If you tell us the details of your car’s condition, we can provide you with an accurate appraisal within minutes.
Used car prices soar as affordable options disappear
Used car prices have soared 41% since 2019. See why $15,000 cars are disappearing fast.
- CarMax provides data-driven used car offers based on condition and market demand.
- Selling to CarMax is often faster and safer than selling privately, but the sales price can be lower.
CarMax (NYSE: KMX) is a used car retailer specializing in the online car buying and selling experience. The company buys thousands of cars a year, but are drivers getting good deals on used cars?
USA TODAY Cars spoke with Dave Unice, CarMax’s vice president of merchandising operations, to get to the bottom of the appraisal process. Here’s what we learned about how the company calculates used car offers.
Carmax used car appraisal method
CarMax’s goal is to “provide fair, data-driven offers based on vehicle condition and market demand,” Younis said. When you start the evaluation process online, “you’ll see an offer valid for 7 days in less than 2 minutes, giving you time to compare your options and make the best decision.”
Users can sell their cars at their local CarMax or take advantage of new home pickup options. A CarMax team member will thoroughly inspect your vehicle and send your vehicle information to a trained buyer. If CarMax’s team discovers something unexpected, “from aftermarket modifications to vehicle damage,” it will explain its findings to sellers, according to the company’s vice president of merchandising operations.
I tried out CarMax’s online valuation tool and it seems to have hit the spot.
After trying out online valuation tools, it’s hard to claim that the offers are as accurate as possible online.
Points to note before using CarMax’s online appraisal tool
- Mileage is important
- Aftermarket modifications can reduce the value of your car
- Exterior painting and interior stains are important
You can sell your used car to a used car dealership like CarMax or Carvana, but all that matters when you’re dealing with a company whose business is selling used cars. Coffee stains on the passenger seat are a problem. Those nice scratches your cat leaves on the roof of your car are important. The CarMax offer I received for my 2018 Honda Civic Sedan was surprising at first, but then I took into account the car’s age (8 years or newer), high mileage, and (to put it lightly) less-than-new condition.
CarMax also displays the Kelley Blue Book trade-in range and trade-in value next to the offer for transparency. The model year and mileage are important, but the condition of the car is also a major factor that affects the assessed value.
Selling a car with CarMax and selling a car privately
Is CarMax the most profitable way to sell used cars? Probably not. One advantage of a private sale is that there is more room for haggling. Additionally, the buyer may not be the person or entity who is as skilled at evaluating vehicles as CarMax’s professionals and intends to sell the vehicle later.
When you choose CarMax, you get a relatively hassle-free and fast sales experience. It’s safer than a private sale and easier than dealing with multiple potential buyers with no guarantee of a sale. The big trade-off is how much you can afford a used car.
One of the best things about CarMax’s appraisal tool is that it gives you one week to redeem a solid offer. So the least you can do is get a free market valuation of your car in its current condition. Whether you sell your used car to CarMax or through a private sale, address as many issues as possible if you want to get the most money for your used car. The more problems a used car has, the lower its value will be.
