CARMAX COLLAPSE Of The Car Market

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CarMax isn't doing so hot these days...could this signal a CORRECTION in the used car market? Zach certainly thinks so! CarMax's lackluster sales and gross profit numbers, combined with high interest rates and lower new car prices, will likely lead to lower used car prices this year!

[kennethburton]

In the summer of 2021 I was looking a buying a used 4Runner that ranged from three to four years old. I learned that I could buy a brand new 4Runner for an additional $3000, I ended up buying new, very glad I did.

[kdopi]

I used to watch this channel, but with every thumbnail/headline predicting some automobile apocalypse that never happened, I stopped.

[jaws]

Capital One sounds alarm, Ally sounds alarm, Carmax sounds alarm……. Yet nothing has happened or changed?

[lot]

If i had a dollar every time someone predicted the demise of Carmax and Carvana, I could actually afford a vehicle.

[FastKawboy]

Carmax is part of the problem. They try to sell questionable cars at crazy prices.

[lonewolftrading]

You and your dad are the BEST. Monthly car insurance in Michigan can be almost as much as your monthly car payment. Here in Michigan, we find out how much your insurance will be on a car before you finance it and buy it.

[sabastian]

I've been reading this title for the last six months. I don't think we've seen anything close to the bottom yet.

[grobble]

Used car prices are still very elevated. just went thru buying a car for my retired mother this week. Used car prices were so over priced, went ahead & purchased a new car instead. She doesn't drive much so was thinking used originally. She previously has a 2008 car purchased new & it only has 73K miles.

[RandomGamerCory]

Used car market is great

Buying a used car for over msrp of a new one is stupid as fuck

[Steve]

Both new and uses cars are still way too high. Who wants to pay 65k for a brand new pickup truck. A consumer is probably looking at 1500 a month payment. Mercedes used to cost that much.

[pauls]

I just can’t thank you enough for all the info you guys have put out there! I bought my used close to new car today and I felt a PRO buyer with all the knowledge I got from you guys. Needless to say, I got the car with a big discount!

[bp]

In Louisiana, prices are well above CarMax levels ($5k+). With $500+ document fees in Louisiana this makes it the worse state in the South or Southwest to buy a vehicle.

[rcguy]

I can't believe that some car dealerships are still charging market adjustment like they did during covid, local kia is charging $2-$3K over msrp.

[Nowayjose-zr]

I love the comments about Carmax. So many opinions passed as facts but no explanation or anything. Many of the local lots including Dealers now price against carmax and carvana, not KBB. Both those companies use a algorithm of data crunching for care values, including KBB's api. Now starting to us AI also, that said. Now you pay a "premium:" instead of a free service, to not have to spend time at a dealership. Generally takes me an hour to do a deal at Carmax instead of a whole afternoon at a dealership. Add in they drop off, sign papers (10 minutes), and done.

If time = money and I make $75 hour. Definitely worth a couple hundred more to not spend a day at the dealer. Have it delivered and a 30 day no questions warranty. Which I have taken advantage of by swapping a vehicle.

[blackburd]

Just sold my 2023 mx-5 with 12k at carmax. They paid me well for it. I walked the lot and saw a handfull of 1 and 2 year old cars priced at ridiculous prices, basically new car prices. Add on top of this their 11-18% interest rate loans and the cars on the carmax lot are priced HIGHER than NEW. bonkers.

[lynnmckenney]

I've been holding out for like 4 years now, keeping my 89 civic wagon running.

I cant wait for the market to fall through the floor.

[briguyinsi]

I hate everything about the car market, new, old, all of it. Going through hell right now trying to get a truck. Turns out there is a disparity between my Experian and the Equifax and TransUnion FICOs. Somehow someway something popped up from 2014 on my Experian, and it dropped to 590 while my other two are in the 740s. But, it appears dealers by me run Experian and even though they ran the others and see there’s no issue, Stellantis and Chrysler are denying me. Obv I will have to see what happened and fix the Experian, but the process is exhausting.

[BillMeyer-lq]

I bought a ford 150 from Carmax and traded it in for something more economical 6 mos later, and they gave me more than I paid for it as a trade in

[jsuperman]

The used cars I see still have covid prices they are 10 to 15 k over than what they are really worth. Plus the interest rate is still high, and will be, than a new vehicle, so where I'm at people are buying new, for the lower interest rate. I'm not in a hurry to buy, so I can play the waiting game

[msbethmildhyperbaricoxygen]

We had this experience over the last 10 days. We were offered for our 2015 Ram by Carmax $15k, 6 days later it dropped to $14k and 2 days later it dropped to $12k.
That didn’t take long to see $3k vanish.