Should You Sell Your Car to CarMax?
So you want to sell your car. Whether it’s because you want a new car or because you no longer need a vehicle, you’re probably wondering where you should get rid of your wheels.
One popular place is CarMax, which is the largest used car retailer in the United States. If you’re buying a car at CarMax, trading one in through the retailer will likely be your most convenient option. So how does the process work when you sell your car at CarMax, and is it a good idea? We set out to find the answers.
What is CarMax?
First a quick primer on what CarMax is. If you’ve looked for used cars, you’ve likely come across a CarMax used car dealership or visited its website. CarMax has over 230 locations across the country, and you can also buy a car through the retailer completely online. One advantage that CarMax has over completely online car retailers is that you can schedule a test drive at a vehicle’s CarMax location.
If you want a contact-free alternative, CarMax can also deliver the car right to your door or you can pick up at the nearest location. CarMax has an inventory of over 50,000 vehicles that are all subject to a 125+ point inspection. The vehicles are generally 5 years old or newer though most of their cars are 3-year-old off-lease vehicles. CarMax also offers a 30-day return policy (up to 1,500 miles), and 90-day or 4,000-mile limited warranty on all vehicle purchases. All CarMax vehicles have no-haggle pricing, so if you are a shrewd negotiator, CarMax might not be the best place for you to use that skill.
Will CarMax Buy Any Vehicle?
CarMax will buy most cars, even old cars that don’t even run. CarMax will even buy cars that they don’t expect to sell, such as badly damaged vehicles, that they will sell to auction.
There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage.
How Do I Sell My Car to CarMax?
If you’ve never traded in a vehicle, you might not be aware of how the process works. Or, you might wonder if trading your car in through CarMax is different than what happens at your local used car retailer. Here are the three basic steps to help you navigate the process.
Step 1: Do Your Research
Before you begin the process of selling your car to CarMax, you should do your research. There are a few online tools to help you estimate your car’s trade-in value like the iSeeCars Price my Car Tool, Kelley Blue Book (KBB), or Edmunds. These prices can give you a good starting point and help you understand the value of your car.
Step 2: Get an In-Person or Online Appraisal
Similar to online car dealers like Carvana that will give you an offer online without seeing your car (though they can change their offer if your vehicle is different from what you described), CarMax has the option for an instant online offer or you can bring your vehicle to one of their locations for an appraisal. You can schedule an appointment or you can just bring your car in to your nearest CarMax location. It is recommended that you clean your car beforehand. While a professional detailing is not necessary, you should do your best to remove all stains and make your car as presentable as possible.
When you take your vehicle in for an appraisal, the salesperson will bring your vehicle to the in-house team of appraisers. The inspection process will take around 30 minutes and you can browse the inventory on the CarMax lot or wait in the waiting area. The appraisal team will give you a written offer that is good for seven days, which will allow you to shop around for a better offer or to secure your replacement vehicle. Keep in mind that this offer is non-negotiable.
Step 3: Accepting the Offer
If you decide to have CarMax handle the sale of your car, you will then complete the necessary paperwork in the finance office. If you’re also purchasing a car through CarMax, your trade-in can be applied to your down payment. Here is what you need to have with you to sell your car:
Car keys including extras
Vehicle payoff information if applicable - if you owe more than what your car is worth, this will allow you to break the cycle of negative equity. But, you will have to pay the difference between the offer and what you owe.
Will CarMax Give Me the Best Offer?
Just like the car buying process, it is always a good idea to shop around. The CarMax price might beat that of your local dealer, or it may be lower. Keep in mind that you don’t have to buy a car from CarMax in order to sell one, so you can always trade in your car at CarMax and purchase at another dealership. Conversely, you can purchase a car at CarMax and trade in your old vehicle elsewhere.
However, selling a car through CarMax or any used retailer will not get you as much money as you’d get by selling your car privately through iSeeCars.com, Craigslist, or Autotrader. However, CarMax is more convenient and you can take advantage of their instant online offer. If you want a fast offer, you can also consider an online retailer Carvana, which will provide an instant offer and not require you to visit a dealership. CarMax and Carvana will also handle all paperwork and registration information, while private sellers will have to handle that on their own.
CarMax offers a hassle-free way to sell your car versus selling to a private party. However, you pay a price for this convenience. CarMax provides the best of both worlds by functioning as an online used car dealer, eliminating the need for you to visit the dealership while also allowing you to test drive if you so choose at a nearby CarMax location. CarMax customers also have the option to get an instant online offer on CarMax.com in less than two minutes if they are trading in a vehicle. If you want to sell your car and avoid the dealership entirely in today’s environment, you can compare CarMax with Carvana.com. Check out our article on CarMax vs. Carvana to help you decide which used vehicle retailer is best for you.
More from iSeeCars:
If you’re interested in a new car or a used car, be sure to check out iSeeCars’ award-winning car search engine. It uses advanced algorithms to help shoppers find the best car deals across all vehicle types and provides key insights and valuable resources, like the iSeeCars free VIN check report. Filter by make, model, price, and special features to find the best deal on your next vehicle.
This article, Selling Your Car to CarMax: How the Process Works, originally appeared on iSeeCars.com.