CarMax 2007 997S Buy Value
08-28-2009, 06:43 PM
#1
Three Wheelin'
Thread Starter
CarMax 2007 997S Buy Value
I have a Lexus GS 350 that I did a 1 pay lease on Sept 25, 2006. I have to either give the car back or buy it at the end of Sept so I thought I would see what CarMax would appraise it for to see if I had any equity in the car. In my area (Southern CA) CarMax is known to be higher than a dealer as far as buy value is concerned and they buy cars meaning they don't care if you buy something from them.
While I was waiting I was talking with this nice salesperson and he was checking his computer for things and to see if my car was moving up the list and almost done etc. I noticed a 2007 997S on the appraisal list from earlier in the day and asked him what number they put on it. I don't have all the details on the car except it was 2007 997S Grey Ext, Black Int, condition good, 19,800 miles. Their buy pricer on the car was $51,000.
I was pleasantly surprised with the number they put on my Lexus as it is almost $3000 higher than my payoff so If I don't keep the car I will sell it to them instead of turning it back in.
Just a little market data for those interested.
While I was waiting I was talking with this nice salesperson and he was checking his computer for things and to see if my car was moving up the list and almost done etc. I noticed a 2007 997S on the appraisal list from earlier in the day and asked him what number they put on it. I don't have all the details on the car except it was 2007 997S Grey Ext, Black Int, condition good, 19,800 miles. Their buy pricer on the car was $51,000.
I was pleasantly surprised with the number they put on my Lexus as it is almost $3000 higher than my payoff so If I don't keep the car I will sell it to them instead of turning it back in.
Just a little market data for those interested.
08-30-2009, 12:12 AM
#2
Three Wheelin'
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Yup, in my experience, Carmax is typically closer to the private-party price on their appraisals. Ever since they came along, I don't think I've traded in a car to the dealer on any new purchase. The gap on the trade-in price difference and the sales tax credit is simply too wide.
08-30-2009, 12:44 AM
#4
Nordschleife Master
they offered me 21k on a G35 coupe that i traded in for 28,5 last august.. maybe just my dealer here is greedy.. car was brand new with under 8k miles.. i was kinda upset,
guess i should find another carmax..
guess i should find another carmax..
08-30-2009, 08:22 AM
#6
Race Car
I think its sort of hard to compare CarMax sale to a dealer trade. Dealer has two numbers to work on. Trade price AND margin on their car. As a buyer the only thing you really care about is the trade difference. CarMax only can evaluate what they think the car is worth. My experience with CarMax has been good too. I've sold them two cars and each time I got fair (not great) money and a 30 minute hassle free experience.
FWIW.
FWIW.
08-30-2009, 09:35 AM
#7
Racer
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Good to know, but what about your tax credit? I think this is where it is a wash.
If you sell your car to Carmax for $3,000 more than the dealer gives you and then you go to the dealer with cash in hand and pay $3,000 in sales tax - I would be scratching my head!
If you sell your car to Carmax for $3,000 more than the dealer gives you and then you go to the dealer with cash in hand and pay $3,000 in sales tax - I would be scratching my head!
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08-30-2009, 12:29 PM
#8
Racer
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Anyone ever try getting their dealer to take the trade-in on behalf of CarMax in order to keep the tax credit? Not with CarMax, but this is what I did last year. My local Porsche dealer took my trade then sold it to an out-of-state non-Porsche dealer with whom I had already been quoted a price. I was able to keep the sales tax credit using this approach -- saved me over $7k.
08-30-2009, 01:34 PM
#10
Three Wheelin'
Thread Starter
There is no tax issue here. Besides in CA you do not receive a tax break on trade in any longer, our state is bankrupt.
08-30-2009, 03:56 PM
#11
Racer
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My car is a lease that is ending. My three options are buy the car for $27100., give the car back to the dealer and receive nothing, or sell the car to CarMax and put $2900 in my pocket at the end of the lease.
There is no tax issue here. Besides in CA you do not receive a tax break on trade in any longer, our state is bankrupt.
There is no tax issue here. Besides in CA you do not receive a tax break on trade in any longer, our state is bankrupt.
08-30-2009, 07:14 PM
#12
Three Wheelin'
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09-02-2009, 10:26 PM
#14
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I found my 997S at a dealer that "brokered" my priavte party sale of my M5. Basically, I found a 997S that I wanted but the trade allowance was $3K lower than what I had it sold privately for. The dealer selling me the 997S gave me my private party sales price as "trade allowance" and then sold the car to my buyer the same day for exactly what they gave me plus a $250 "processing fee". Pretty damn nice of them ---- saved me $3K on my sale PLUS another $3K on sales tax.