How long does carmax appraisal take

If you take a personal loan to do so, you'll need average to excellent credit to find an affordable interest rate. If you decide to accept the CarMax offer, you will be escorted to the finance office where the paperwork will be handled. And finally, the finance manager will hand you a check for your car.

Here are a few other recommendations to smoothly navigating this process:. Take trash and personal items out of the car. Repair any major mechanical problems before you ask for an appraisal. Address any check engine light issues before you ask for an appraisal. Try to go to CarMax on a weekday morning to avoid crowds and speed up the process.

Trade-in price vs. CarMax offer. Accepting the CarMax offer. Get a CarMax appraisal. Online Appraisal. In Store Appraisal. Extra car keys or key fobs. Your Car-Buying Cheat Sheet. Get Nerdy quick tips on how to streamline the car-buying process even before you hit the dealership.

Download for Free. So how does the process work when you sell your car at CarMax , and is it a good idea? We set out to find the answers. There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage. Now, magnify that by corporate-owned large volume locations in dozens of unique retail markets.

Their business model requires a constant inflow of used vehicles from various sources, making Carmax the largest used car buyer in the country too. A highly efficient used car dealership like Carmax will turn its retail inventory every 45 days. That means on average, Carmax needs to replace buy approximately 58, vehicles each month to maintain inventory on its lots. So, where does Carmax get the 58, cars they need every month to feed the machine?

Here are their three primary sources:. That brings in about 22, vehicles, but not all them will qualify for resale on their lots due to age, mileage or condition. A large share of them will be flagged for immediate auction disposal without being offered for sale to the public.

Have you ever wondered why Carmax puts so much effort into buying cars from private owners? Simply put, your car provides them with the highest profit margin.

This is where Carmax would rather not be buying cars because auction prices are higher than the trade-in and cash offers they make to private sellers like you. At the auctions, Carmax is competing against thousands of other dealerships in an open bidding process. The best of the best bring top dollar at Carmax. Here is the breakdown by vehicle type and sample size:. Any vehicle Carmax purchases as a trade-in or CFYC that falls outside of their "retail eligible" criteria immediately gets flagged for wholesale auction.

As mentioned, Carmax's appraisal model determines the amount of your 7-day offer letter and where your car will be sold. Remember the million dollar question, "w hen I need to sell my car, is there a way to beat Carmax's offer without giving up convenience?