A loan on a used car is much easier to get. They sell it to someone with bad credit. The person with the bad credit has no choice but to buy the used car.
Well, you can't expect them to take a loss on it, can you? I mean they bought it at a ridiculous price, but they think they are exempt from bad purchases--let's make sure we prove them wrong.
I have zero sympathy for any industry that willfully screwed over consumers with 'market adjustments'. Whatever this turns out to be, a complete collapse or a severe downturn, it's a much needed 'back to reality' adjustment. Let this be a lesson for any corporation: Never ever do this kind of extortionary crap again. People will not forget and people will not forgive.
For sure! I think the consumer auto market is tapped out of people who will pay for overpriced vehicles at high interest rates. It's possible interest rates will go down, but if the market prices don't adjust to fair prices, I want to see how companies like Carmax deal with the approximately 56k cars nationwide. Everyone of those cars are overpriced.
I just bought a 2006 Buick Lucerne cxl fully loaded for $750.00 no car payments. Replaced the power steering pump $26.00 parts and labor included thanks to RUclips University.
This is the way. People forget car ownership for many is what is destroying their ability to create wealth for their future. A car is something to take you from A to B, if you can purchase an older car with a few luxury extras thrown in, you are ahead of the wealth creation game. If you have the ability to do basic maintenance on your own car, then you are a legend as well.
Don't worry Carmax can lower their car prices by 50% and still make money. I remember i wanted to sell my car to carmax, I checked the bluebook value onine and it should worry 5000. Carmax offered me 1500, I ended up giving the car to my brother inlaw who drove it for five years and still sold it for 1500.
kbb isn't the be all end all price. dealers are only going to buy a 3-4-5000 dollar car for the wholesale price they may get at auction, plus their cut for taking the car off your hands easily for a paycheck.
@@jonathantaylor6926as someone who’s sold cars for years before working at CarMax, Carmax truly makes car buying easy. Want to use out side finance? No problem, w at to shop your rate after buying and swap it out? You got 3 days. Want a refund? You got 10 days. Didn’t buy a warranty? Carmax has you for 90 days/4k miles after buying. Your parts for your car on indefinite back order? Carmax will buy your car back and get you into something else.
Another issue is manufacturers saw dealers selling vehicles with markups. Then manufacturers started increasing their cost to dealers to get on the action. The whole industry will have to readjust and drop prices, and start making affordable vehicles.
CARMAX paid me $14,000 for a 10 year old CRV that had battery acid spilled in it (golf cart battery tipped over in the trunk). The back seats were literally getting eaten away by the battery acid, and my wife was getting headaches driving it. There is no way that car was worth more than $5k in its condition, but the used car market was stupid during the chip shortage.
@@evognayr I used a lot of baking soda. Neutralized it as well as I could. I considered replacing the rear seats and cargo bay, but sourcing parts was impossible during peak covid. I sold the car because the fumes were causing headaches, and somehow I got 6k over market value for it.
I had a similar story, my 2012 Subaru Forester had an oil leak and the interior was destroyed when paint and turpentine blew up in the back. I got 10k for it in 2022
I saw a couple Honda dealers trying to sell nice example 2014 crvs for $20-24,000 during not long ago. Wild market that they think someone will pay that amount.
I bought a $10,000 car recently for cash - from a dealership. 1999 model, 26,000 miles on the clock. Yes, it's an older car, but it's a common model and had all the service records, is in almost perfect condition and it runs great. It has an old-school V8 engine, regular automatic transmission and for whatever I can't service, any decent garage has the tools to do so. The SUV balloon is bursting, and I hope we're going to see a resurgence of sedans (or at least hatchbacks), because these giant vehicles that have sustained the market for the last 20 years are simply unsustainable.
Yes, I hope large SUV's cool the way of the dinosaur and full-size pickup trucks to unless they're actually needed for work which is rare amongst owners.
Greed will always destroy integrity and reveal the a lack of character! Screw them! The predators are getting Karma! I hope you can buy those cars at just over scrap value! Then sell them to your clients that can’t survive without a decent car for scrap value with a 500% markup. I’m really glad I started watching you a few years ago. You’re a decent man.
So i saw a video similar to this, figured hell Ill go to carmax and see if they are willing to make a deal. Place I went to was loaded just like this, salesman runs out to greet me. I tell him what I want they had something close ON lot. No shipping needed. I go alright lets talk cheddar. Dude looks at me and says Carmax does NOT negotiate at all on trade or sell the price is the price. I laughed at him, turned around and pointed to the entire lot. Bro if you are going to keep that policy i would start looking for another job. He sighed and said "I know man I know but they will not budge on price". Ok well I don't need a car that bad so ill check ya later. Turned walked away. That dealership called me like 4 times since I left. If that is truly their policy they going to go bankrupt.
this has been said so many times over the past years about Carmax and never comes true. Carmax does slowly lower prices if you keep watching a car online and it sits awhile. The only negotiation on the spot might be if the car has pretty worn tires, maybe argue for them to replace them to make the deal. People arent going to lower prices hardly for the holiday buying period.
I had the same experience when I went to Carmax. They wouldn't negotiate even though their price was much higher for the same vehicles at other lots and I even show them that. Bought my 2020 Rav4 at an independent dealer for almost $2,500 less than Carmax was demanding.
Because they can afford it. Carmax is a public company with deep pockets. Their stock is up almost 20% in the last 6 months because sales volumes are up. Investors are okay with their money sitting on a carmax lot if that means increased sales volumes.
Back in the day, I interviewed for a mechanic position with car hacks. I was told my schedule would be rotating, and my pay would be flat rape. Not hourly. Then I was told that car hacks installed junkyard parts whenever possible. I asked them are you going to pay multiple times for all the times it takes me to make your junkyard parts work and fit? No answer. Needless to say I never returned.
One thing I noticed all these Auto manufacturers they have too many Models now ever before and because of that Quality is going down to hill even with reliable name like toyota. Since Covid this corporate greed is getting out hand
Working for a lienholder that you have shown their repos at auction on the block, it is horrible right now and they are outsourcing jobs overseas to recoup the money they are losing.
All in hopes of holding the line on reserve prices? Wow. That means making things worse for even more Americans with domestic layoffs. I hope your job is safe.
I recently quit driving at almost 67. I drove my truck every day since 2011 until now. My 21 year old truck needed a lot of work, so I donated it. I remember buying a new small truck in 1987 for $7000.
Drove into New Jersey this weekend and I can attest that the port lots are jammed full of cars at every manufacturers distribution facility. Plus, every parking lot in close proximity is also loaded with cars. It is 1974-1977 all over again. Factories still producing, interest rates too high, and buyers are nowhere to be seen. The only difference today is the price of the inventory is way too expensive.
Never been on Carmax but the prices Carvana charges they deserve to go out out business. They are asking $18,600 for a 2016 Corolla S. I am sure that car was around $20,000 new back in 2016. Everytime I look at the prices dealers are charging now it turns me away from purchasing a new car.
that is wild. I bought a used 2016 corolla S in late 2016 with 9k miles mint condition for 16,995. its crazy how that same car after 8 years is being sold for more than what I paid.
I have been looking for a bare bones type car and as you've been saying, the dealer have abandoned that idea. Vast majority of stuff has leather and all kinds of bells and whistles I can do without. Guess the money will just sit in my bank account.
I'm in California. Beautiful weather. Why do they try to sell me heated and ventilated seats and heated steering wheel? I have a mustang. Why does it have cruise control? I bought a manual to enjoy the driving experience. I'll probably never use cruise control so why did it come with it?
A 22.95% auto loan. My Father would rise from the grave and clean my clock with a 2 by 4 if I signed that. My small group of friends are the 100% equity guys. We like to watch others still paying mortgages, auto loans, and consumer credit card min payments. It has become great entertainment!!
It's impossible for most to afford their own house and not pay a mortgage. If I had tried to save the cash for a home I'd never have been able to buy one, instead of owning one by borrowing $42,000 over 35 years ago.
I purchased a used car at Carmax, I was given 7 days if I wanted o return it, I took my car to Goodyear for an inspection, they said the car was in great condition and only needed a new battery and timing belt..I’ve had it 4 years now and it’s been good to me, it only had one owner who obviously took very good care of it…
Yeah same. I have bought two cars from them and they were in really good shape. Haven't given me issues in 5 years. I'm ok with spending a bit more for that convenience.
I remember in 2019 a Nissan dealership wanted to sell me a Charger R/T base for $32k + over $3k in dealer fees. Had 10k miles and the door was messed up. I bought a brand new one with the plus package for $38k.
I bought a used Corolla for my daughter. I didn’t even bother with carmax knowing prices were high there. I just went straight to the dealer and got a used fairly priced Corolla. I hope carmax goes bankrupt. Never ever pay over price for a depreciation asset. It loses value.
That interest makes them rich and keeps us poor. That 25k Accord is 40K mid tier and 46k challenged credit.... Time to go back to driving cash cars and keep them going. A 5k car and 50k car takes you to the same places.
I used to wonder how Carmax can charge near sticker for a used car. Then I realized people really hate going to a new car dealer. In addition they are their own bank, so people can get financed even if they have bad credit. I was helping a friend buy an SUV for his retirement. We drove quite a few, he ended up with the Hyundai Palisade calligraphy. He loves it. One other car under $20k new is the Nissan Versa.
Update from my local Toyota high-volume no-haggle pricing dealer: they are now selling all vehicles below invoice with no add-ons, which is how they did it pre-COVID. During COVID, there were selling cars above invoice with “market adjustment” plus dealer add-ons. While they had an entire row of trucks, they had four Crown Signias, two or three Crowns, and several Camrys. Ironically, the Crown Signia wagons were actually appropriately priced around $41,000. What was unsettling was the Camrys were priced from $35-39K. Camry, for crying out loud!!!
The sad thing is they’d rather drag that company into the ground, and then trash all the vehicles or auction them instead of having fair business practices.
You need to cover dealership repair facilities pushing and making up repairs to force you into a new car trade in. A dirty secret hiding in plain view and some criminal consequences too.
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It sounds like Carmax must be selling to people that can't qualify for credit at a dealer. Why else would someon overpay for a car with an extra high interest loan. Sounds like business model that could come back to haunt them.
pre pandemic cars used to depreciate like a rock, a 3 year old even for a Toyota lost a good chunk of it's value. We are still in bizzare times when used cars are selling at almost new prices.
There is still an under $20K new car out there, it's the Nissan Versa. Starting price stripped basic for a 2025 with CVT transmission it's MSRP is about $18,990, fully equipped for less than $24K, although it's made in Mexico so 25% Tariff may apply. It's not a bad little car, my brother has a 2021 loaded with every option and we've driven it on 3 trips from Utah to the Oregon Coast over 2 days and it's comfortable at 80 mph. There is ample room for 3 suitcases and 2 people. It gets 43mpg on the highway.
We went to Carmax and left, because of their predatory loan at 23% because my wife had 620 fico and our credit cards were late, except, the payment on our truck was not with perfect payments and we went to the ford dealer in town after that, they were able to get my wife into a new 2024 Ford Escape Platinum Hybrid AWD fully loaded at only 2% APR through Ford Credit, since, we didn't miss payments on our vehicle.
My comment to the auto dealership who have tried to screw the public for decades while they rolled in the cash trough….is this suffer baby suffer…you earned it.
People are stupid buying a $30,000 vehicle with a 23% loan and a monthly payment of $750-$1000, which they can't afford. Buy a car for $4000 max, bank.your $750 monthly payment for 6 months and use that as a down payment on a better vehicle. If they did that for about 18 months they would be able to qualify for a better interest rate and could probably get the car they want at a payment they could afford.
Carmax unit sales were up 5% quarter over quarter. Their stock is up 19% in the last 6 months. Carmax has a lot of inventory because they can afford it. Pre-Covid carmax always had very crowded lots since that’s their business plan- to provide the customer with as many options as possible at a single location.
I'm convinced that the mega-used-car-dealership model has, as its primary share holders, the actual car manufacturers. By hoarding used cars and inflating the used car prices they end up also supporting over priced new cars. .. ..just what the manufacturers want.
Seeing CarMax charge new car prices for their used car junk is hilarious. I say junk because the cars they have aren't taken care of by the previous owners. My car will be paid off in one year and I don't plan on buying another one for a decade. I drive a 300cc scooter everywhere so my 6 year old car I bought new has 8000 miles on it. Edit: Most the cars their should be under $20k. Cars lose 50% of their value after 2 years.
I've honestly been on marketplace every single day the past 2 months looking for a good deal vehicle for $4,000-$5,000 and people are asking insane prices for high mileage rusted trucks smh
They are still asking higher than market for everything I have looked at. They are evil and deserve to go out of business, so their inventory can be sold at market prices.
Most 4Runners at carmax or used car lots are ex rental cars. Just buy straight from the rental agencies they sell the best ones themselves, the left overs go to auctions where carmax gets them
I went to a carmax last week and there was nobody shopping. I actually felt sorry for the salesman even though they sold me a screwed up jeep 6 years ago.
Traveled around Michigan this last week all New car dealerships lots are full . And every used car lot I seen are full . But prices are still stupid high on many of those lot’s. Since I’m shopping I’m paying attention and couldn’t find anything decent under $10,000
Haha😂 I’m so happy. I had by credit during the pandemic, it was ridiculous how much they overpriced there vehicles. I hope they go bankrupt. From taking advantage of people. Now I have great credit and I can lease new.
Ironically, what may have been the death knell for Vroom was doing in Texas (or not doing) exactly what Carvana was accused of doing in at least one state: failing to provide the car’s title in a timely manner.
CARMAX gets their inventory from lease returns, fleet returns, and rental car disposals. They must be locked into contracts to buy vehicles regardless of their inventory needs. Ooooops. Hope their backend can cover the sinking values on the front end.
I really really want to thank whoever was in charge of Jeep and Dodge 20 years ago! I feel blessed to drive my 2005 Dodge Ram 2500 for 20 years now! It's a beautiful machine. Same with our 2011 Jeep Wrangler. These things still look new and drive amazing! Soooooo glad we didn't replace them with the garbage offered by Stellantis. All I hear are horror stories and then those defending their poor purchase with "it's not that bad" My advice is buy rugged timeless vehicles that you love the look of. Although, I was considering the Tundra and we know how that went.
I've asked multiple times, where is this guys used car lot? I love how honest he is and want to travel to his lot for my next purchase. Someone tell me where he's located, please
Prices are not going down. Its called devaluation and its a completely different thing than inflation. This thing its gonna get very very scary. Thank me later
Brandon, back in the 1980's part-time associates would sell vehicles between 40 to 100 dollars. Part-times made only 3.60 dollars per hour. I was young and got a few to push back a female vehicle back 2 spaces. It was a manual. She freaked out of course. No damage was down. Lol. The bigger thing was i helped out others trying to move their friends car. It was a VW Beetle. We lifted the vehicle from parallel to horizontal. Wish i was there to see his car parked so he couldn't get out.
People in general are not buying what they don't need so unless they need a car, they are not buying. It is not necessarily being able to afford things, it is a movement that fits in well with the declutter movement.
Carmax used to be my go to for used car shopping. I wrote them off this last year when I checked and their minimum was $10,000. Not ONE car under $10k. I thought there was a mistake, but nope... Carmax in my mind is now a premium only car dealer and I no longer check their site for prices or even vehicles available.
?! UHM?… Inventory at a CarMax is very controlled and voluntary within 2% They have inventory by choice. This is NOT a uncontrolled OMG what are we going to do with all this stuff type of dealer.
Ah... that's exactly what I wanna buy; a used car being sold at higher than new car price at an astronomical interest rate. Perfect. 👌
A loan on a used car is much easier to get. They sell it to someone with bad credit. The person with the bad credit has no choice but to buy the used car.
Right???!!! How can I ever resist such a sweet deal???😂
Person with bad credit has no money .@@MiteshDamania
😂😂😂😂😂
Well, you can't expect them to take a loss on it, can you? I mean they bought it at a ridiculous price, but they think they are exempt from bad purchases--let's make sure we prove them wrong.
cars not going down, houses not going down, rent not going down. nothing is. how long can they sit on all of this? apparently longer than we thought.
Just wait until next year.
Lol nothing goes down ever!, it just goes up less fast.
They have to be sweating right now.
I really think it's going to implode.
Everybody say wait wait wtf we waiting for prices to jump again
I have zero sympathy for any industry that willfully screwed over consumers with 'market adjustments'.
Whatever this turns out to be, a complete collapse or a severe downturn, it's a much needed 'back to reality' adjustment.
Let this be a lesson for any corporation: Never ever do this kind of extortionary crap again. People will not forget and people will not forgive.
True!
Karam
I have zero sympathy for a industry that produces an inferior product yet demands a premium price for it.
👍🏻 right
I only trust Trump. ❤
Raised prices 40% then lowered prices 15% like they're offering deals.
lol right?😂
My house went up 12% in value in 9 months… bought it 31 years ago for $135,000 and now it’s going for $980,000… crazy!
Stupid huh?
Big Business dgaf
For sure! I think the consumer auto market is tapped out of people who will pay for overpriced vehicles at high interest rates.
It's possible interest rates will go down, but if the market prices don't adjust to fair prices, I want to see how companies like Carmax deal with the approximately 56k cars nationwide. Everyone of those cars are overpriced.
I just bought a 2006 Buick Lucerne cxl fully loaded for $750.00 no car payments. Replaced the power steering pump $26.00 parts and labor included thanks to RUclips University.
I have more respect for someone like you than someone rolling around in a new BMW, like 99.9% more respect.
This is the way. People forget car ownership for many is what is destroying their ability to create wealth for their future. A car is something to take you from A to B, if you can purchase an older car with a few luxury extras thrown in, you are ahead of the wealth creation game. If you have the ability to do basic maintenance on your own car, then you are a legend as well.
Well done!!!
@@LinuxGalorecars are to pick up chicks 😂😂
Expect to replace the suspension air bag system also,
Still cheaper than having a note.
Don't worry Carmax can lower their car prices by 50% and still make money. I remember i wanted to sell my car to carmax, I checked the bluebook value onine and it should worry 5000. Carmax offered me 1500, I ended up giving the car to my brother inlaw who drove it for five years and still sold it for 1500.
kbb isn't the be all end all price. dealers are only going to buy a 3-4-5000 dollar car for the wholesale price they may get at auction, plus their cut for taking the car off your hands easily for a paycheck.
Carmax way over paid me for my jeep on trade in…. Was really nice and part of the reason they are in such a friggin bind right now.
@@Andrew-cs1tdlikely you got ripped.off on the car you bought fro. Them sucker lol
Beautiful story!
Your a fool to think you outsmarted a professional
Way to go! You're providing unbelievable service to car buyers by blowing the whistle on these corrupt dealerships
Carmax used to be a "fair deal" . Easy for people that don't like to haggle. Now its just a ball buster.
@@morningsalute03 they treated me like crap. And my credit is not bad. Like they wanted me out of the dealership. Fine with me.
Carmax praying for a gigantic hail storm
Coming sometime after April. I'm surprised dealer insurance doesn't require products to be kept under a parking structure for protection.
😂
praying for a government bailout
@@nickwinn True, especially in the Midwest.
@@WilliamM-h9e Rivian got a $6 BILLION "loan" today from us.... we will never see a dollar back BUT the BIG GUY will....10%
What’s you’re really saying is…Americans are tired of getting ripped off.
Lol. Ripped off. Every car being sold today is cheaper than 1999. And way safer with many more features. Your entitled that's all
I appreciate the high effort of being out there on the lot rain or shine to give us up to date insider news on the used car market.
I stay in my home and read all this on the Internet. 🤷
@@trumpius_maximus47lololololol
I don’t think they are worried. I swear they are laundering money somehow none of these dealers are dealing
I think you may be right, lot of money being shuffeled arround.
Drug dealers probably.
The ones that are politically connected get incredibly large bailout amounts of money from the government.
Good news, Stellantis's CEO resigned today. hahahaha
He receive $100 million euros as an exit package. He played everyone.
He is set for life why work anymore
I believe he still sits on the board
Should have been fired a long time ago
My experience with CarMax is they are higher priced than anybody else in the business.
Same for me
I agree
Yet their Q2 sales volume was up 5%. I agree they are expensive but for some reason people buy cars from them everyday.
@@jonathantaylor6926as someone who’s sold cars for years before working at CarMax, Carmax truly makes car buying easy.
Want to use out side finance? No problem, w at to shop your rate after buying and swap it out? You got 3 days.
Want a refund? You got 10 days.
Didn’t buy a warranty? Carmax has you for 90 days/4k miles after buying.
Your parts for your car on indefinite back order? Carmax will buy your car back and get you into something else.
Never ever pay more than MSRP. You can wait!
Another issue is manufacturers saw dealers selling vehicles with markups. Then manufacturers started increasing their cost to dealers to get on the action.
The whole industry will have to readjust and drop prices, and start making affordable vehicles.
CARMAX paid me $14,000 for a 10 year old CRV that had battery acid spilled in it (golf cart battery tipped over in the trunk). The back seats were literally getting eaten away by the battery acid, and my wife was getting headaches driving it. There is no way that car was worth more than $5k in its condition, but the used car market was stupid during the chip shortage.
Baking soda is pretty cheap. You bought a new can because your old one was dirty.
@@evognayr I used a lot of baking soda. Neutralized it as well as I could. I considered replacing the rear seats and cargo bay, but sourcing parts was impossible during peak covid. I sold the car because the fumes were causing headaches, and somehow I got 6k over market value for it.
Evo is just mad you got paid
I had a similar story, my 2012 Subaru Forester had an oil leak and the interior was destroyed when paint and turpentine blew up in the back. I got 10k for it in 2022
I saw a couple Honda dealers trying to sell nice example 2014 crvs for $20-24,000 during not long ago. Wild market that they think someone will pay that amount.
I bought a $10,000 car recently for cash - from a dealership. 1999 model, 26,000 miles on the clock. Yes, it's an older car, but it's a common model and had all the service records, is in almost perfect condition and it runs great. It has an old-school V8 engine, regular automatic transmission and for whatever I can't service, any decent garage has the tools to do so.
The SUV balloon is bursting, and I hope we're going to see a resurgence of sedans (or at least hatchbacks), because these giant vehicles that have sustained the market for the last 20 years are simply unsustainable.
Yes, I hope large SUV's cool the way of the dinosaur and full-size pickup trucks to unless they're actually needed for work which is rare amongst owners.
When a car note rivals your rent or morgage payment, somthing's gotta give.
Greed will always destroy integrity and reveal the a lack of character! Screw them! The predators are getting Karma!
I hope you can buy those cars at just over scrap value! Then sell them to your clients that can’t survive without a decent car for scrap value with a 500% markup. I’m really glad I started watching you a few years ago. You’re a decent man.
So i saw a video similar to this, figured hell Ill go to carmax and see if they are willing to make a deal. Place I went to was loaded just like this, salesman runs out to greet me. I tell him what I want they had something close ON lot. No shipping needed. I go alright lets talk cheddar. Dude looks at me and says Carmax does NOT negotiate at all on trade or sell the price is the price. I laughed at him, turned around and pointed to the entire lot. Bro if you are going to keep that policy i would start looking for another job. He sighed and said "I know man I know but they will not budge on price". Ok well I don't need a car that bad so ill check ya later. Turned walked away. That dealership called me like 4 times since I left.
If that is truly their policy they going to go bankrupt.
this has been said so many times over the past years about Carmax and never comes true. Carmax does slowly lower prices if you keep watching a car online and it sits awhile. The only negotiation on the spot might be if the car has pretty worn tires, maybe argue for them to replace them to make the deal. People arent going to lower prices hardly for the holiday buying period.
I had the same experience when I went to Carmax. They wouldn't negotiate even though their price was much higher for the same vehicles at other lots and I even show them that. Bought my 2020 Rav4 at an independent dealer for almost $2,500 less than Carmax was demanding.
Just laugh at them and walk away.
The gaslighting of "no haggle" as a plus for the customer....... thought it was BS 20 years ago....still think it today
At least you had somebody greet you. The carmax near my home won’t even look at me. So I guess their doing fine.
WHY, WHY would any Company keep buy supplies if they are over stocked???????????????????????????????????
They must have contracts to purchase a certain amount of cars from fleets, lease companies, and rental car companies.
@@williamosgood3565 Nope.. tax season is coming up. I'm a mechanic there and we're working overtime. If you build it they will come, I guess.. lol
@@tj86xjat carmax?
Because they can afford it. Carmax is a public company with deep pockets. Their stock is up almost 20% in the last 6 months because sales volumes are up. Investors are okay with their money sitting on a carmax lot if that means increased sales volumes.
@@jonathantaylor6926stock was at 146.00 now 86 😂
Carmax has been the relief valve outlet slowing down the car market crash.
They were also half the reason for the used car shortage in 2021.
Back in the day, I interviewed for a mechanic position with car hacks. I was told my schedule would be rotating, and my pay would be flat rape. Not hourly.
Then I was told that car hacks installed junkyard parts whenever possible. I asked them are you going to pay multiple times for all the times it takes me to make your junkyard parts work and fit?
No answer. Needless to say I never returned.
One thing I noticed all these Auto manufacturers they have too many Models now ever before and because of that Quality is going down to hill even with reliable name like toyota. Since Covid this corporate greed is getting out hand
It's inflation due to corruption in the government
Vehicles sitting that long will have numerous issues..stale gas..batteries...flat spots in tires and more...the hole is too deep...They're done for
Dealerships add zero value to a new car purchase. Time for everyone to go direct to consumer.
Most states have laws against car companies going straight to consumer except for Tesla who has somehow strong armed the govt.
They 100% should!
When will these dealerships learn that they've gone from dealers to collectors with these prices?🤔🤔🤔
Working for a lienholder that you have shown their repos at auction on the block, it is horrible right now and they are outsourcing jobs overseas to recoup the money they are losing.
All in hopes of holding the line on reserve prices? Wow. That means making things worse for even more Americans with domestic layoffs. I hope your job is safe.
I recently quit driving at almost 67. I drove my truck every day since 2011 until now. My 21 year old truck needed a lot of work, so I donated it. I remember buying a new small truck in 1987 for $7000.
Drove into New Jersey this weekend and I can attest that the port lots are jammed full of cars at every manufacturers distribution facility. Plus, every parking lot in close proximity is also loaded with cars. It is 1974-1977 all over again. Factories still producing, interest rates too high, and buyers are nowhere to be seen. The only difference today is the price of the inventory is way too expensive.
Never been on Carmax but the prices Carvana charges they deserve to go out out business. They are asking $18,600 for a 2016 Corolla S. I am sure that car was around $20,000 new back in 2016. Everytime I look at the prices dealers are charging now it turns me away from purchasing a new car.
2014 Toyota Corolla le 19,000, so I walk
Carvana pays a lot for their cars. I sold them my ‘19 mustang gt vert and ‘17 Nissan Murano. They paid close to retail.
A New 2014 Corolla LE cost 18,300 brand new. You could buy it for about 16,900.
that is wild. I bought a used 2016 corolla S in late 2016 with 9k miles mint condition for 16,995. its crazy how that same car after 8 years is being sold for more than what I paid.
WOW! The Mitsubishi Mirage is called the Space Star(lol) here in Europe and they still sell it new for under 12k Euros with a bunch of extras.
I have been looking for a bare bones type car and as you've been saying, the dealer have abandoned that idea. Vast majority of stuff has leather and all kinds of bells and whistles I can do without. Guess the money will just sit in my bank account.
As it should…hopefully in a very high yield account around 4%
I'm in California. Beautiful weather. Why do they try to sell me heated and ventilated seats and heated steering wheel? I have a mustang. Why does it have cruise control? I bought a manual to enjoy the driving experience. I'll probably never use cruise control so why did it come with it?
Because somebody other than you wanted it.
A 22.95% auto loan. My Father would rise from the grave and clean my clock with a 2 by 4 if I signed that. My small group of friends are the 100% equity guys. We like to watch others still paying mortgages, auto loans, and consumer credit card min payments. It has become great entertainment!!
Others demise is your entertainment?
It's impossible for most to afford their own house and not pay a mortgage. If I had tried to save the cash for a home I'd never have been able to buy one, instead of owning one by borrowing $42,000 over 35 years ago.
I purchased a used car at Carmax, I was given 7 days if I wanted o return it, I took my car to Goodyear for an inspection, they said the car was in great condition and only needed a new battery and timing belt..I’ve had it 4 years now and it’s been good to me, it only had one owner who obviously took very good care of it…
Yeah same. I have bought two cars from them and they were in really good shape. Haven't given me issues in 5 years. I'm ok with spending a bit more for that convenience.
Cars, Cars everywhere and none to be had. CarMax WAY WAY overpriced.
I remember in 2019 a Nissan dealership wanted to sell me a Charger R/T base for $32k + over $3k in dealer fees. Had 10k miles and the door was messed up. I bought a brand new one with the plus package for $38k.
Bring prices down 22,000 and below for most vehicles. This is nuts we're gonna hold out as long as we can.
I bought a used Corolla for my daughter. I didn’t even bother with carmax knowing prices were high there. I just went straight to the dealer and got a used fairly priced Corolla. I hope carmax goes bankrupt. Never ever pay over price for a depreciation asset. It loses value.
That interest makes them rich and keeps us poor. That 25k Accord is 40K mid tier and 46k challenged credit.... Time to go back to driving cash cars and keep them going. A 5k car and 50k car takes you to the same places.
I used to wonder how Carmax can charge near sticker for a used car. Then I realized people really hate going to a new car dealer. In addition they are their own bank, so people can get financed even if they have bad credit. I was helping a friend buy an SUV for his retirement. We drove quite a few, he ended up with the Hyundai Palisade calligraphy. He loves it. One other car under $20k new is the Nissan Versa.
Yeah, I was thinking the Nissan versa still under 20k brand new..
If you saw off the roof and fill them up with dirt you can sell them as flower planters.
At least they would be good for something. 😔
Rent, food,insurance, intrest rates all way up.
Update from my local Toyota high-volume no-haggle pricing dealer: they are now selling all vehicles below invoice with no add-ons, which is how they did it pre-COVID. During COVID, there were selling cars above invoice with “market adjustment” plus dealer add-ons. While they had an entire row of trucks, they had four Crown Signias, two or three Crowns, and several Camrys. Ironically, the Crown Signia wagons were actually appropriately priced around $41,000. What was unsettling was the Camrys were priced from $35-39K. Camry, for crying out loud!!!
The sad thing is they’d rather drag that company into the ground, and then trash all the vehicles or auction them instead of having fair business practices.
CarMax might have to start negotiating with customers.
…or at least make more frequent price adjustments (downward) if the car isn’t selling.
You need to cover dealership repair facilities pushing and making up repairs to force you into a new car trade in. A dirty secret hiding in plain view and some criminal consequences too.
8:54 so CarMax is up against the wall and Carvana is back to being a wall street darling? something isn't adding up...
wall street darling = angel investor
@SirenaSpades more like an accounting scandal underwritten pump n dump
Carvana seems like a good stock to put some shorts on.
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Can't believe the dealerships aren't chasing Brandon off the lot. They must of given up.
on this one, maybe he is there on a Sunday when they are closed.
It’s over for carmax
It sounds like Carmax must be selling to people that can't qualify for credit at a dealer. Why else would someon overpay for a car with an extra high interest loan. Sounds like business model that could come back to haunt them.
Very quickularly 😂 love it 8:14 sounds like something id say on accident tongue twister
I bought a car from carmax and 1 year later sold it back for a higher price, 2014-2015. Seemed like a failed business model back then
pre pandemic cars used to depreciate like a rock, a 3 year old even for a Toyota lost a good chunk of it's value. We are still in bizzare times when used cars are selling at almost new prices.
I'm kind of shocked at the bot infestation in these comments. Not sayin' I don't enjoy the channel.
YT should auto block profiles that post in the first 5 seconds a video has gone live.
F Those CEO's
The illiteracy of the car buying public is astounding to me.
Oh no!! IT"S DONE again. How many times can it be done?
SHOCKING!
There is still an under $20K new car out there, it's the Nissan Versa. Starting price stripped basic for a 2025 with CVT transmission it's MSRP is about $18,990, fully equipped for less than $24K, although it's made in Mexico so 25% Tariff may apply. It's not a bad little car, my brother has a 2021 loaded with every option and we've driven it on 3 trips from Utah to the Oregon Coast over 2 days and it's comfortable at 80 mph. There is ample room for 3 suitcases and 2 people. It gets 43mpg on the highway.
We went to Carmax and left, because of their predatory loan at 23% because my wife had 620 fico and our credit cards were late, except, the payment on our truck was not with perfect payments and we went to the ford dealer in town after that, they were able to get my wife into a new 2024 Ford Escape Platinum Hybrid AWD fully loaded at only 2% APR through Ford Credit, since, we didn't miss payments on our vehicle.
Open a free checking account with a credit union and finance through them. They will generally always give you a better rate.
They priced the used car as if it were a new car...that is the problem😂
All those cars will never sell.
My comment to the auto dealership who have tried to screw the public for decades while they rolled in the cash trough….is this suffer baby suffer…you earned it.
Serves them right. The way they treated consumers with their 'markups' now they need to eat humble pie and come back to earth.
People are stupid buying a $30,000 vehicle with a 23% loan and a monthly payment of $750-$1000, which they can't afford. Buy a car for $4000 max, bank.your $750 monthly payment for 6 months and use that as a down payment on a better vehicle. If they did that for about 18 months they would be able to qualify for a better interest rate and could probably get the car they want at a payment they could afford.
the people getting 23% loans have terrible credit scores. 18 months may not be enough to fix that. maybe save up and buy something cash only.
Carmax unit sales were up 5% quarter over quarter. Their stock is up 19% in the last 6 months. Carmax has a lot of inventory because they can afford it. Pre-Covid carmax always had very crowded lots since that’s their business plan- to provide the customer with as many options as possible at a single location.
2:54 29k is laughable, you can get a rav4 for cheaper
I'm convinced that the mega-used-car-dealership model has, as its primary share holders, the actual car manufacturers. By hoarding used cars and inflating the used car prices they end up also supporting over priced new cars. .. ..just what the manufacturers want.
That sky getting blitzed
Chemtrails
I know where you can put all those extra cars😂
Up the ass
Seeing CarMax charge new car prices for their used car junk is hilarious. I say junk because the cars they have aren't taken care of by the previous owners. My car will be paid off in one year and I don't plan on buying another one for a decade. I drive a 300cc scooter everywhere so my 6 year old car I bought new has 8000 miles on it.
Edit: Most the cars their should be under $20k. Cars lose 50% of their value after 2 years.
Lower your prices or go bust. 😅
I've honestly been on marketplace every single day the past 2 months looking for a good deal vehicle for $4,000-$5,000 and people are asking insane prices for high mileage rusted trucks smh
Greed, it is insane!
Don't buy a truck
They are still asking higher than market for everything I have looked at. They are evil and deserve to go out of business, so their inventory can be sold at market prices.
Most 4Runners at carmax or used car lots are ex rental cars. Just buy straight from the rental agencies they sell the best ones themselves, the left overs go to auctions where carmax gets them
That is very HIGH Interest rate wow.... way to high.... Crazy
Makes me want to go in and test drive half a dozen cars that are the hardest to get at.
Revenge for all the times they jerked me around.
I went to a carmax last week and there was nobody shopping. I actually felt sorry for the salesman even though they sold me a screwed up jeep 6 years ago.
Consumers are sending a clear message to car manufacturers and dealers by saving their money.
Wild CarMax wants $29.998 for a used 2023 Corolla Cross SE Hybrid with 23K miles. A brand new one costs $29, 540.
So glad I didn’t buy a vehicle over the shortage.
Traveled around Michigan this last week all New car dealerships lots are full . And every used car lot I seen are full . But prices are still stupid high on many of those lot’s. Since I’m shopping I’m paying attention and couldn’t find anything decent under $10,000
I checked carmax prices when going to buy my wife’s suv. They wanted way more than everyone else for the same vehicle. That was a big hell no.
Haha😂 I’m so happy. I had by credit during the pandemic, it was ridiculous how much they overpriced there vehicles. I hope they go bankrupt. From taking advantage of people. Now I have great credit and I can lease new.
50 grand for a truck that’s crazy
Nissan Sentra manual transmission sells for under $20k!!😂
Remember Vroom? Carmax and Carvana will be next!
Ironically, what may have been the death knell for Vroom was doing in Texas (or not doing) exactly what Carvana was accused of doing in at least one state: failing to provide the car’s title in a timely manner.
CARMAX gets their inventory from lease returns, fleet returns, and rental car disposals. They must be locked into contracts to buy vehicles regardless of their inventory needs. Ooooops. Hope their backend can cover the sinking values on the front end.
I really really want to thank whoever was in charge of Jeep and Dodge 20 years ago! I feel blessed to drive my 2005 Dodge Ram 2500 for 20 years now! It's a beautiful machine. Same with our 2011 Jeep Wrangler. These things still look new and drive amazing! Soooooo glad we didn't replace them with the garbage offered by Stellantis. All I hear are horror stories and then those defending their poor purchase with "it's not that bad" My advice is buy rugged timeless vehicles that you love the look of. Although, I was considering the Tundra and we know how that went.
They rather keep the cars than realize a loss. As long as the car is on the lot they can tell their shareholders that they can still make money.
I've asked multiple times, where is this guys used car lot? I love how honest he is and want to travel to his lot for my next purchase. Someone tell me where he's located, please
Prices are not going down. Its called devaluation and its a completely different thing than inflation. This thing its gonna get very very scary. Thank me later
CarMex is done pretty much. Their prices are similar as a brand new car. They are out of their minds.
Brandon, back in the 1980's part-time associates would sell vehicles between 40 to 100 dollars. Part-times made only 3.60 dollars per hour.
I was young and got a few to push back a female vehicle back 2 spaces. It was a manual. She freaked out of course. No damage was down.
Lol.
The bigger thing was i helped out others trying to move their friends car.
It was a VW Beetle. We lifted the vehicle from parallel to horizontal.
Wish i was there to see his car parked so he couldn't get out.
People in general are not buying what they don't need so unless they need a car, they are not buying. It is not necessarily being able to afford things, it is a movement that fits in well with the declutter movement.
I think the Telluride got popular because Tiger Woods crashed one, came out unscathed, and gave a glowing review of the suv.
Carmax used to be my go to for used car shopping. I wrote them off this last year when I checked and their minimum was $10,000. Not ONE car under $10k. I thought there was a mistake, but nope... Carmax in my mind is now a premium only car dealer and I no longer check their site for prices or even vehicles available.
?! UHM?… Inventory at a CarMax is very controlled and voluntary within 2%
They have inventory by choice.
This is NOT a uncontrolled OMG what are we going to do with all this stuff type of dealer.
Dude how many times are u going to say ITS OVER eve vey post u say the same ole thing