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I'm curious as to what carmax offered you? could you share with us year/mileage and the amount the offered? How close do they get to kbb trade in value?
 

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I'm curious as to what carmax offered you? could you share with us year/mileage and the amount the offered? How close do they get to kbb trade in value?
Trade in value of our 2004 Cayenne S was a little under $15k (KBB and NADA) and still had one year MaxCare warranty and only 47k miles (back in Feb 2014). They offered us $10k non-negotiable. I laughed in their face and walked out. Ended up trading for $13k to grab the M. I should have been patient and sold it to private party.
 

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No matter how nice your car is, I've heard that they look for the lowest auction sale prices of rough cars and offer less than that. Then of course they list them for sale at higher than retail value and make the prices non-negotiable. Pretty good strategy to maximize profits at the cost of non-educated consumers who don't know how to or like to negotiate.
 

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No matter how nice your car is, I've heard that they look for the lowest auction sale prices of rough cars and offer less than that. Then of course they list them for sale at higher than retail value and make the prices non-negotiable. Pretty good strategy to maximize profits at the cost of non-educated consumers who don't know how to or like to negotiate.

I agree. From my experience with CarMax, that is exactly their business practice, and why they are so successful. Many people simply hate car buying (me included, however I do not buy cars from non-negotiable dealers/sellers) because of the hassle, time involved, etc. Some people simply want to find a specific car on the net, do a bit of research on that car's value, not do any negotiating, and purchase the car with the least amount of hassle possible. I understand this, and can appreciate people who have little time and no patience for negotiation.

My two cents, having considered buying from CarMax myself, and having had family buy from them: CarMax makes car buying convenient, but at a price. They have a great website, and can move most any car in their inventory right to a nearby CarMax for a fee...this I really like. However, from what I've seen on the net and in person, their vehicle "reconditioning" process is extremely sloppy and not acceptable for high-end vehicles. If you're buying anything but BMW, Jaguar, Porsche, Land Rover, Ferrari, etc. etc., I would not purchase from CarMax. If someone is considering buying a high-end vehicle from CarMax, I would have an independent PPI done on the vehicle before purchase to ensure you are not buying a lemon. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com<img src=" /><o:p></o:p>
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Cheers. <o:p></o:p>
 

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I haven't bought a car at carmax, but went to look at one. Like other members said, their cars aren't clean and are way overpriced. I don't like negotiating in person, but I negotiate via email. This has worked for me in buying the right car at the right price. If a dealer is not willing to negotiate via email, I will not buy from them.
 

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I have sold a couple of cars (not the M5) to Carmax in the past - they paid more than a dealer offered on trade. Sure, this is not what you can get privately - but it depends on the value you put on your time, effort, "pita" etc of selling your own car as to which avenue is best.

I got an offer from them on my 2008 M5 in May2013 - $37k was the offer, like new 25k miles, loaded with everything except rear seat airbags.
I was asking $44k privately with a Tubi exhaust. I ended up selling the car, without the Tubi, for $38k ....and got a ~ $2k for the Tubi separately. I had my car listed for a few months during which I dropped the price from $44k to 42.5k and removed the Tubi.
In hindsight, I shoulda taken the $37k (no Tubi) from Carmax - $1k was not worth the difference to me.
 

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I went three months ago with my 43k mileage at the time 06' and they said that they could not purchase the vehicle for their own inventory because it was lowered.

However, they said they could pay me $20k for it and then they would sell it to the auction. Obviously, I walked away.
 

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They have low balled me on my last two cars so I sold them on Ebay for much more.
 

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I went three months ago with my 43k mileage at the time 06' and they said that they could not purchase the vehicle for their own inventory because it was lowered.

However, they said they could pay me $20k for it and then they would sell it to the auction. Obviously, I walked away.
are you selling the beast? what are you planning to get next?
 
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"Dave" is the most common first name of any M5Board member. :grin yes: There are four just in this thread...lol
 

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I have sold a couple of cars (not the M5) to Carmax in the past - they paid more than a dealer offered on trade. Sure, this is not what you can get privately - but it depends on the value you put on your time, effort, "pita" etc of selling your own car as to which avenue is best.
I've had dealers tell me in the past to take my trade-in to CarMax because they offer better than wholesale. This is absolutely untrue and a complete waste of time as they always offer below wholesale value on the car. When you sell a car to CarMax (if it was one you were considering trading in on another), you might want to rethink that strategy. The problem is that you lose the sales tax credit on the value of the trade-in, which in IL can be 7.5 to 10% of the car's value depending on the county you live in. The only time you should ever consider an outright sale (without trade in) to CarMax would be if you were in a rush for quick cash (ie mafia is banging down your door for money) and you don't have enough time to sell it yourself.
 

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I've had dealers tell me in the past to take my trade-in to CarMax because they offer better than wholesale. This is absolutely untrue and a complete waste of time as they always offer below wholesale value on the car. When you sell a car to CarMax (if it was one you were considering trading in on another), you might want to rethink that strategy. The problem is that you lose the sales tax credit on the value of the trade-in, which in IL can be 7.5 to 10% of the car's value depending on the county you live in. The only time you should ever consider an outright sale (without trade in) to CarMax would be if you were in a rush for quick cash (ie mafia is banging down your door for money) and you don't have enough time to sell it yourself.
In August 2012 I sold my E60 550i (the wife's car) to Carmax after talking to the BMW dealer (we bought a 2013 F10 535i) I don't recall the exact figures but Carmax offered more than the dealer was offering on trade with the tax offset included. We are lucky here in NC - the tax rate is 3%.....
I did not want the hassle of selling it myself - the $$$ difference was not worth my effort....maybe a thousand in this case (don't recall exactly) . Will you get top $ - absolutely not. You get (pay for) convenience of "disposal".
Agreed - if you have the time and inclination - sell privately.
 

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If your car is new enough and clean enough for Carmax to sell on their lot, they will give you better than trade in. If you have something that's too old, or with too many miles for them to sell on the lot, they're going to offer you peanuts as they're just going to turn around and sell it at an auction.
 

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I went three months ago with my 43k mileage at the time 06' and they said that they could not purchase the vehicle for their own inventory because it was lowered.

However, they said they could pay me $20k for it and then they would sell it to the auction. Obviously, I walked away.
BA HA HA HA!!!

My car was lowered when I got it from CM. I have to wonder if they did the same to the PO.

-PRK
 

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Trade in value of our 2004 Cayenne S was a little under $15k (KBB and NADA) and still had one year MaxCare warranty and only 47k miles (back in Feb 2014). They offered us $10k non-negotiable. I laughed in their face and walked out. Ended up trading for $13k to grab the M. I should have been patient and sold it to private party.
Oh wow, that's insulting. They offered me $13,100 for my 2005 MB E55 AMG w/ 120K miles on it and absolutely mint. Ended up selling to a private owner on MBWorld for $18.5K, which was much more like it. Apparently CARMAX is notorious for low-balling sellers.
 
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