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Old 12-13-2011, 03:59 PM
FRANCOSTEIN FRANCOSTEIN is offline
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Carmax offered me...

$15500.00 for my 2007 335i sedan. I took it to them this weekend because I am thinkin of getting rid of it. I owe like $12k on it, but yea ... pretty dissapointed. It has the sport package on it, pretty good shape, have like 67k miles. Not going to sell it to them, but just thought i would share...
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Old 12-13-2011, 04:06 PM
WaxComb WaxComb is offline
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What does Edmunds.com say? I'd take the trade in value as a comparison since this isn't a private party sale.
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Old 12-13-2011, 04:15 PM
FRANCOSTEIN FRANCOSTEIN is offline
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edmunds was like 20k... so they were way off. interestingly enough... the guy mentioned that i go to edmunds first cuz their numbers are very close to theirs... but i guess not so much.
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Old 12-13-2011, 04:28 PM
WaxComb WaxComb is offline
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Oh wow... thats 25%. Edmunds is pretty close to market I've found, so Carmax is shorting you.

From carmax's perspective, the 15,500 is reasonable because of their potential market base (who aren't likely shopping for BMWs anyway). However, if you took it to a BMW dealer to get appraised, you'll likely be close to the 20k Edmunds is saying because people who go to a BMW dealer to buy a used car probably want a BMW.
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Old 12-13-2011, 04:31 PM
Scorchpa Scorchpa is offline
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Try getting a guaranteed trade in offer from autotrader.com

put in all the details, and they will instantly show you what your car is worth, and you can take it to one of the listed shops and get that. I did this with the last 2 cars I used as trade in. The first one I showed the dealer, the report, and he gave me $500 less than the offer (which was fair since there was some damage to the interior that wasn't mentioned in the report), and the second car I was given $1000 more than the online offer.

If you are looking at getting another car, use it as a trade-in. At least it will reduce the taxes on the new car, since you are only taxed on the diff between purchased car and trade-in

Also, I agree... BMW dealer will give you the best deal since they can sell it on their lot. If you trade-in to say an Audi dealer, it will most likely end up at auction, so no guarantee for the dealer on how much he'll get.

Last edited by Scorchpa; 12-13-2011 at 04:33 PM.
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Old 12-13-2011, 04:34 PM
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Kilgore Trout Kilgore Trout is offline
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Quote:
Originally Posted by FRANCOSTEIN View Post
$15500.00 for my 2007 335i sedan. I took it to them this weekend because I am thinkin of getting rid of it. I owe like $12k on it, but yea ... pretty dissapointed. It has the sport package on it, pretty good shape, have like 67k miles. Not going to sell it to them, but just thought i would share...
Before I sold my last car (an Acura TSX) I took it to Carmax. Now, maybe the market in LA is particularly bad or something like that, but Carmax offered me thousands below what dealers were giving for trade-in (which, in turn, was thousands of dollars below the real value).
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Old 12-13-2011, 04:59 PM
chrisk03 chrisk03 is offline
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Quote:
Originally Posted by Scorchpa View Post
Try getting a guaranteed trade in offer from autotrader.com

put in all the details, and they will instantly show you what your car is worth, and you can take it to one of the listed shops and get that. I did this with the last 2 cars I used as trade in. The first one I showed the dealer, the report, and he gave me $500 less than the offer (which was fair since there was some damage to the interior that wasn't mentioned in the report), and the second car I was given $1000 more than the online offer.

If you are looking at getting another car, use it as a trade-in. At least it will reduce the taxes on the new car, since you are only taxed on the diff between purchased car and trade-in

Also, I agree... BMW dealer will give you the best deal since they can sell it on their lot. If you trade-in to say an Audi dealer, it will most likely end up at auction, so no guarantee for the dealer on how much he'll get.
I tried this on my car before buying the Bimmer and was given a guaranteed trade...about $1k below trade-in. Didn't even respond and the dealer called me and went through the whole spiel of "bring it in and let us look and maybe we can do better". It's great to use to get an IDEA of value in your area, but pretty useless as I'm guessing all dealers are going to low ball you and ask to bring in. Waste of time when you have edmunds that can give you what you need without being bombarded by dealers.

Glad it seemed to work for you, but was pretty disappointed in this service from autotrader.
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Old 12-13-2011, 05:36 PM
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I had an '09 328 vert with 28k miles. No options except auto and heated seats. Carmax offered 1k below Edmunds clean trade in.
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Old 12-13-2011, 07:43 PM
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Car Max is a bunch of thieves looking to cash in on a persons desperation. I would rather give it away than sell it to them.....What an insulting offer.
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Old 12-13-2011, 09:50 PM
unrealii unrealii is offline
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If your car is accident free and clean, carmax will turn around and sell your car for $6k profit. Otherwise they probably offered you close to wholesale because they will auction it.

The auto trader guaranteed was B$ as well. I put in the info that my car had an accident (replaced bumper, this happened prior to me buying the car in the first place) on file, but no dealer was willing to get close to $2k the auto trader offer. The guy told me to go run to carmax when he couldn't beat their number.

This was before the economy slumped in august. You're better off selling the car privately. I feel like an idiot for giving it to carmax then seeing it listed for $6k more than they gave me. Used car market is hot now for good quality used cars.
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Old 12-14-2011, 05:36 AM
smassey321 smassey321 is offline
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Believe it or not, the lemmings that shop at Carmax are scared off by 68k miles. Thus they focus on cars with lower mileage.
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Old 12-14-2011, 05:53 AM
181562 181562 is offline
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Originally Posted by Chop362 View Post
Car Max is a bunch of thieves looking to cash in on a persons desperation. I would rather give it away than sell it to them.....What an insulting offer.
Why would you be insulted? It's a business transaction where the buyer is going to want to get the lowest price possible and the seller the highest price possible. If you don't like their offer you can walk.

Furthermore the offered price can increase depending on how serious you are about buying one of their vehicles. When I was purchasing my X5 a couple of months ago the dealer came up an additional $2K when I asked for my keys back because I was unwilling to do the transaction with the numbers they presented.

After the sale I kept an eye on the prices for the vehicles I traded in. The dealer initially listed both of my trades for $5K over what they gave me for them. After a little while they lowered the price. The last price I saw on both vehicles before I no longer saw them listed was $2K difference for each. Perhaps the selling prices brought that spread even lower. Given the tax savings I probably "lost" $1,200 over having sold them myself (assuming I sold each for the prices I last saw them listed for).
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Old 12-14-2011, 06:00 AM
Alpine300ZHP Alpine300ZHP is offline
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Quote:
Originally Posted by smassey321 View Post
Believe it or not, the lemmings that shop at Carmax are scared off by 68k miles. Thus they focus on cars with lower mileage.
Yep...this is it. It is a 5 year old car next month with almost 70k miles on it and it is out of warranty. That trade in offer may be low, but its real world value is not 20k thats for sure. I traded my 2008 535i sport with 6MT and 70k miles. I was offered between 21-23k for it. The 6MT and the mileage was the reason despite the fact that mine was certified and still under warranty. The economy is doing numbers on highline trade in values so it is what it is.
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Old 12-14-2011, 07:40 AM
haskindm haskindm is offline
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I just can't understand how someone can be "insulted" when they are not offered what they think their car is worth by CarMax. It is a business deal. They make you an offer and you accept or refuse, period. They want to buy your car at a price that allows them to make money. If you are not willing to sell it for that price, thank them for their offer, shake hands, and walk away. There is no insult. My wife sells things on E-Bay and has received negative feedback because buyers felt that they paid too much for an item. It is an AUCTION! The buyer determines the price. If you bid more than you want to pay, it is not the sellers fault! CarMax is certainly not the place to get the best price for a car. It is somewhat like taking your Rolex to a pawn shop; sure they will buy it from you, but at a price that ensures a tidy profit for themselves. As others have said, your car is 5 years old with almost 70K miles, so it is certainly not a prime vehicle in the used car market. Most dealers would dispose of it at auction if they took it in on trade. BMW buyers are usually looking for a pristine vehicle with less than 50K miles. For higher mileage they will expect a deep price reduction.
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Old 12-14-2011, 02:11 PM
yaegermike yaegermike is offline
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Put it on craigslist and sell it for the 20k. In fact when I bought my car last month on ebay i think the 07's with that many miles were still holding at 23 to 24k. Ill never do a trade in/purchase from a dealer. I counted over 5k in savings resulting from not having to pay taxes, dealer fees, and not getting bent over on a trade in...that said, the dealer needs to make money (they have lots of real estate rent to pay) but i figure im going to let the next guy pay it.. not me!
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Old 12-14-2011, 06:25 PM
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Chop362 Chop362 is offline
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Originally Posted by sunny5280 View Post
Why would you be insulted? It's a business transaction where the buyer is going to want to get the lowest price possible and the seller the highest price possible. If you don't like their offer you can walk.

Furthermore the offered price can increase depending on how serious you are about buying one of their vehicles. When I was purchasing my X5 a couple of months ago the dealer came up an additional $2K when I asked for my keys back because I was unwilling to do the transaction with the numbers they presented.

After the sale I kept an eye on the prices for the vehicles I traded in. The dealer initially listed both of my trades for $5K over what they gave me for them. After a little while they lowered the price. The last price I saw on both vehicles before I no longer saw them listed was $2K difference for each. Perhaps the selling prices brought that spread even lower. Given the tax savings I probably "lost" $1,200 over having sold them myself (assuming I sold each for the prices I last saw them listed for).
Spare me the lecture i realize it's a business transaction just making the point that I wouldn't appear so "desperate" to sell my auto to Car Max. I think you understand what I mean and also would agree that it was a terrible opening offer to say the least.Have a good one here and lets keep this civilized the mods are watching me!!
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Old 01-01-2012, 09:32 PM
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Carmax is obviously out to make a buck; they are good for a difficult to sell car like my son's 2006 330i with 143K miles and repairs needed. They paid close to what Edmunds listed and with zero hassle and 7 days to think about their offer. I sold another car to them also with what I thought was a fair result.
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Old 01-02-2012, 05:18 AM
ramblinman ramblinman is offline
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When Carmax first got started their prices for cars they were buying were very high relative to dealer trade in and their sale prices were low. Today their selling prices for used cars are high and they don't offer great deals to buy your car. Carmax profits are down because used car prices are way up, supply is down because of the collapse of new car sales during the recession.

I've never been offered a good trade in price at a dealer, after I got a great deal on a new car and negotiated the trade in separately, or at Carmax. Trade in prices for NADA and KBB are inflated by the fact that many dealers wrap car buying discounts into the trade as part of a purchase to make people believe they are getting a better deal than they are. Consumer Reports recommends negotiating these prices separately so know what you are getting in both transactions.

I used to manage a large car fleet for a national organization among other things. My fleet managers always said that trade in prices for most of the services like NADA and KBB were a myth. They said that for dealers the real trade in price is always the wholesale price and they thought Black Book prices were more realistic. If you are offered a better price at a dealer in connection with a purchase the trade in price includes some or all of your purchase discount.

Selling a car has become a real chore for me in recent years. Everyone wants a steal. I end up with a parade of people who want to low ball me and justify their price by pointing out every spot where's something is wrong. So you have to balance your time, aggravation, convenience and price. It's not worth it to me to spend a lot of weekends waiting to show a car and then deal with people who brag to me that they always get a great price and I will have to give in. But it may be worth it to you.

Mike Miller the auto tech guy for BMWCCA has been saying for a long time that prices for modern BMW's out of warranty have collapsed and that the N54 motor is a dog that BMW pushed out the door without adequate testing. I think the price you were given by Carmax represents a fair price for them for your car. A BMW dealer may give you a better price, but I wouldn't bet on it. When I sold my last BMW, a 99 e46, the BMW selling dealer and Carmax gave me an identical price to buy it. I sold it 6 months later to someone who offered to pay my asking price without attempting to negotiate, but that was a stroke of luck that has never happened to me before.
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Old 01-02-2012, 06:44 AM
Bimmer4life Bimmer4life is offline
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Good info on this thread about selling your car.

We also should remember that.....your car is always going to be worth more to you.
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Old 01-02-2012, 06:44 AM
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Bob Shiftright Bob Shiftright is offline
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Originally Posted by ramblinman View Post

Mike Miller the auto tech guy for BMWCCA has been saying for a long time that prices for modern BMW's out of warranty have collapsed and that the N54 motor is a dog that BMW pushed out the door without adequate testing.
With due respect to Mike Miller, people will pay less for "fluff' and pay more for reliability and low maintenance cost in the used car market.

(I don't disagree with Mike's statement about the BMW warranty and bought the extended warranty myself, because I don't think that most dealers will be able to charge BMW full retail price for time spent in the programming bay.)

Leather seats are worth almost nothing in a trade-in and I wouldn't expect a N54 to be worth anything near the original price premium over a N52. For a plain-Jane 328i AT with 67k mi, the KBB calculator comes up with a trade-in price of $14,560. For really awful depreciation look at SAAB (probably less than half the trade-in value of the N52 AT), for comparatively good depreciation, look at a Corolla AT or 4-banger Accord AT.

Fun has it's price!
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Old 01-02-2012, 07:30 AM
hpowders hpowders is offline
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I sold a VW Rabbit at Carmax. I got what I considered to be a fair price. Remember they are in business to make money, not to give you what you want. They provide a service to those folks who do not want to go through the hassle of taking out an ad and waiting ...... and waiting ...... and waiting .....
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Old 01-02-2012, 08:35 AM
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Carmax gave me $16500 while the local BMW dealer offered $11,000 for my trade when I bought the 335is. Once a car gets a little old 4/5+ years a dealer will just wholesale it out.
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Old 01-02-2012, 10:26 AM
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I sold my '02 Acura TL Type S and my '01 Dodge Dakota Club Cab 4WD pickup through Carmax. Each time they gave me an offer that was $500-$1000 higher than a dealer was willing to offer me for a trade. Sure, I could have sold both privately for even more but the hassle and headaches (especially here in MA where we have to lemon a private sale for 30 days no matter what condition) wasn't worth it.

Like others have said, you won't get a great deal selling your car to Carmax, but you will get a fair deal.
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