CARMAX DISASTER Signals COLLAPSING Of The Car Market!
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- เผยแพร่เมื่อ 13 มิ.ย. 2024
- I traveled to a Carmax to show you guys what current inventory and easily identifiable discounts look like. Not only are interest rates super high right now but used vehicle prices have gotten out of control. Thankfully many dealers are finally coming back down to Earth on their pricing.
Thoughts?
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If you have bad credit, you shouldn’t be spending $30k+ on a car. Get a $5k to $10k car.
100% or just buy what you can save up and pay cash for. But the fact that some people get into a 23% interest rate loan is horrible.
$72k for an outback needs to be a crime somewhere 😂
Haha right??
Profits down 33% citing inflation when they are a core cause of over-inflating the prices of used cars. Classic.
Sad part is, there are people out there who still buy cars today with 20%+ interest rates @$900+/month for a $30k car and they only make like 40k a year....
That’s very sad. I know there’s a lot of financial illiteracy out there, but I just don’t understand how people can do that to themselves.
@@AutomotiveAnonymous208probably no money to buy used coupled with a dead current car. I'm willing to bet a good bit of it is forced due to circumstances. Unfortunately in the US no car means no job for the most part.
They're selling civics that are 4 years old with 30k+ miles for the same price as MSRP of brand new ones. Its insane.
Completely insane haha.
They are
Price gouging like pharma companies
Who will
Buy a car from
Them?
$10000 for a car with 100k ?
I bought a vehicle from Carmax. I have no issues with the vehicle I purchased but I’d never buy another vehicle from them. I didn’t do my homework and paid about $5000 more than the vehicle was actually worth. Like I noted, it’s my fault for not properly researching the vehicle I was interested in purchasing.
Their no haggle pricing is to their benefit not the customers. They also low ball potential customers trade in vehicle. In my case I kept my car and disposed of it myself. Every negative thing people believe about used car dealers is true about .Carmax too but they’re better at hiding those things.
I’m really sorry to hear that you were taken advantage of. I always recommend people do their own research, but it’s also a shame that you need to and can’t just rely on business like this to not completely take advantage of people. Many successful business also have happy customers. 🤦♂️
If just save that car payment for a year you can put down a bundle and get a normal rate.
You will flip the loan to value. A good chance the OEM's financial departments will pick up the loan for themselves. My last 3 car purchase were financed by Chrysler Honda and not Toyota. I do not have gold credit. Two week ago under 700 Just a s very substantial down payment.
Great advice! 👍 I can’t believe anyone would pay credit card prices for a vehicle. And although I know selling cars is risky business how does the person setting those interest rates sleep at night haha. 🤦♂️
Car Buying 101: get pre-approved for a loan before ever stepping into a dealership
100% or if at all possible pay cash!
Carmax is a predatory loan institution, cars are the bait.
That’s a great way of putting it haha.
Disagree. Cars aren’t like real estate and will always depreciate whereas most properties will increase in value as you pay them down. Dealerships are all the same, just do your research and know what you’re getting into before you buy.
As others have said, don’t let your ego buy the car and buy what you can afford or what makes sense.
@@dr.robertbassettjr.8863 No one mentioned real estate. But, yes... thank the stars in the heavens that even if real estate is subjected to predatory lending, it does not depreciate.
Some of these cars has monthly payment like a mortgage on a small condo !!
Yeah, or even a free standing home a few years ago, lol.
At those prices it really makes me wonder how Carnax has survived all these years. Is it a facade for money laundering; are they subsidized by the government or what?
Back in the early 2000’s I paid them a $400 non-refundable transfer fee to move a ‘96VW Golf from another state to NC and I ended up not buying it when it arrived.
That’s a good question! I’m sorry to hear that. 😕
I worked for them in the early 2000s. It was a great job untill they went public. Then the b.s. started. Cutting pay, benefits, ect ect ect. I look at them now as the wallmart of used cars.
I think Carmax is great. Prices are sometimes market value, usually higher, rarely lower...but it happens. Their Maxcare warranty does pay out on problems. No haggling, no push to buy TODAY, no forced products at closing. An overnight test drive option, and a 7 day return or exchange opportunity are real values. Only you can decide if that's what you want to do.
Great insight! Thank you for sharing this!
If you tell them you are paying cash they might tell you to walk.
Probably haha.
I mean if someone has terrible credit and they can only go to CarMax then oh well. If they don’t want to spend less and save to fix their credit then that’s on them. Plus people should bring their own financing to a used car dealer especially places like CarMax and Carvana. 🤷🏽♀️
I get that! I just think it’s insane that people setting the rates can sleep at night knowing they’re charging 23% on an already over priced vehicle that depreciates like a rock falling. This sounds bad but “it’s expensive to be poor” is literally so true in this situation. 😅🤕
People been saying this for over a year! But I will say this. The carmax dealer is 45 minutes away from me. And I see car carriers filled with cars. Being dropped at a vacant lot by my house. I don't know why. Overflow? Hiding cars so there lots look limited?🤷♂️
That’s crazy! I’ve heard people say they’ve found satellite lots, but I’ve never found one in person yet.
If you don't have good credit and you can't afford a car it probably makes more sense to try to carpool, uber or good old public transportation. I'm really happey to hear the cars have really dropped in price, can't begin to imagine if it hadn't.
That’s a great suggestion! And I think they have been coming down, but they still are over valued. Hopefully in another year or two their value and price align even more closely! 🙂
If you have bad credit your financing options are going to be rather limited. They charge higher interest due to the increased likelihood of default. They want to make as much money as possible in the early days of the loan.
Americans have to drive to work. This is unsustainable. Gov bailouts coming soon.
Sure. Just not for you and me. Car Max maybe. 😜
Holy hell man...that corolla that was first shown being basically more than MSRP new is ridiculous. In a normal world, that car would be worth 12k max depending on miles.
Yes! And it shouldn’t have more than like 5-6% interest under any circumstance, imo.
I bluffed the dealership and credit union to leverage a good interest rate. 3.9% on a 24’ Supra at 21! I wish I could help more people getting F’d on 20+% interest
I’m glad it all worked out for you!! Anything over 5% on a vehicle is just absurd in my mind haha.
How’d you manage to get such a good rate?
Dude, if you’re credit is that bad you shouldn’t be car shopping.
Haha 100% but it’s just insane that the people who set those prices can sleep at night charging credit card interest rate levels of interest to those who haven’t done well financially to begin with. 🤦♂️
It's difficult to imagine all those cars selling. Maybe they will.
I feel the same way!
Good. Sell direct to the public and reduce prices. I dont need a middleman getting rich off my purchase. I know what I want.
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Stop gaslighting. If you have bad credit that is on you. You can't expect lenders to give prime rates for crappy credit . Your rate could be higher at a buy pay here
I just think it’s incredibly sleazy to charge 10-23% interest on a depreciating liability, such as an already over priced used vehicle. Obviously business who practice in this way financially must be doing okay, but I’m unsure how those up top making these decisions can sleep at night. Of course the best way to buy a car is in cash and if you need to finance it, you really can’t actually afford it. But still 23% to those who are in that bad of a position keeps them in that position.
Business model: robbery
Haha exactly! Even if excellent credit for those who might finance is still like 10%? That’s insane! I’d imagine the numbers should be closer to
Can you pay cash at CarMax will they allow it
I would imagine so, but I don’t know for certain! They likely still make the standard $2,500+ average that dealerships profit on used cars (according to Google), even at a cash purchase.
I used to work for CarMax, and yes, you can buy them cash. It's not common, so you may get shuffled around to talk to a manager, but you can.
Great insider insight! Thanks for sharing.
23%?......get outta here with that crap
Amen to that!
See the sign DO NOT ENTER
The sign was on the left of that driveway, I just assumed they don’t want customers to attempt to drive in through that way, but idk. It wasn’t obviously clear or very welcoming.
Stay away, AA. Stay far, far away. 'Tis not the place for those whose souls are intact. Heed my warning.
Haha, sounds good! 👌
🤣🤣🤣
25k in interest for a car that’s worth 25k
😂🤡
Crazy huh! I know that’s is only applicable to someone shopping at Carmax, who has horrible credit, and obviously doesn’t make sound financial decisions, but seriously. In 6 years after the loan terms of not paid off sooner the car will literally be worth
It's a laughable car purchased !!