CARMAX is Killing the Used Car Market!

Carmax can be a good spot to shop if you absolutely need a reliable vehicle and don't have sufficient credit to buy elsewhere. With one out of five auto loans being denied the last couple of months, it should come as no surprise that Carmax is actually doing pretty well. They're selling vehicles still at a high premium because they can actually APPROVE the 20% of folks who are being denied at other dealerships. You may get a 23% interest rate, but at least you walk away with the keys in hand, haha.

The prices of these vehicles aren't far off from brand new pricing, and that's the rub for me. If you're in a position where you need to build your credit it, Carmax might be be for you. Many of these cars and trucks are being sold for just a few grand below the MSRP of a new model... that blows my mind. Buying Used should save you 30-50% off New Pricing in my opinion. But here we are, this is our reality unfortunately. What are your thoughts? Do you think Carmax offers fair deals? Do you think Carmax will go under within the next few years? Let me know in the comment section, I thoroughly enjoy reading your thoughts on the matter and engaging with you all. Thanks for taking the time to tune in, if you found any value in this video, I respectfully request that you please consider Liking and Subscribing. Your support means a lot!

-Stay Untamed...

#carmax #carmarket #dealership

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@untamed_motors

[puffpai]

Former Carmax employee here and I’d never buy a car from there . They price their cars on average about 2k over typical retail market value because of the “experience and confidence” . And anyone who’s worked in the service department there knows how many POS cars they are selling to customers . So many people come back after a few days or weeks of purchasing with mechanical issues that were missed during production. And yeah they sell a lot of cars that have been in accidents, they sell it as long as it doesn’t have damage to the frame but of course those frame damaged cars slip through the cracks and get sold to customers

[rickmcsheridan]

Consumers have the power to stop this madness. Stop buying these overpriced vehicles. It would bring manufacturers and dealers to their knees in six months' time.

[asadianbelifont]

I’ve bought 3 cars so far from CarMax. The first time was because I was trying to build credit and they were the only ones willing to finance me. I paid that loan off but went back to get a car for both myself and my wife. We just financed through our credit union that time. All in all we prob paid $4k more than we would have for all. Are combined if I were to go to other dealerships, but CarMax is FAR better to deal with that any of these other places

[Hemond]

Been shopping a Buick Envista. Carmax wants more for a used '24 with significant miles, than the price of a new '25. Now I understand why. They are floating loans to challenged credit buyers.

[holeinjuan]

My thoughts are - I’ll probably never step on a CarMax lot. There are alternatives.

[OklahomaAirwaves]

Good channel dude. I’m glad I found it. I am 44 w twin boys who are 14. 2013 tundra paid off and I’m giving them a 2013 Chevy volt that’s paid off. Trying to show them the way to be smart w their money. Thanks for the content. I share it w them. David from Oklahoma

[mike-uwwt]

I bought a used car from Carmax in 2022 with 20k miles and have had zero problems. The car is mint.

[barryraven]

I feel sorry for those that have to have a vehicle now. The prices are insane. For instance, would you rather buy a new 4Runner, drive it for 100k and sell it for 15, 000 less than new, or be the guy who buys it with 100, 000 miles for $40, 000? So first 100k for $15, 000 or second 100k for $40, 000. But if you don’t qualify for a new vehicle you have no choice. Except to not buy a 4Runner and maybe buy a Corolla. Never buy a Toyota used if you don’t have to. They don’t depreciate enough to justify it.

[SeanLi-in]

Being able to approve loans may just get them more repo down the road. High price + high rates means high payments and high defaults later.

[remyd]

Carmax is so much more pleasant to deal with than the legacy dealers. No hassle, no 4 squares. I've only used to selling cars to them. I hate legacy dealers.

[swlancaster]

As a Carmax fan and employee 30 years ago I see a huge difference in quality. Crappy bodywork, dents, previous accident damage. They stand behind them but don't disclose work they did on site. The Maxcare warranty is great and I do plan on buying a vehicle from them when I retire. I don't want to be stuck with a vehicle I don't like and there I can exchange or return it. I will be covered bumper to bumper for 150k odometer miles. You just can't beat that.

[davcuts]

The best thing about CarMax is their car appraisal. They offered me $11, 000 for my 14 Corolla last year. I then tried to buy a 21 MINI from them and they wanted $400 a month. I was able to get a brand new 24 MINI for just a little more a month. I got 3.99% with BMW financial, CarMax was nearly 25%. The MINI dealership also matched what CarMax offered me for my Corolla. I did like that if you buy a car from CarMax they will let you bring it back in three days if you're not happy with it. Other than that you might be able to get a new car for what CarMax offers.

[Accrd]

If you get turned down for a loan, you either need to lower the price of your car range or just not buy anything period and work on your credit by paying off your debt and saving cash for a cheaper car. I had to recently take a personal loan for some repairs that came up that were an immediate need to fix and I hated every second of having to sign that 12% loan but it has to be fixed. I had zero loans and didn't want to even take a loan. The older I get the more I shy away from bills and although I love cars to no end, I am sick of always owing someone or a bank money.

[wantsanewvehicle]

Screw carmax.. I purchased a vehicle there, returned it shortly after in the same exact condition and bought another one (after waiting for my $30k down payment to clear and the vehicle- which I had paid $1k to transfer arrive at my local store) which I was also not happy with and returned shortly after. At this point I had made my mind up that I would do some more research so that the next purchase would be my final one as I was going to be 100% sure that it's what I had actually wanted before purchasing. After the second return I was told by the manager that they'll NEVER do business with me ever again (meaning they will not buy a vehicle from me, or sell me one..I'm not even allowed to test drive). Both vehicles were returned in the same shape, so it's not like I damaged them or anything. Pretty shitty on their part to advertise a return policy and then if it's used when you're not happy with a $85k vehicle to ban the customer permanently for life..yeah, RIP.

[dave]

I’ve bought several vehicles from CarMax over the years, none of which were financed through them.
I did my homework, looked at prices and the Carfax report, and actually had two vehicles shipped from other states. Both one owner low mileage vehicles.

[docholliday]

On Hondas, Toyotas, Mazdas, over 100, 000 miles you better ask for a recent proof that they had replaced water pump complete timing belt kit and serpentine belt because if they haven’t you’re looking at around another $2, 000 dollars out of pocket or face the consequences of engine failure if you don’t know that major service is being done at the 100, 000 miles like it supposed to 👍

[marcvivori]

Locally in Richardson, TX the Toyota dealer is advertising new Tundras for $8k off and 0% financing for 72 months. I still don’t like the engine but they’re starting to make deals.

[nitemoves]

I saw an auction earlier this week. Someone paid retail for 2 Honda civics and a 21 Lexus ES350. Not what you should see at an auction

[ChristopherSmith-rnwd]

Carmax has probably the highest repo rate with approving people thru their own bank. They are learning a valuable lesson as we speak.

[frankwhite]

Watching CarMax go bankrupt sensational