I Actually SOLD My Corvette to CarMax | Here's why...

what's up YouTube welcome to cars costing technology today I'm out my Corvette Stingray headed up to Carmack's to browse around for a little bit today's video actually won't be about my stingray though it's gonna be about my previous Corvette now for those of you that have followed the channel for a while you know that I used to have a 2005 c6 Corvette prior to my current c7 Corvette I ended up selling that car a little over a year ago in order to save up and buy my current car I wanted to give you guys some more information as to what happen with that transaction give you some insight into what it's like to sell a car to Carmack's and give you some of my reasoning a logic behind why I made that decision now before we get started there's obviously been a pretty big spike in interest around the Carmack's buying process or appraisal process here recently on youtube for whatever reason you've we've seen pretty much every type of car you can imagine be brought to Carmack's for an appraisal everything from exotic supercars to modified domestic cars all all types of different cars have been brought there and typically they all know every video ends and almost the same story you know the appraisals are really lowball appraisal nothing that the seller or the youtuber would actually accept for their car and there's somewhat you know more or less making fun of the process more so than actually considering selling their car I wanted to share a kind of a different perspective with you guys when I brought my c6 Corvette there I'm not going to say the process wasn't without its flaws but it was actually a pretty good experience and overall I ended up accepting the offer because it was pretty competitive now just to kind of refresh you guys on the numbers I have made a video about this in the past as far as what I bought and sold my c6 Corvette for but again a quick refresher I purchased the car roughly a little over two years ago for $25,000 I was just a base-model 2005 c6 Corvette drove it for almost a full year put a couple thousand miles on it and had made my mind up that I do want to for sure purchase a c7 Corvette so I ended up wanting to sell the car and I had access to another vehicle so I wanted to get rid of the c6 relatively quickly so I didn't lose any more value on the car I've got a quote from Carmack's and as you may know from other videos they do give you two different options they give you the in-house Carmack's quote they also give you the Kelley Blue Book instant cash offer now they'll honor whichever of the two is higher in my situation it was actually the Kelley Blue Book instant cash offer that was higher that came up to 20 $1500 now as I mentioned earlier in the video considering that I purchased a car about it roughly a year earlier for 25,000 and was able to put a couple thousand miles on and everything and enjoy the car I felt like that was a pretty competitive offer so I did end up accepting that offer over the Carmack's offer which was I believe roughly a thousand dollars less than the Kelley Blue Book instant cash offer doesn't mean that's always going to pan out that way but in my situation it was now I want to go over a couple reasons why I ended up accepting that instead of exploring some other options obviously I could have pursued selling at private party I may have been able to get a little bit more for it or even trade it into a dealership and I'm gonna kind of go over my reasoning behind each of those two decisions now I've thought about selling at private party and I didn't even seek out a couple of different websites in an effort to sell it to a private buyer the problem was with me being 24 and selling a Corvette I knew that there was going to be some obstacles to overcome to convince the potential buyer that I had treated the car well you know typically younger sports car owners are pretty rough on their cars you know especially trying to sell a car that's out of warranty that a younger buyer had had owned for a little while I just felt like though I was gonna be there's gonna be a lot of skepticism from the potential buyer and I was gonna end up getting low-balled anyway just because they were nervous at the car they were buying was gonna have a lot of wear and tear done to it where would car max you know the appraiser never actually saw me or knew I mean they may have saw my date of birth on a piece of paper but other than that I don't think they had any reason to go into it bias thinking that the car had been beat up or abused number two you know why didn't trade it into a dealership at the time I wasn't quite ready to commit to my c7 Corvette yet number one I wanted to see what was going on there was so many rumors going on about the CA and all kinds of things happening now that that's really unfolding we know a lot more about that and I have a better understanding of that I was less skeptical to go ahead and purchase my c7 Corvette but at the time I sold my c6 there wasn't near as much confirmed and I was still really anxious to see what was happening before I committed to buying a c7 I also had some financial obligations and some financial goals that I wanted to accomplish prior to actually committing to the car as well as figure out exactly which one I want and how I want to spec it out so I just wasn't quite prepared to trade it into a dealership at that point even though I knew that I needed to go ahead and cut ties with the car so even though I probably could have got a comparable maybe even better deal at a dealership by trading it in I just wanted to weigh my options have a more time to think on you know which model I was gonna be purchasing and exactly when I'd be purchasing it and go ahead and capitalize on what the current value of the car was rather than waiting for a whole nother season to revolve around and lose a little more value on the car that's why I ended up ultimately accepting the Carmack's offer now the beauty of getting these Carmack's offers not only is the appraisal free it's relatively quick you get two different offers to choose from but you also have a little bit of time to accept those offers now the reason why that's a really great option is let's say you go get an offer from them it's not quite what you wanted but it's close you can actually take those and kind of leverage them with the private party that you're seeking out or even the dealership that you're thinking about trading the car into you can use those as a kind of a baseline you know obviously you shouldn't accept any less than the higher of the two Carmack's offers simply because that's gonna be a very easy route to get your money back out of the car when I did end up accepting the offer I literally just drove the car back up gave them the keys showed them the paperwork I didn't even have to go through another appraised or them scan the car again they just accepted it went ahead and cut me a check for the equity in the car and it took maybe 20 to 30 minutes to do the paperwork if that and I left with check in hand for the equity that I had in the car it was a very simple process and I wouldn't recommend anyone go through the process of the extra labor involved with a private party sale if it's not going to be considerably more than what you get from Carmack's you know considering most of liability has taken off you they're going to take care of most of the work for you if you're gonna sell at private party you're gonna do a lot more work and it better be a good bit more money involved in order to justify that and obviously with a dealership it's going to be comparable to Carmack's they're gonna handle most logistics for you and take care of most the paperwork and the you know time-consuming processes involved with that so you know again but she doesn't mean that you still can't use your car Mac's offer to leverage your offer with your dealership make sure that they're giving you a fair quote and that they're treating you fairly and that your price ends up coming out where it should be they can't hurt to have an extra reference point and give them a baseline of the fact that you won't accept any less than that at least so I think overall for the small amount of time it takes and considering that it's free it's actually a good option and again you know I know you've seen probably a lot of videos where they're chocolate to be kind of a joke and just give people lowball offers that look like a ripoff but you know like I said my perspective was a little different now granted my car wasn't modified at all it's a fairly common car you know being a c6 corvette there's a lot of them out there and a lot of potential buyers out there as well but overall I was fairly happy with the process and that's why I ended up choosing to go with them considering that I was able to drive a Corvette for a little over a year just around $3,000 of appreciation I felt it was very fair and I walked away from that whole experience feeling really excited to move on to my c7 and not at all like that was a waste of time or anything that I regretted doing but anyway guys I just want to share this with you because I thought maybe I'd help any of you thinking about selling your car or you wanted a little more insight into Carmack's process outside of just the kind of funny appraisal where it's a extremely lowball offer and it's more of a joke give you a little more details but definitely let me know in the comments if you have any other questions I'd be glad to try to answer them for you I'm definitely not promoting Carmack's or telling anyone that they should definitely sell their car there are more or less just giving you a little insight sharing my experiences and hopefully it helps you have a better understanding of the process but let me know in the comments if you've ever sold a car there or if you have any other interesting car sales stories for that other viewers might find interesting but give the video like if you enjoyed it and you found it helpful definitely think consider subscribing the channel if you haven't done so already but we'll talk to you the next one have a great day guys thanks for watching [Music]

Channel: Cars, Costs and Technology

Views: 51,218

Rating: 4.71979 out of 5

Keywords: Corvette, CarMax, Corvette Stingray, Corvette Z06, Corvette ZR1, Corvette Grand Sport, C7 Corvette, C6 Corvette, appraisal, Carmax appraisal, Carmax value, CarMax purchase

Id: jXmapb9ngGA

Length: 7min 52sec (472 seconds)

Published: Wed Oct 04 2017