might offer you exactly what you're expecting out of it and all I said was completely wrong, lol! I would be curious to know how it turns out if you could report back to us.
Before you take it over there, clean it up nicely inside and out.
A piece of advice I will offer is to take it to a car detailer and let him perform his $100 magic on it. A detailer will do things you won't think of unless you make a list and will have it done before you finish the list. You should recoup the $100 up on the sale.
I say CL and know what your bottom dollar is. A lot of people will waste your time but the right person may be looking for your car and you will make a good deal. If not, take the bottom dollar - higher than CARMAX - and be done with it.
Thanks so much everyone for your input so far
I noticed a lot of people worried about people coming back and demanding their money back after selling it privately. Does that happen often? I certainly don't want to deal with that and, right now, am leaning toward Carmax.
Simple.
You write a normal Bill of Sale.
State car is sold as is where is.
No warranty written or implied.
AND
You add this sentence.
"Vehicle is sold for parts only."
And if asked about this sentence be up front with buyer and state that this covers any Lemon Law in any state. You are selling this car "as is".
I would never sell any used car without that last sentence.
I've sold two to Carmax. You won't get full KBB value for it. If you want to detail the car and meet all the buyers, most of which also want something for nothing, then sell on Craigslist or the like.
Simple.
You write a normal Bill of Sale.
State car is sold as is where is.
No warranty written or implied.
AND
You add this sentence.
"Vehicle is sold for parts only."
And if asked about this sentence be up front with buyer and state that this covers any Lemon Law in any state. You are selling this car "as is".
I would never sell any used car without that last sentence.
And I would never buy a car with that sentence in the bill of sale.
We've sold 2 cars to CarMax. On each car they gave us several thousands of dollars more than a local dealer would pay as a trade-in. Would do it again.
We did it twice....we were happy with the price they gave us both times. It was quick and easy, which typically getting rid of a used car is not.
I may need to spin that wheel. The SuperCrew I mainly got for out of town work is starting to become a vehicle magnet (stupid kid wedged in front of me running late for work Saturday afternoon and traded paint--thankfully, no dents but am owed a good buffing!--and some idiot yesterday decided that his non-turn lane was worth trying to use as a turn lane with me in it as well. Almost got dicey.
I am just over $3000 in the black on the loan and just maybe I can pocket some and get something else without a payment. Heck, cars.com's black book calculator says I should basically get whaat I want. May try.
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Originally Posted by unit731
But on Craiglist it will go quickly at that price. Or even eb*y if you are honest about condition.
I will sell my vehicle to the public instead of the dealer or Carmax. Carmax will not give me much for it like around 3000.00 and sellling to public I can get 4000.00 or better. My vehicle is a 2007 Ford Escape XLS with 95,000 miles.
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