Drivers Get Pop Quiz on Selling Their Cars
October 11 2016 - 10:45AM
Business Wire
CarMax report shows opportunity to increase
consumer knowledge around vehicle trade-ins
With the start of the school year top of mind, CarMax, Inc.
(NYSE:KMX), the nation’s largest retailer of used cars, and third
largest auction operation in the United States, recently focused a
national survey on a different type of education: how knowledgeable
are car owners about how much they can get for their vehicle when
it comes time to trade it in? The CarMax report today reveals that
only half of respondents had a good idea of how much they could
sell their car for, and 35 percent were either not sure or had
absolutely no clue. To help all car owners better understand the
intricacies of trading in their vehicle and empower them through
the process, CarMax provides the guide below.
Mileage and Age Can Make a Grade-A Difference
Less than 20 percent of car owners surveyed knew the maximum
number of miles that is considered “ideal” for trade-ins – 100,000
miles. Industry data indicates that while lower mileage is
typically better, after 100,000 miles the value can drastically
decrease depending on the make and model of the car and its
condition.
“It’s important for drivers to know how much they can sell their
car for and the factors that impact the offer they will receive.
That will allow them to get the best deal and have a better
experience,” explained Tom Marcey, CarMax vice president, regional
merchandising. “CarMax offers an honest and authentic appraisal
process. We see a 23 percent spike in customers coming into our
stores for an appraisal during the summer, and we want to help
consumers get the most for their trade-ins now and at any point in
the year.”
Another misconception identified through the survey was that two
in five car owners believe there is no difference in the offer they
will receive between selling a 10-year-old car versus an
11-year-old car. which According to CarMax and industry data, the
cut off between 10-year-old and 11-year-old vehicles can be
substantial in affecting the offer they will receive when selling
their car. More men than women were confused when it came to
knowing this important trade-in fact (47 percent compared to 33
percent).
A Trusted Advisor Can Eliminate a Painful Process
Nearly one in ten respondents said they would rather shave their
heads than try to sell their cars. However, selling a car does not
need to be an extreme process, and CarMax has a proven, hassle-free
approach that allows drivers receive an offer for their vehicle in
as little as 30 minutes. They can even choose to walk out the door
with payment in-hand.
Separate Emotions for Less Stress
Additionally, about one in six respondents had a harder time
“breaking up” with their cars than ending their first
relationships. Letting go of any car is an emotional experience –
one in 10 people said the emotions were the hardest part of their
last trade-ins. But like a relationship ending, it’s also an
opportunity for an upgrade and something better will roll
along.
Timing Can Help You Ace the Class
Is there a better time of the year to sell your car? There is,
and more than 25 percent of people surveyed were right on target.
CarMax data indicates March and April are the best months to trade
in your car for the best deal. Except for luxury and sports cars,
most vehicles also tend to appreciate slightly at the beginning of
the year when the miles per year are lowest.
Just as in School, Preparation is Key
When it comes to car trade in prep, many consumers were also on
track. A majority of respondents said cleaning their cars will mean
higher appraisal offers, and while it’s not guaranteed, a spotless
car may help you clean up.
“Taking care of visible maintenance issues like worn tires,
warning lights and broken tail lights prior to an appraisal can
increase the offer you receive for your car,” adds Marcey. “An
interior detailing, which you can do yourself or have done
professionally, will make a good first impression with the
appraiser or buyer, showing the vehicle has been properly
maintained.”
The CarMax Difference
CarMax will buy your car, even if you do not buy one of theirs.
You’ll get a competitive offer in as little as 30 minutes and can
leave with payment in hand or take up to a week to make your
decision. To learn more about used car appraisals and sales with
CarMax, including helpful tips and frequently asked questions, or
to schedule an appointment for an appraisal, click here.
About CarMax
CarMax is the nation’s largest retailer of used cars and
operates more than 160 stores in 37 states
nationwide. CarMax revolutionized the auto industry by
delivering the honest, transparent and high-integrity car buying
experience customers want and deserve. For more than 20
years, CarMax has made car buying more ethical, fair and
stress-free by offering a no-haggle, no-hassle experience and an
incredible selection of vehicles. CarMax makes selling
your car easy too, by offering no-obligation appraisals good for
seven days. At CarMax, we’ll buy your car even if you don’t
buy ours®. CarMax has more than 22,000 associates
nationwide and for 12 consecutive years has been named as one of
the FORTUNE 100 Best Companies to Work For®. During the 12 months
ending February 29, 2016, the company retailed 619,936 used
cars and sold 394,437 wholesale vehicles at its in-store auctions.
For more information, access the CarMax website
at www.carmax.com.
Survey Methodology: CarMax commissioned SHIFT Communications to
survey U.S. online consumers via Google Consumer Surveys to uncover
understandings and attitudes as they relate to selling a used car.
The survey was shown to 15,868 people age 18+ with 3,044 responses,
for a 19.2 percent response rate, with a 95 percent confidence
level. Consumer Surveys weights results by inferred gender, age and
geography when possible to make the sample as representative as
possible of the internet population. Responses were collected from
July 25-27, 2016.
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CarMax, Inc.Jonathan McNamarapr@carmax.com, (855)
887-2915
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