Carmax new 30 day return policy. What the catch?

[atikovi]

CarMax's new 30 Day or 1,500 Mile Return Policy could be a Death Blow to other Dealers

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www.carproperty.com

Is there some catch to this? Get ALL your money back? No $500 service charge or nonrefundable processing fee? What's to prevent someone from picking up something nice to drive around for a month and just returning it? Or going on a 3 week vacation and buying something and returning instead of getting a rental?

 

[paulri]

Does the return mean you get the cash back, or simply you have the same amount as a credit against another car on the lot?

I know when I was looking around in 2019 to replace my Civic, one of the car dealers that offered a return policy had that rider.

 

[atikovi]

You can get your cash back.

 

[skyactiv]

The real question is that you flip vehicles for profit atikovi, why don't you offer it? Joking!

From Carmax:
As long as the condition is consistent with when you purchased it and you’ve driven fewer than 1500 miles since your purchase, you can bring it back within 30 days and we’ll help you complete your return.

Please note, if your financing included negative equity from your trade-in, you can either repay the negative equity or finance it with a different vehicle, subject to financing approval.

 

[Danno]

Higher prices. Nothing is free in life.

 

[skyactiv]

Plus keep in mind that a used vehicle won't depreicate much in a 30 day span. New vehicles deprecate the minute it's sold

 

[skyactiv]

Higher prices. Nothing is free in life.

Carmax prices suck from my experience.

 

[glock19]

Carmax prices suck from my experience.

You can say that again. My wife has been interested in Hyundai Palisades lately, so I decided to check them out on Carmax today. A 2020 Palisade Limited with 20k miles is $1,000 less than a brand new 2021 Palisade Limited's MSRP. More than likely you can get a brand new one for less than a used one at Carmax.

 

[atikovi]

But it's a NO HAGGLE price.

 

[AutoMechanic]

Probably won’t get but very little back lol. I don’t see why anyone would want to do anything like that.

 

[dareo]

Seems like a bad policy that can only be supported by fat carmax margins. I have never seen a carmax deal that made me think it was a good price.

 

[daves87rs]

I’m sure they will add an abuse policy at some point. Short of taking it on a small vacation, or an almost month long rental- not sure people will go too crazy on that.....

 

[dadto2]

They probably need that policy as a sales incentive. I wouldn't have considered Carmax before this policy, since there is now way for me to "kick the tires" before commiting to a sale. I might now, however, since I have 30 days to make up my mind...

 

[GoobSoCold]

I wonder how the sales tax would work if you returned the car?

 

[BISCUT]

Probably won’t get but very little back lol. I don’t see why anyone would want to do anything like that.

Because the profit margin is THAT high and it helps sell cars for those that like the security blanket it offers. It's really sad how many "men" have no idea about cars/trucks and have never changed the oil in anything.

 

[RitcheyRch]

You can say that again. My wife has been interested in Hyundai Palisades lately, so I decided to check them out on Carmax today. A 2020 Palisade Limited with 20k miles is $1,000 less than a brand new 2021 Palisade Limited's MSRP. More than likely you can get a brand new one for less than a used one at Carmax.

Plus better interest rate on a new car

 

[ryster]

You can say that again. My wife has been interested in Hyundai Palisades lately, so I decided to check them out on Carmax today. A 2020 Palisade Limited with 20k miles is $1,000 less than a brand new 2021 Palisade Limited's MSRP. More than likely you can get a brand new one for less than a used one at Carmax.

Hyundai Palisades are a "hot item" these days and most dealers are selling them all day long at MSRP (or higher with a "market adjustment"). That is if they actually have any in stock. Same situation with the Kia Telluride.

Carmax is trying to strike while the iron is hot. They know people will be interested in the Palisade and are simply pricing it accordingly.

 

[miden851]

it sounds attractive offer but who knows; other than that, i would not buy a car there, one of the reasons is that no haggle price

 

[CKN]

You can say that again. My wife has been interested in Hyundai Palisades lately, so I decided to check them out on Carmax today. A 2020 Palisade Limited with 20k miles is $1,000 less than a brand new 2021 Palisade Limited's MSRP. More than likely you can get a brand new one for less than a used one at Carmax.

The discount on a new Palisades and the Telluride are pretty much $1000.00 to $1,500.00 off MSRP without much negotiating. The issue being is after walking out of a Hyundia/KIA dealership you have to immediately take a shower to get all the "sleaze" off. You don't at Carmax-which is one of the reasons they have been so successful.

I am a Hyundai owner and they tried to pull a couple of "sleazy" moves on the finance contract when I bought my wife's new Santa Fe Limited XL in 2017.

 

[CKN]

Because the profit margin is THAT high and it helps sell cars for those that like the security blanket it offers. It's really sad how many "men" have no idea about cars/trucks and have never changed the oil in anything.

On the other hand some of us are very knowledgeable and have no desire to crawl underneath a car.............