{"id":3808,"date":"2023-01-31T06:01:00","date_gmt":"2023-01-31T06:01:00","guid":{"rendered":"https:\/\/mycarmakesnoise.com\/?p=3808"},"modified":"2023-03-16T01:03:38","modified_gmt":"2023-03-16T08:03:38","slug":"why-did-carmax-give-me-so-much-money-for-my-car","status":"publish","type":"post","link":"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/","title":{"rendered":"Why Did Carmax Give Me so Much Money for My Car?"},"content":{"rendered":"\n<p>Picture this: you decide you\u2019re ready to sell your car, so you check out Kelley Blue Book to find out <a href=\"https:\/\/www.kbb.com\/whats-my-car-worth\/\" target=\"_blank\" rel=\"noreferrer noopener\">how much your car is worth<\/a>. You head over to <a href=\"https:\/\/www.carmax.com\/sell-my-car\" target=\"_blank\" rel=\"noreferrer noopener\">the Carmax website<\/a> and enter the same information about your car as you did with Kelley Blue Book, only now your car is worth over a grand more than it was three minutes ago\u2014pretty sweet huh?<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Why-Did-Carmax-Give-Me-so-Much-Money-for-My-Car-1.jpg\" alt=\"Why Did Carmax Give Me so Much Money for My Car\" class=\"wp-image-4521\" srcset=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Why-Did-Carmax-Give-Me-so-Much-Money-for-My-Car-1.jpg 1000w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Why-Did-Carmax-Give-Me-so-Much-Money-for-My-Car-1-300x200.jpg 300w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Why-Did-Carmax-Give-Me-so-Much-Money-for-My-Car-1-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Image Editorial credit: Jonathan Weiss \/\u00a0<a href=\"https:\/\/www.shutterstock.com\/image-photo\/las-vegas-circa-june-2019-carmax-1419219464\" target=\"_blank\" rel=\"noreferrer noopener\">Shutterstock.com<\/a><\/figcaption><\/figure><\/div>\n\n\n<p>It gets better. You drive your car over to the local Carmax one town away where they hand you a check, shake your hand, and send you on your way. You just sold your car\u2014for profit\u2014in like, under an hour. Did that really just happen?<\/p>\n\n\n\n<p>Yes it did. If this sounds too good to be true, we\u2019re here to tell you that selling your car to Carmax is easy <em>and<\/em> profitable\u2014-if the market is trending high. Thinking about selling your used car? Carmax may be your best bet, but here\u2019s what you need to know first.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/#Carmaxs_appraisals_can_change_like_seasons\" title=\"Carmax\u2019s appraisals can change like seasons\">Carmax\u2019s appraisals can change like seasons<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/#What_else_does_Carmax_look_at_when_they_appraise_a_vehicle\" title=\"What else does Carmax look at when they appraise a vehicle?\">What else does Carmax look at when they appraise a vehicle?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/#What_if_I_change_my_mind_and_want_my_car_back\" title=\"What if I change my mind and want my car back?\">What if I change my mind and want my car back?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/#Are_there_any_restrictions_when_you_sell_a_car_to_Carmax\" title=\"Are there any restrictions when you sell a car to Carmax?\">Are there any restrictions when you sell a car to Carmax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycarmakesnoise.com\/general\/why-did-carmax-give-me-so-much-money-for-my-car\/#Does_Carmax_pay_more_than_the_competition\" title=\"Does Carmax pay more than the competition?\">Does Carmax pay more than the competition?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Carmaxs_appraisals_can_change_like_seasons\"><\/span><a><\/a>Carmax\u2019s appraisals can change like seasons<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The used car market is similar to the housing market, meaning that the price you sell your asset for isn\u2019t just about its singular value, it\u2019s also dependent on fairweather factors like the economy or supply and demand.<\/p>\n\n\n\n<p>Used car prices surged in 2021 due to a ton of supply-chain challenges caused by the COVID-19 pandemic. A <a href=\"https:\/\/www.jpmorgan.com\/insights\/research\/supply-chain-chip-shortage\" target=\"_blank\" rel=\"noreferrer noopener\">worldwide microchip famine<\/a> was one of the biggest culprits of vehicle production shortages. These chips are vital to several vehicular functions\u2014including the infotainment screens that are standard fare in basically every vehicle nowadays. With new vehicle production slowed way down, drivers opted for used cars, causing prices to soar well above fair market value.<\/p>\n\n\n\n<p>Financial analysts predict that the auto production industry will make a recovery\u2014in fact, it\u2019s already happening. So if you want to nab the highest appraisal possible from Carmax, get while the getting is good (which is right now).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_else_does_Carmax_look_at_when_they_appraise_a_vehicle\"><\/span><a><\/a>What else does Carmax look at when they appraise a vehicle?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Carmax\u2019s appraisal process isn\u2019t different from that of Kelley Blue Book or <a href=\"https:\/\/www.edmunds.com\/appraisal\/\" target=\"_blank\" rel=\"noreferrer noopener\">Edmunds<\/a>, the main things they\u2019re looking at to determine the car\u2019s value are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make<\/li>\n\n\n\n<li>Model\/model year<\/li>\n\n\n\n<li>Mileage<\/li>\n\n\n\n<li>Interior\/exterior condition<\/li>\n<\/ul>\n\n\n\n<p>If you complete the appraisal online, there\u2019s a section where you can disclose cosmetic damages to the car or mechanical issues. In-person appraisals come with a 125-point vehicle inspection.<\/p>\n\n\n\n<p>The beauty of Carmax is how quickly they work. It\u2019s routine practice for Carmax to appraise your vehicle and buy it the same day. You don\u2019t need to advertise your car for weeks or mentally prepare yourself for an awkward Craigslist transaction when you sell to Carmax. As long as you accept their offer, you can drop your car off at one of Carmax\u2019s <a href=\"https:\/\/www.carmax.com\/stores#:~:text=Visit%20us%20at%20240%20CarMax%20store%20locations%20nationwide\" target=\"_blank\" rel=\"noreferrer noopener\">240 facilities in the US<\/a> and leave with a check in hand.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>&nbsp;<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax.jpg\" alt=\"Carmax\" class=\"wp-image-4518\" srcset=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax.jpg 1000w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-300x200.jpg 300w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Image Editorial credit: Jonathan Weiss \/\u00a0<a href=\"https:\/\/www.shutterstock.com\/image-photo\/las-vegas-circa-june-2019-carmax-1419219446\" target=\"_blank\" rel=\"noreferrer noopener\">Shutterstock.com<\/a><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_if_I_change_my_mind_and_want_my_car_back\"><\/span><a><\/a>What if I change my mind and want my car back?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Offers made by Carmax are non-negotiable (save the haggling for the flea market), but they do give you seven days to think it over. If you find a better offer or decide not to sell your car within that seven-day window, you can walk away from the deal.<\/p>\n\n\n\n<p>On the other hand, if you accept Carmx\u2019s money the transaction is complete. You might be able to buy your car back later on if it\u2019s still available, but don\u2019t expect it to be the exact same price as what you sold it for.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_there_any_restrictions_when_you_sell_a_car_to_Carmax\"><\/span><a><\/a>Are there any restrictions when you sell a car to Carmax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Carmax does not do business in the following states:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Alaska<\/li>\n\n\n\n<li>Arkansas<\/li>\n\n\n\n<li>Hawaii<\/li>\n\n\n\n<li>Montana<\/li>\n\n\n\n<li>North Dakota<\/li>\n\n\n\n<li>South Dakota<\/li>\n\n\n\n<li>Vermont<\/li>\n\n\n\n<li>West Virginia<\/li>\n\n\n\n<li>Wyoming<\/li>\n<\/ul>\n\n\n\n<p>Carmax will buy a car that doesn\u2019t run (to sell wholesale at auction), but you\u2019ll need to have the vehicle towed to the facility. In certain states, Carmax will not buy a car that has a salvage title or a title that indicates flood damage due to state regulations.<\/p>\n\n\n\n<p>The maximum offer Carmax will make for any vehicle is $200,000\u2014they simply won\u2019t go any higher than that. If you have a ridiculously upscale vehicle you want to get off your hands, like that <a href=\"https:\/\/www.carfax.com\/Used-Rolls-Royce-Phantom_w788\" target=\"_blank\" rel=\"noreferrer noopener\">Rolls-Royce Phantom<\/a> your British grandfather left you in his will, selling it to Carmax is probably a bad idea.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"562\" src=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-has-some-restrictions-for-cars-they-buy.jpg\" alt=\"Carmax has some restrictions for cars they buy\" class=\"wp-image-4520\" srcset=\"https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-has-some-restrictions-for-cars-they-buy.jpg 1000w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-has-some-restrictions-for-cars-they-buy-300x169.jpg 300w, https:\/\/mycarmakesnoise.com\/wp-content\/uploads\/2023\/01\/Carmax-has-some-restrictions-for-cars-they-buy-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">Image Editorial credit: Wirestock Creators \/\u00a0<a href=\"https:\/\/www.shutterstock.com\/image-photo\/stuttgart-germany-dec-13-2021-smartphone-2097323671\" target=\"_blank\" rel=\"noreferrer noopener\">Shutterstock.com<\/a><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Does_Carmax_pay_more_than_the_competition\"><\/span><a><\/a>Does Carmax pay more than the competition?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Research says yes. A study from <a href=\"https:\/\/financebuzz.com\/best-price-online-car-retailers\" target=\"_blank\" rel=\"noreferrer noopener\">Finance Buzz <\/a>shows that Carmax routinely pays about $1,000 more for a used vehicle than competitors like Vroom or Carvana\u2014especially for SUVs.<\/p>\n\n\n\n<p>The bottom line? If you want to sell your car quickly, safely, and for a price that tends to beat out the competition, a visit to Carmax might be exactly what you need.<\/p>\n\n\n\n<p>Written by Mary K. Cahill<\/p>\n\n\n\n<p><strong>References<\/strong><\/p>\n\n\n\n<p>Bradley, S. (2022, March 16). <em>CarMax Review 2023: Buying, Selling, Financing<\/em>. NerdWallet. Retrieved January 26, 2023, from https:\/\/www.nerdwallet.com\/reviews\/loans\/auto-loans\/carmax-financing-buying-selling?scrollTo=full-review-scroll-target<\/p>\n\n\n\n<p>Preston, B. (2022, December 14). <em>Used-Car Prices Are Falling, but Buying Is Still a Challenge<\/em>. Consumer Reports. Retrieved January 26, 2023, from https:\/\/www.consumerreports.org\/buying-a-car\/when-to-buy-a-used-car-a6584238157\/<\/p>\n\n\n\n<p>Santos, J. (2021, January 19). <em>Carmax&#8217;s Highest Appraisal Offer Will Leave You Dumbfounded<\/em>. MotorBiscuit.com. Retrieved January 26, 2023, from https:\/\/www.motorbiscuit.com\/carmaxs-highest-appraisal-offer-will-leave-you-dumbfounded\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Picture this: you decide you\u2019re ready to sell your car, so you check out Kelley Blue Book to find out how much your car is&#8230;<\/p>\n","protected":false},"author":10,"featured_media":4521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","wpcat-11-id"],"_links":{"self":[{"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/posts\/3808"}],"collection":[{"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/comments?post=3808"}],"version-history":[{"count":5,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/posts\/3808\/revisions"}],"predecessor-version":[{"id":4695,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/posts\/3808\/revisions\/4695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/media\/4521"}],"wp:attachment":[{"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/media?parent=3808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/categories?post=3808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycarmakesnoise.com\/wp-json\/wp\/v2\/tags?post=3808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}