How does Carmax do appraisals?

[gprsh924]

As great as all those look, I would spend $5K-$8K to have a car that is no more reliable than the one I currently have, even if it might look better cosmetically.

[DasBoot]

Originally Posted by gprsh924

As great as all those look, I would spend $5K-$8K to have a car that is no more reliable than the one I currently have, even if it might look better cosmetically.

Well...I would disagree. There's less electronics/gizmo's in the older 5's. Easier to diagnose/repair and those motors are bullet-proof.

[einreb]

Originally Posted by gprsh924

As great as all those look, I would spend $5K-$8K to have a car that is no more reliable than the one I currently have, even if it might look better cosmetically.

I don't think you are going to get a lot of sympathy from this board. I can pretty much write a check for most new cars on the market and my current 'next dream car' is a beater e30.

Back to Ricks post... I have sold 3 cars to carmax. All prices have been between kbb trade in value and kbb private party value (closer to private party). For me... the benefit was that it was painless. I hate the haggle and hassle of selling cars.

[VincentVega]

If you do go to carmax bring a book and some water. It took them over an hour to give me a quote on my Mini a few years ago. I ended up selling it for 2.5k more myself a few weeks later.

[ChkbookMechanic]

Originally Posted by Chris Martin

If you do go to carmax bring a book and some water. It took them over an hour to give me a quote on my Mini a few years ago. I ended up selling it for 2.5k more myself a few weeks later.

+1

I've found that CarMax offers wholesale auction price + $500 on the cars I've brought into them and ones my friends have had appraised. You're better off waiting it out and selling it yourself imo.

[DasBoot]

On the other hand...they did purchase a buddy's VW (Jetta?) that had a salvage title. He couldn't give it away elsewhere.

[onewhippedpuppy]

Originally Posted by gprsh924

Given all that, would a college student with no job and no income have any realistic shot at getting any type of decent rate on a used car loan for approx. $10,000? (I would put $5K-$7k down and then finance the rest).

Re-read that for me please. Anything not quite vibe? Loan....no job....no income? $5-7k will easily buy you a very nice condition, reliable car. It will also buy you a BMW. But it won't buy you a nice condition, reliable BMW. Sell the 525, use CASH to buy a better car. Now is not the time in your life to go into debt. Keep your head above the water, you'll be better off than 90% of the other people your age.

Rick, how long have you been seriously trying to sell? If it's been a little while, you need to look at the situation. Is the price too high? Do you have proper exposure (Pelican, Bimmerforums, Autotrader, Craigslist, etc)? Does your ad or car have issues that might scare people off? One thing I can guarantee about CarMax, they will offer less than you can get yourself. So if you're really not that motivated, try a little harder to sell it yourself.

Also, I agree with Kurt about the ad, remove the blurb about not having the title. Wait until they speak with you and see the car, don't scare them off at the beginning. Also, coming from someone who has bought and sold a LOT of cars. you need more pictures. Pictures sell cars on the internet, pure and simple. You can never have too many pictures. Take a bunch of high-res pictures, preferably in a decent setting (not in front of Tab's trailer). Post enough of them in your ad for a potential buyer to see all important aspects of the car. Your current ad doesn't even include the interior. I typically then post a link to a bunch more photos in a photobucket album. I took 63 pictures of my Saab 9000, it sold in less than 24 hours. Also, post it everywhere. Too much exposure is just right. Pelican, Bf.c, and Craigslist are free. Though it's $30, I sell most of my cars on Autotrader.

[Rick Lee]

I've had it listed for less than two weeks on Pelican, CL and Bimmerfest. I'm not motivated enough to pay Autotrader. I've always done very well in selling cars for top dollar. So, while I'm willing to bargain, I'm not gonna list a rock bottom price. Car has no issues at all and is still under CPO warranty for another 10 mos. I love this car. I just never drive it.

[gprsh924]

Originally Posted by onewhippedpuppy

Re-read that for me please. Anything not quite vibe? Loan....no job....no income? $5-7k will easily buy you a very nice condition, reliable car. It will also buy you a BMW. But it won't buy you a nice condition, reliable BMW. Sell the 525, use CASH to buy a better car. Now is not the time in your life to go into debt. Keep your head above the water, you'll be better off than 90% of the other people your age.

I just needed you guys to talk me off the ledge. Thanks. I couldn't sell the 525 if I wanted to, it still belongs to Dad. I could *technically* afford to buy the 330 that I want to get with my own cash, but I wouldn't have enough cash left over to be comfortable enough to keep doing other fun things like the waterski team, vacations, and road trips. Living this college lifestyle is expensive. But tomorrow, headed to Dale Hollow Lake in Tennessee with the waterski team for a 3 day houseboat trip. Should be a wild time.

[the]

Originally Posted by Rick Lee

I've had it listed for less than two weeks on Pelican, CL and Bimmerfest. I'm not motivated enough to pay Autotrader. I've always done very well in selling cars for top dollar. So, while I'm willing to bargain, I'm not gonna list a rock bottom price. Car has no issues at all and is still under CPO warranty for another 10 mos. I love this car. I just never drive it.

Are you going to drive it in the future? If not, you should sell it now, for whatever the current market price is. It ain't getting any more valuable, and will take a big hit in 10 mos. when the warranty runs out. It will be much, much harder to sell with no warranty on it. It is on its way to becoming a $4000 car.

[onewhippedpuppy]

Originally Posted by gprsh924

I just needed you guys to talk me off the ledge. Thanks. I couldn't sell the 525 if I wanted to, it still belongs to Dad. I could *technically* afford to buy the 330 that I want to get with my own cash, but I wouldn't have enough cash left over to be comfortable enough to keep doing other fun things like the waterski team, vacations, and road trips. Living this college lifestyle is expensive. But tomorrow, headed to Dale Hollow Lake in Tennessee with the waterski team for a 3 day houseboat trip. Should be a wild time.

Trust me, you'll enjoy that kind of stuff much more than the $10k car you want to buy. Especially if there's some hotties on the waterski team.

Hell, if you want a BMW, buy a mint E30 for $4k or so. It will be just as reliable as a newer one, and possibly more fun.

[Rick Lee]

Carmax said $6500. Kidding me?

[gprsh924]

I'm writing you a check right now for $8,000...just don't cash it until Tuesday, I need to move some funds around.

[Rick Lee]

I wouldn't take twice what Carmax offered me.

As it turns out, moments ago, a very nice woman, actually an Obama campaign worker, just emailed me and wants to meet tomorrow to see the car. I even brought up subletting my condo in VA for her, since she's going to the inauguration.

[gprsh924]

$6500 is asinine.

[Rick Lee]

When the manager came out and asked if I wanted to know how they arrived at that number, I said, "It doesn't matter" and then left.

[aigel]

Originally Posted by gprsh924

The 525 is (knock on wood) doing alright cruising at 90 back and forth to school, it just pains me everytime I walk up to it and see the rust bubbling so badly on all 4 doors.

Who gives a scheiss what the car looks like? You will have rust holes in the next ride before long too. I still drive a $2000 beater every day and all my vehicles have over 100k. Nobody ever gets stranded - maintenance (all in my garage) is key.

I owned a bicycle when I went to college. No shortage of chicks or fun.

George

[the]

$6500 is a little low. Current auction is showing around $9K. even as late as 6 mos ago, I heard carmax was willing to go a little above auction average. Now I think they won't.

In October, auction was showing $12K. That's the drop it's taken in only 2 months. There's been a big hit since the stock market collapse.

Like I said a couple months ago, if you are planning on selling the car for sure in the near future, do it ASAP. That year, and those miles, are declining rapidly, with nowhere to go but down.

At the end of the day, they are all $4500 cars.

[aigel]

Rick,

I can imagine that the market is pretty soft these days on any used car that's not under 5k. Nobody is buying new cars, so why would anyone buy nice used ones - except their old one is kaputt?

George

[fintstone]

Originally Posted by Rick Lee

Carmax said $6500. Kidding me?

That sucks! I would give you $10K and I don't even need another car....and you wouldn't even have to finance me...LOL.