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Does Carmax Finance Negative Equity

*Out of 10 points

Is CarMax Good?

Overall, we found that CarMax is a legitimate place to sell your car and overall has a good reputation in the auto industry. The company ranked as one of the best for pricing when buying a used car, offering the top overall selling prices.

Customers agree with the value CarMax offers, according to many who praise the company’s overall value when buying and selling vehicles. Customers specifically noted the great customer service from CarMax representatives. However, our team also found reviews complaining about the selling and buying process taking too long and issues with meeting in person for transactions.

Is CarMax a Good Place To Buy a Car?

CarMax offers a good experience to buy a car and decent pricing compared to other major competitors. Customers’ buying experiences earned CarMax a top spot in our review, due to its platform’s user-friendliness and a large vehicle inventory for consumers to choose from. Customer service is also good, with many support systems in place.

Where CarMax Falls Short With Car Buying

However, with CarMax, you cannot negotiate the price that it quotes you for your vehicle. This means that the price you’re quoted for your vehicle from CarMax is the most the dealership will pay for your vehicle.

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Is CarMax a Good Place To Sell a Car?

If you want the best bang for your buck when selling a car, CarMax is a great choice if you choose to sell online or in person. However, this is not the case if you want to sell your scrap car. Hundreds of thousands of customer ratings of the CarMax app particularly focus on the fast and easy process of selling a car. While CarMax’s process relies on its brick-and-mortar locations, detracting from the experience as compared to other online dealers, the company still offers great value.

Where CarMax Falls Short With Car Selling

It’s important to know that you’ll likely not make as much money off your vehicle sale as you would selling it to a private party. The reason why is that the CarMax dealership has to make a profit when it sells your car at an auction or to another party.

CarMax offers warranty products and financing services on top of car buying and selling features. Image: JoeZ/Shutterstock

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