https://www.carvana.com/https://www.carmax.com/
Has anyone used either one of these to buy a pre-owned automobile?
My partner and I would like to trade in one of our cars and get a mid sized SUV. All of the dealers nearby have very low inventory. We understand now is not an ideal time to buy a car, but we will need a larger vehicle very soon.
My hatchback and her compact car are already not really working with our baby and all of the accessories and equipment
We're looking at Honda Passport, Kia Telluride and Hyundai sibling counterpart, Subaru Ascent. All but the passport have very low availability and very high markup.
Passports are well regarded by consumer reports and similar publications.
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Especially with getting titles. They, very often temp title their cars in a different state, sometimes send the wrong car, or send a jacked up car and hope enough time passes before they attempt to return it they don’t have to worry (I checked it’s 7 days).
So if you use those services, have your mechanic go through your car. Check everything. And make sure you get the correct title. Match the vin and make sure it’s for your state.
Honda Passports are good cars. Boring cars, but safe and generally reliable.
A few things you'll want to keep in mind if going this route:
I'll also say that our experience with their customer service was pretty great. Like I mentioned, the pandemic hit right after we purchased the car, and it ended up sitting in the garage for nearly six months before we actually started using it. We then discovered a technical issue that we missed before purchasing, and CarMax fixed it without question and without charging us a dime - all more than half a year after the purchase.
Also, the selling process had us calling customer service several times and was one of the best cust service experiences we have ever had.
I found their pricing fair at the low end but mostly you pay for convenience and no hassle. Their offers to buy cars are really low, though.
That said! My previous car WAS bought from carvana and it was great. You won't get the absolute best price, but it's probably a fair one. And I'll echo everyone else that said take that car to a mechanic for a thorough inspection immediately. And not the cheapest one you can find, spend the money now to save in the long run.
I also did not trade in my car with carvana, so no idea how they are on that half of the equation. If you can float it I'd probably sell myself, it's a hot market, just pick a reasonable price and wait for someone to match it, just ignore all hagglers entirely.
We have friends who bought a Hyundai Palisade and they really like it. They bought theirs new about 2 mos ago.
I applied for CarMax financing. I'm also going to check with my credit union.
What's a good interest rate, knowing now is not a good time?
2.5 is a good interest rate for a 5 year.
3-4 is going to be an ok rate if your credit isn't great.
If it's more than 4.5, either your credit is fucked (no judgement Verizon sucks), or they are trying to rip you off.
Except when a dealer is offering 0% deals, which I don’t think many are at the moment.
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Although in this market, they can charge a high loan origination fee, apr, higher msrp and not negotiate.