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Carmax?


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Got a car there a long time ago. You won't have to worry about price because their business model is like shopping at Best Buy or any regular store. They don't negotiate and all their cars are under Blue Book....like buying the home audio system that is 10% off at the department store.

So the price is firm, but good. With the department store business model their warranty packages are the same and easy to grasp....it's literally like shopping at Best Buy than car shopping.

Their financing does blow, but it does at every dealership. Credit Union is the way to go and almost always the best rate and terms.

Now the negative. All their cars are below Blue Book because they are all auction buys or rental company disposals....buy the 15k car for 8k and sell it for 12.5k and make it look like it's a steal. So you almost want the warranty or when you find the car you want run the Car Fax and background on the car.

I'm very pro internet with car sales, I don't go to a dealership except to sign papers and pick up. So you can see their inventory on their site, find the car you're interested in, and I think they have vin and other info for you to look up.

Not a bad experience though. Everything is cookie cutter and easy for their high school aged sales staff to assist people. Good business model for 5 he general public, but quality may be an issue.

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I found a 2013 Honda CRV at a local dealer with less than 15k miles, $22,000...certified pre-owned.  I am test driving it tomorrow.

 

And it's red. =)

 

For that price, consider buying new. According to TrueCar, the avg price for a NEW CRV is $23k. http://www.truecar.com/prices-new/honda/cr-v-pricing/

 

Dealership financing is typically lower if you buy a new car. Normally around 3% APR. If you have good credit, you probably got around 4% from Schools First for a used car. So your monthly payment would be the same. The last 2 times I went shopping for a car, I ended up having a LOWER monthly payment with a New car after incentives and lower financing kicked in.

 

As for buying a used car that is around 1 yr old, there is a 90% chance that it's a rental/fleet vehicle. As long as it passes the dealerships inspection and clean carfax, you don't have anything to worry about. Most rental vehicles are sold by local Dealerhsips (either acquired through auction or directly from the rental agency).

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Thanks Mancini, I will check that out. I looked at the carfax for this car and it was clean.

From a dealer and only one year old the Carfax is probably spot on correct. Carfax is a voluntary reporting agency and most non dealer repair shops don't report vehicle repair, even collision repair. So do you own best visual inspection.

Good luck, a Honda is a pretty safe choice that the car will give you lots of years of use with little service.

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Definitely look new at that price point. Nick is right about new car financing as well.

 

If you are looking used, I believe three years is the pocket where you get the best value because of depreciation....read an article about it and think similar pieces can be found on Google.

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Rental vehicles are a huge red flag. People are not going to drive them carefully. I would especially worry about the beating the transmission had taken.

 

From my experience working at Enterprise Rent A Car on both the rental side and sales side, you are flat out wrong. Although I'm no longer in the industry, I would still consider buying a used rental car.

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Do check to see if buying new is cheaper in the long run.

 

As mentioned already the interest rates are usually lower. With cars you are always buying miles driven.

 

New cars have longer warranties because they are new. Then factor in age, mileage  and resale value on the used car along with monthly payment and that will be determining factor for you.

 

If a one year old car has 8-10,000 miles on it then you need to save enough money to not buy new. If the payment is close, go new.

 

I use 2 sites to determine used car values. KBB and Edmunds. It's worth checking out.

 

Another note, Toyotas and Hondas retain more value than most vehicles so used prices are high. They have better reliability records,

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Definitely look new at that price point. Nick is right about new car financing as well.

 

If you are looking used, I believe three years is the pocket where you get the best value because of depreciation....read an article about it and think similar pieces can be found on Google.

 

Very true B. There is a huge fall in price after 3 years since manufacture warranties expire. This is a huge reason why rental companies turn over their stock every 1-2 years. They want to unload the inventory before they take a hit on the resale.

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From my experience working at Enterprise Rent A Car on both the rental side and sales side, you are flat out wrong. Although I'm no longer in the industry, I would still consider buying a used rental car.

 

I have purchased 2 cars that were 1 year old rental cars. Both Toyotas. Good cars and the money I saved was worth going that route. When I resold them I got top dollar because I sold them myself.

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So the price is firm, but good. 

 

I bought one vehicle from them several years ago at a good price, and I was set to buy another. I can tell you that this is definitely no longer the case. Their prices on many vehicles are well above retail. I was all set to buy a 2008 Mazda CX-9 Grand Touring from them last April. I talked to my bank and they wanted a down payment of almost $1,900. Some checking revealed why. It was exactly, to the dollar, the amount above retail price that CarMax was asking for the vehicle. An independent used car deal rating site rated my proposed vehicle as a "poor buy". I passed and bought a different vehicle from a regular dealer.

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From my experience working at Enterprise Rent A Car on both the rental side and sales side, you are flat out wrong. Although I'm no longer in the industry, I would still consider buying a used rental car.

 

Damage to transmissions usually doesn't show itself until 100k miles.  People are reckless by changing from reverse to a forward gear or the opposite.  I never would want a used rental for that reason.

 

Anyway I bought my car from Carmax.  I got pre approval from my bank first.  It was nice and easy.

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Lol at not showing up till 100,000 miles. For most people that is 10 years of driving.

 

Most people only drive 10k miles a year?  Also when you are buying a car with already 30k miles.

 

Anyway when I was in LA I drove closer to 20k miles per year.

 

When I buy a car, especially a Honda I expect it to be good for at least 150k miles.

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