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Abysmal Appraisal at Carmax

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Old 02-23-15, 06:09 PM   #1
corpnupe85
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Default Abysmal Appraisal at Carmax

I took my 2014 Lexus ES 350 with 7,000 miles (purchased June 2014) into Carmax for an appraisal. I have just about every option except for Nav. I only received an appraisal of $29,500. What a joke!!!
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Old 02-23-15, 06:24 PM   #2
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What are the trade-in estimates from places like Edmunds, KBB etc. for an ES350 equipped like yours?
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Old 02-23-15, 06:30 PM   #3
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KBB has a trade in value of $33,500.
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Old 02-23-15, 07:59 PM   #4
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KBB has a trade in value of $33,500.
Curious... Why are you trying to sell it? Its hardly broken in!
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Old 02-23-15, 10:23 PM   #5
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I've gotten 3 cars appraised at carmax and found the same result...
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Old 02-24-15, 06:34 AM   #6
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I've had two appraised there that were in pristine condition and got low bids on both. I've talked to others with the same results. Lexus will sometimes buy them back ( especially the new ones like yours ) and they will give you a fair price.
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Old 02-24-15, 07:44 AM   #7
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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.
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Old 02-24-15, 07:54 AM   #8
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I've taken several cars to Car Max for appraisal prior to trading them in on something new. In all cases their offer was in the ballpark, give or take a few bucks, with other rating services AND higher than the dealer offers for a trade in. The appraisals have come in handy to get a few more dollars on the trade in.
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Old 02-24-15, 08:02 AM   #9
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I agree that Car Max low ***** most newer cars. They offered me almost $5k less on an old Trailblazer SS I had than KBB showed for trade-in value. It was 2 years old when I got rid of it. I ended up trading it in for $6k above the Car Max offer.

Why are you shopping it around already?
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Old 02-24-15, 09:26 AM   #10
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Maybe without the navigation option it's worth a lot less because it may be harder to sell.
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Old 02-24-15, 10:32 AM   #11
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Quote:
Originally Posted by wasjr View Post
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.
That makes sense. I've gotten a low offer from them on a BMW M3. I've read there's a glut of used cars and more of a buyers market so you'll get a lower value for your used car now.
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Old 02-24-15, 10:37 AM   #12
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Dealerships low-ball trade ins so they can make money when they re-sell.

If you want maximum return for your car, sell it yourself.
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Old 02-24-15, 11:40 AM   #13
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If you want maximum return for your car, sell it yourself.[/QUOTE]

The problem with this is that you get weirdos and idiots that want your car for nothing. Not to mention the safety risks.
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Old 02-24-15, 02:45 PM   #14
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Quote:
Originally Posted by bc6152 View Post
If you want maximum return for your car, sell it yourself.
The problem with this is that you get weirdos and idiots that want your car for nothing. Not to mention the safety risks.[/QUOTE]

+1. Too many unknowns and weirdos in my area. That's why I either trade it in, or sell to somebody I know, even at a loss.
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Old 02-24-15, 07:00 PM   #15
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Like an idiot, I accepted $598.24 48 month lease on the ES. I traded in a Hyundai Genesis that I thought I was getting a $23,000 trade in value, but only $20,000. I have a lot of negative equity in the ES. I think it will be better to lease a GS 350 for 36 months and submit another down payment, I am assuming that the resale value will be better.
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