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CarMax Price Quote - 2015 Chevrolet Colorado Long-Term Road Test

Edmunds.comEdmunds.com Member, Administrator, Moderator Posts: 10,315
edited November 2015 in Chevrolet
imageCarMax Price Quote - 2015 Chevrolet Colorado Long-Term Road Test

It's time to sell our 2015 Chevrolet Colorado. And that means time for a trip to CarMax for a baseline price quote.

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    ebeaudoinebeaudoin Member Posts: 509
    I say take the cash. He's right about the incentives- those kill private party transactions. "Why on earth would I buy this from you for $27,000 when I can get it new for $32,000 with full warranty in any color I like?"
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    tsdriver27tsdriver27 Member Posts: 24
    Cash out.
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    daryleasondaryleason Member Posts: 501
    I'd take the cash. I agree with @ebeaudoin on this. The truck's a year old. It's the end of 2015, 2016 model years are already out. The car dealerships are motivated to move remaining stock. Take that money and roll it into the next car quickly. My suggestion, from another post, is to go get a Delorean. But I'd also like to see y'all look at getting a used Full-Size truck from the late 80s to the mid 90s, something like an F-150 or C1500 half-ton extended cab to compare with y'all's current crop of trucks. See if the hype on the new vehicles is all it's cracked up to be.
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    kirkhilles1kirkhilles1 Member Posts: 863
    Seems like a reasonable offer... BUT looking at AutoTrader and there's only 1 listing anywhere for the Z71 under $30k. I don't see any with 22k on them, but a 2015 with 11k is listed starting at $32k which I'm sure CarMax will list this at, at least. Carmax only has one Z71 anywhere in the past few years and its listed at $33k, but that's for the 2WD model (but only 3k miles though).

    BUT, its an instant offer. Of course, you're going to have to pay taxes on that, versus a trade in where it gets worked into the deal.
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    daryleasondaryleason Member Posts: 501
    There's a problem with a listing price. It really only means "This is the most I'll take for this car." Sold prices matter. Asking prices don't. If you pay asking price, 98 percent of the time, you've made a mistake. Plus, you have to considering the future value of money. If you list a car and then spend four months waiting on "the right price" you've lost value. If you're paying off the car, by financing, you've now ate into the money you waiting on due to having to make the payments on the car. Case in point, I try to sell a car. We'll say I'm asking 23,000 for a car that the TMV is 23,000. You see it, think it's a good car, but "want a deal." So you offer me 22,000. I say "no, I want 23,000". So I hold on to it. Eventually, someone might go for it. But if I'm paying $325 a month for that car, and I waited six months to sell it, even if I got the 23,000, I really only walked away with 20,005. AND I wasted six months. Sell now, take the 22, you're better off. Even if you were just trying to pay off the loan, and had to cough up an extra grand, it's better than paying the monthly payments, insurance, etc. on the car while you wait for the right buyer. That's why Car Dealerships can get people to accept so much less for their trades. They're giving up the value now to save the hassle later.
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    nate001nate001 Member Posts: 102
    Take the CarMax offer, use the money to buy a GMC Canyon Diesel 4x4
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    s197gts197gt Member Posts: 486
    why not run it by a chevy dealer? they might pay a little more since it is in just great demand. they can sell it as a cpo; so they might pay a little more.

    otherwise i say take it, too.
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    jfa1177jfa1177 Member Posts: 52
    edited November 2015
    IMO its a no brainer; sell it to CarMax!
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    daryleasondaryleason Member Posts: 501
    I don't think an independent dealership would pay more for Carmax unless it's something that is really popular in their area right now. With CarMax, they're not a franchise. They're corporate, which means they can ship the car to wherever it'll sell best, after accounting for shipping fees. This means they've got a larger market, especially when you include the internet's reach and their marketing campaign. With the dealership, they're adding a 2015 model vehicle that's a year old and already got 20 grand on the odometer that they'll have to sell coupled with their remaining stock of 2015s and the 2016s that are coming in here at the end of the quarter and year.
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    kirkhilles1kirkhilles1 Member Posts: 863
    I realize that its Edmunds, so money doesn't really matter. Also, they aren't going to do a Trade In (which would often save taxes - dunno about California). I think the best thing to do for most people is start at Carmax. Get that quote. You have a 7 day offer, no pressure, no guilt that they don't really care whether you take it or leave it. Take that quote to other sources. I bet you could score an easy $500 - $2,000+ that way. Of course, Edmunds is happy to pay hundreds of dollars for unnecessary services and overpriced oil changes, so...
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