I think I am going to sell to Carmax, now what do I do..

2,605 Views | 33 Replies | Last: 2 mo ago by htxag09
LMCane
How long do you want to ignore this user?
Carmax gives a "quote" of about $7000 more than I owe on the BMW.

as I am going overseas in April, I need to get rid of the car since I don't want to keep making payments for four months plus storage costs when it will be three years old when I get back anyway.

I think it best to sell now 1) before the market tanks 2) lord forbid it is in an accident in the DC metro area 3) before more mileage goes onto it/more dings

so what do I do until I leave in another 3.5 months? rent from just some place like Avis?

is there any other longer term rentals where I would be able to get a better deal?

any other options? I need a car living in the suburbs
sts7049
How long do you want to ignore this user?
AG
turo
aggiepaintrain
How long do you want to ignore this user?
AG
uber
TSW2012
How long do you want to ignore this user?
AG
Yeah take a close look at what you would pay for insurance and a rental and fuel and compare to Uber. I bet Uber wins. Worst case try using only Uber for a week or two and then evaluate prices compared to rental.
TxAggieBand85
How long do you want to ignore this user?
AG
Buy a cash car with the profit and sell that cash car as you leave. Won't have a ton of money in it and can likely get 100% or near of money back.

Just a thought.
Jim '85
The Zone 323
Stat Monitor Repairman
How long do you want to ignore this user?
Sell closer to when you leave. 3.5 months you adding more **** to your plate when you already gonna be busy.
Mookie
How long do you want to ignore this user?
AG
Shouldn't have shopped it this early. Now you're in a tough spot. Sometimes ignorance is bliss.

Not knowing anything about your commute, driving habits, frequency, etc makes it really hard to judge.

Based on wholesale numbers the market is dropping 5-7% per month right now.
aggie_wes
How long do you want to ignore this user?
AG
Sell it and Uber or public transit. Or buy a beater for $5k and sell it in 3 months when you leave.
zooguy96
How long do you want to ignore this user?
aggie_wes said:

Sell it and Uber or public transit. Or buy a beater for $5k and sell it in 3 months when you leave.


This is the way.
I know a lot about a little, and a little about a lot.
LMCane
How long do you want to ignore this user?
very good advice here

keep it coming.

the problem is that I live 21 miles from work in Maryland and public transport is not really an option.
even if I rent a car per month ($1000!!!) I would still end up saving money by selling the BMW now

and not have to worry about an accident or not getting the same deal on the sale 4 months from now with much more mileage (I am driving to Myrtle Beach SC for christmas time holidays)
LMCane
How long do you want to ignore this user?
I have actually heard of that Turo years ago when looking for a nice car but forgot the name

it looks like I could get a lame Prius for $827 saving about $130 a month

over getting the lowest level vehicle from Avis/Budget etc

Turo renting
aggie_wes
How long do you want to ignore this user?
AG
If you spend $5k on a beater you will probably be able to sell it for the same price in a few months and only be out insurance and taxes. I'm guessing that will be less than one months rental. Just a matter of if the hassle is worth it to you.
Matsui
How long do you want to ignore this user?
AG
Sell your car and rent from turo. Simplest.
LMCane
How long do you want to ignore this user?
Matsui said:

Sell your car and rent from turo. Simplest.
this is what I am leaning into

there are some 4.96 and 5.0 reviews of Mazdas and Nissans in the DC area for $837 a month

so that would be like $200 more than my normal payment for four months

great advice! thanks
aggiepaintrain
How long do you want to ignore this user?
AG
So rent a car for 5 months for $5k?
Keep your car. You will build equity for 5 months, that means you will owe less in 5 months than you do now.
You would get to keep your car until you need to sell it, I am sure you would still net a lot more than $2k when it's time to sell. The market has already adjusted.


Aggie09Derek
How long do you want to ignore this user?
AG
Drive car until week you leave
sell car
?????
profit
dirkjones
How long do you want to ignore this user?
AG
Audi on demand
Matsui
How long do you want to ignore this user?
AG
Drive your car until the week or week prior to leaving. That's the best way. It won't adjust that much
hypeiv
How long do you want to ignore this user?
AG
Give me the VIN can probably beat the CarMax offer. This is a link to the guy I sold my car to if you want to give him a chance to bid on it:

https://givemethevin.com/stephen.kim
ac04
How long do you want to ignore this user?
another vote for keep it for another ~3.4 months instead of messing with all that rental BS.
91AggieLawyer
How long do you want to ignore this user?
AG
So I think we did the discussion about whether you'd keep the vehicle and store it while you were gone about 2 months ago, right? Seems you made (in my opinion) the right decision by selling it. I'm not sure how you arrived at that, but if you took my advice then, you got out a spreadsheet and crunched numbers. I'd advise you to do the same thing here.

Quote:

I think it best to sell now 1) before the market tanks 2) lord forbid it is in an accident in the DC metro area 3) before more mileage goes onto it/more dings

Given these factors, you just need to estimate what the selling price will be in April, what your carrying cost (interest plus insurance) will be, and then compare that to the above and whatever short term transportation will cost you. Its hard to know what advice to give without knowing more. Keep in mind that rentals either have a built-in insurance premium or you'll need to get a policy on your own (i.e. keep the one you have in place somehow) to insure the vehicle. You do not want to be financially responsible for an accident.

Also, your mode of transportation shouldn't concern you for the next several months. As long as it is reliable. I'd see what Carmax has in terms of an older Camry or Corolla. Or Facebook marketplace would be better. Take that $7 grand and buy that, then return to Carmax just before you leave. You'll lose less than if you sell now and rent.

However, the easiest thing to do is just to continue with your current car and sell a few days before leaving. I think the 3 items you list are worth the risk. 2 is covered by insurance. Mileage won't make a huge difference unless you're near 100K. Market tank? That is the biggie and biggest unknown.

Good luck!
JamesPShelley
How long do you want to ignore this user?
Here's a novel idea: Keep the car.
LMCane
How long do you want to ignore this user?
good advice although often times conflicting.

Carmax offering $27.6K for it

I owe 19,900

On the online offer, I put in the tires are in good shape. but the last BMW maintenance they wanted to replace the tires and NTB guy says they are worn

so should I pay $732 this weekend to put on four new tires - so that Carmax wont' lower the price by $1000 when they see the tires are worn next week?
LMCane
How long do you want to ignore this user?
hypeiv said:

Give me the VIN can probably beat the CarMax offer. This is a link to the guy I sold my car to if you want to give him a chance to bid on it:

https://givemethevin.com/stephen.kim
thanks- but I am in Maryland.
Aggie09Derek
How long do you want to ignore this user?
AG
What you owe on vehicle seems irrelevant but what do I know.
LMCane
How long do you want to ignore this user?
hypeiv said:

Give me the VIN can probably beat the CarMax offer. This is a link to the guy I sold my car to if you want to give him a chance to bid on it:

https://givemethevin.com/stephen.kim
27,754 at the high end of the "range" from these guys

Carmax here in Frederick MD has 27,600
LMCane
How long do you want to ignore this user?
Aggie09Derek said:

What you owe on vehicle seems irrelevant but what do I know.
why would it be irrelevant?

if I can make $5000 on the transaction which goes to my bank account, and save another $3100 from no BMW payments while I am overseas-

isn't that relevant?
Aggie09Derek
How long do you want to ignore this user?
AG
I'm not saying don't sell the car

What the poster said about your payments going towards equity is the key...your downside is a very small decrease in the value of the car and interest/insurance. Have to weigh those things against alternatives that sound expensive for your situation. If you worked from home and could walk to a ton of stuff would be an easy choice to sell now but that isn't the case.
LMCane
How long do you want to ignore this user?
THIS is why I want to jump now and sell the car:

Readers have been well informed that the used car market bubble popped earlier this year (read: here).

Cox Automotive reported that its Manheim Used Vehicle Value Index, which tracks the auction prices of used cars, plunged 14.2% from a year ago.

The index has also slid to the lowest point since August 2021 as used-car sales tumbled 10% in November.
LMCane
How long do you want to ignore this user?
Aggie09Derek said:

I'm not saying don't sell the car

What the poster said about your payments going towards equity is the key...your downside is a very small decrease in the value of the car and interest/insurance. Have to weigh those things against alternatives that sound expensive for your situation. If you worked from home and could walk to a ton of stuff would be an easy choice to sell now but that isn't the case.
thanks

If I can amass a nice amount of cash from the sale now before the market tanks worse,

and then when I return to USA in September get another car which has even smaller monthly payment than my current one-

that sounds like the most fiscally wise moves to make.
Aggie09Derek
How long do you want to ignore this user?
AG
Don't worry about monthly payments

Has nothing to do with anything IMO
LMCane
How long do you want to ignore this user?
dirkjones said:

Audi on demand
can you give some details about this please
nortex97
How long do you want to ignore this user?
AG
Get rid of car debt the moment you're able to. Especially if it's a BMW/German, imho.

Congrats. DC area has plenty of rental/ride sharing/ways to get around town.
htxag09
How long do you want to ignore this user?
AG
Aggie09Derek said:

I'm not saying don't sell the car

What the poster said about your payments going towards equity is the key...your downside is a very small decrease in the value of the car and interest/insurance. Have to weigh those things against alternatives that sound expensive for your situation. If you worked from home and could walk to a ton of stuff would be an easy choice to sell now but that isn't the case.
100% this

If your payoff is $20k now what will it be in 3.5 months? $18,200? So, even if the value of your car falls another 10%, unlikely, you're going to come out ahead vs. selling now and spending the $1,000/month you stated on a rental.
Refresh
Page 1 of 1
 
×
subscribe Verify your student status
See Subscription Benefits
Trial only available to users who have never subscribed or participated in a previous trial.