If not, you can grab a cup of coffee from a vending machine and wait until you hear your name called. You will get a non-negotiable written offer for the trade-in value that is good for seven days. If you like the CarMax offer, you can get a check on the spot. If you still owe money on the car, CarMax will handle the paperwork.
You could also use the value of your car as a payment toward another vehicle on the CarMax lot. When the salesperson presents the CarMax offer to you, compare it with the trade-in value you found in the pricing guides. Hopefully, the CarMax price is the same or more than the pricing guide amounts you consulted. In fact, some people list their car for sale for a few days to see if they can get more than the CarMax offer. It eliminates the expense of advertising your car and the hassle of showing your car to strangers.
No negotiation is required to get a firm price for your car, one that could be higher than what you would be offered by a dealership. All paperwork is handled by workers trained in registry laws. If you owe money on your car , selling to CarMax is easier than finding a private party buyer who is willing to deal with the extra hassle of waiting for the title to arrive after paying for your car. For those who are deep underwater on a car loan, a CarMax or similar offer to buy your car outright offers an opportunity to end a negative equity cycle.
However, you will have to find the funds to pay the difference between what CarMax gives you and what you owe. If you take a personal loan to do so, you'll need average to excellent credit to find an affordable interest rate. If you decide to accept the CarMax offer, you will be escorted to the finance office where the paperwork will be handled.
And finally, the finance manager will hand you a check for your car. Here are a few other recommendations to smoothly navigating this process:.
The company will evaluate your car for free and make you an offer that is good for seven days. In short, there is nothing you can really negotiate at CarMax. The whole appeal of the company is that it is a no-hassle car dealer. Can I get pre-approved? Sell a car before this mileage marker and you can ask for a higher price.
One option is trading in your old car during the process of buying your next vehicle at a dealership. The dealer takes care of all the paperwork for you. Take trash and personal items out of the car.
Repair any major mechanical problems before you ask for an appraisal. Address any check engine light issues before you ask for an appraisal. As soon as you drive a new vehicle off the lot, it loses around 10 percent of its value and up to 20 percent of its value within the first year! And each lender pulls whatever bureau they want, sometimes more than one bureau. Selling it sounds simple, but there are a lot of moving pieces involved that you might not think about, as well as a variety of place to sell your vehicle.
When you sell a vehicle to Carmax, be aware that you might receive a low offer. Your Carmax representative may offer you wholesale price in an effort to make maximum profit on your vehicle.
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