Abysmal Appraisal at Carmax
02-24-15, 07:04 PM
#16
Lexus Champion
You might see what the dealer will take to break your lease or trade in. Either way, you're going to take a major hit on your 48 mo lease. I'm not sure if I'd do any future business with this dealer, being cheated with your trade in and the lousy terms of your lease. Didn't you get a clue when your lease payments are much higher than the similar term for a GS?
02-24-15, 07:07 PM
#17
Driver
Thread Starter
I am a bonehead, I didn't check GS lease rates. I am not doing anymore business with that dealer.
02-24-15, 07:25 PM
#18
Lexus Champion
Well, I'd check with another dealer what they could do for you to turn it in on a new GS lease. You never know since some dealers may be motivated to move a different model (higher model line) and offer you something beyond the normal corporate lease to get your business. But remember, your probably going to take at least a 20% loss for the first year depreciation, considering that there are others from another thread that say they're getting 10-15% off MSRP for a 2015 ES. That means your 1 year old 2014 will fetch much less than the lowest price they're getting on a brand new 2015.
Good luck on whatever you do.
Good luck on whatever you do.
02-24-15, 07:38 PM
#19
Driver
Thread Starter
Thanks! I will probably keep for 2 years.
02-25-15, 06:13 AM
#21
Driver
Thread Starter
I wanted a vehicle that is more fun to drive.
02-25-15, 06:27 AM
#22
Lead Lap
Look at it as a lesson learned and go forward.
03-13-15, 06:41 AM
#23
I believe that Carmax is focusing more on inventory management and profit margins in the operation of their business. I looked at their 3rd qtr 10Q and their average gross profit per vehicle for the nine months was $2,189 (10.8%).
I have received a couple of bids from Carmax over the years, the last being when we bought the 2013 ES300h in December 2012. The Lexus dealer offered $3,500 for my wife's 06 Volvo S80, while Carmax offered $8,000, which was in line with other reporting services. I ended up selling it myself on Craigslist for $9,600. However, more recently I have had a couple of friends take their vehicles to Carmax and, like you, were unhappy with the offer.
I have received a couple of bids from Carmax over the years, the last being when we bought the 2013 ES300h in December 2012. The Lexus dealer offered $3,500 for my wife's 06 Volvo S80, while Carmax offered $8,000, which was in line with other reporting services. I ended up selling it myself on Craigslist for $9,600. However, more recently I have had a couple of friends take their vehicles to Carmax and, like you, were unhappy with the offer.
I bought a 2007 LS 460 Exec edition with 43k miles in June 2014. Just curious I ran it through Carmax - they offered me $29k. I didn't care for the car and sold it last month - curious, I took it to Carmax again but had them use my wife's name. Only difference was the car had 49k miles and was 8 months older. No accidents or additional wear. Their offer? 20k. Sold it 4 days later for $29k to a private party. Shrug.
03-15-15, 11:19 AM
#24
Pit Crew
I think when people want to sell a year old car places like Carmax may feel that you are desperate to sell it and so offer a low ball price. I had thought briefly about selling my 2014 MINI with 3500 miles for which I paid $25 k, dealers offered me no more than $17.5k and one offered $14.5k.
03-15-15, 12:50 PM
#25
Lexus Champion
Even though you think you won't use the Nav, many luxury car buyers expect Nav. By not checking that option, resale value plummets dramatically due to difficulty selling it again.
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