Negative Equity

[kbUSMC2012]

Carmax giving more than KBB? Hahhhaahahhhahahahahaha...

Yep. Done it three times now.

 

[SpeedyV]

Yep. Done it three times now.

I’ve made the mistake of going there twice in my life and letting them give me “offers” thousands below KBB / NADA / Edmunds...as much as 40% lowball. And these were for vehicles in excellent condition.

 

[kbUSMC2012]

I’ve made the mistake of going there twice in my life and letting them give me “offers” thousands below KBB / NADA / Edmunds...as much as 40% lowball. And these were for vehicles in excellent condition.

Luck of the draw I guess man. I’ve always gotten great offers from them. Were they high mileage or older vehicles? You have to hit their target market for the best deals. Recent model year, low mileage vehicles are their bread and butter. Anything approaching 6 digit mileage or more than 5 years old (or both) and it wouldn’t surprise me that they lowballed you. They sell a ton of cars to consumers who believe the idea that “someone else is taking the depreciation hit” and “a low mileage used car is a better investment than a new car” and all of that.

 

[RenoRam]

I sold them my 14 Ram for much more than kbb or the dealer offer back in 2016. They have since changed their business model some and probably won't offer as much now (my experience with my 16 Silverado that I ended up trading to the dealer for my 19 Ram). Never hurts to try as you have 7 days to think about it and complete the sale to them or walk away.

 

[Chris]

I prefer KBB simply due to getting an online quote that can then be sold directly at a number of local affiliated dealers vs driving all the way to a Carmax dealership; I've also seen pricing offers go both ways, so if the Carmax dealership is close enough to you then it doesn't hurt to get quotes from both.

 

[cmdr bobert]

Carvana is VC funded. They don't care much about being profitable at the moment. I've found they handily beat KBB and Carmax, and they'll come pick your car up.

 

[kevin1914]

I’ll essentially take a hit for trading my car so early because the Nada and KBB retail values are exactly at the amount I owe. Best option for me is to sell the car outright or just keep it and buy a truck after it’s paid off.


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