I can't imagine it lasting for too long. Harry Homeowner wants to build a deck but doesn't have a truck to haul the lumber and supplies for the 4 weeks it will take to build. No problem. Let buy one from Carmax and return it after it's completed. Cheaper than a rental.
I actually asked that question, buying a car even with pre-arranged financing is enough of a pain in the ass to discourage it. People who can easily whip out a few grand to put a massive down payment or buy the car outright have enough money to rent cars and the value of their time makes that cost prohibitive.
Willing sellers and willing buyers. No one is getting ripped off.
For some reasons Palisade/Telluride’s have stupidly strong resale value probably tied to unanticipated demand and limited supply that will be worked out. Typically Carmax is $1500 more than if you negotiated among quite a few dealers/sellers. $1500-2000 isn’t that much money to me especially thinking about the fact that I buy car what? Every 4-7 years? Not having to spend the time peckering around with the 4 square nonsense, cheese ball car salesmen blowing up my phone, hidden fees, or other dealer bee Ess is well worth the additional cost. Making more money is easy making more time is not. Now if I was 23 year old single guy again and had the time and not the money I can see wheeling and dealing making sense.
“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. Any refunds due back are typically mailed within 2 weeks of your return date.”
Vehicle return aside, what about the loan part of this transaction? Is it equally easy/no-hassle to cancel/get out of the resulting loan with no penalty?
CarMax's new 30 Day or 1,500 Mile Return Policy could be a Death Blow to other Dealers
View more pictures and details nowwww.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?
My experience was yes, we returned the car about 6 days after purchase, I used the same FCU for our next purchase for a few days it showed up that I had two loans on my account page but then that disappeared. Our credit union seemed to act like this was pretty normal stuff when we called them and the loan was cancelled. One caveat is trade ins, not sure how that works since we didn’t sell them the old car (it was totaled in an accident) they cut us a check for our down payment in the dealership.
The question you didn't address is if the 20,000 miles is significant or not verses a new one with probably less than 20 miles...or so. In addition you have the powertrain warranty issue. First time buyers is 5years/100,000 miles and second or subsequent owners get 5 years/60,000 miles.
Ohh it definitely is, I would buy new if available, personally. It’s just like some of the ridiculous Tacoma prices on the used market. Why people pay that much for a used car when often times a new one is 5 grand more I’ll never understand. There are some ripoff deals at Carmax but they’re few and far between by and large most cars are a 1500 premium over dealer negotiated prices without all the dealer bs. I was just saying those used prices aren’t really that off for the Palisade/Telluride. For a while people were selling used ones for near and above new price. (https://jalopnik.com/who-is-paying-these-wild-dealer-markups-on-hyundai-kia-1841130938)
