Web Survey Reveals the Most Stressful Aspects of Selling a Car Yourself From CarMax, Inc.
The Biggest Complaint: It Takes Too Long to Find a Buyer
RICHMOND, Va., Jan. 22 -- Consumers who sell their cars themselves face a myriad of stresses, according to a poll conducted by CarMax, Inc. , the nation's leading specialty retailer of used vehicles. A poll on the company's Web site asked, "What is the worst part of selling a vehicle yourself?" The biggest stresses were: Taking a very long time to find a buyer (31 percent); getting a lot less for the car than expected (17 percent); and going through the unpleasant negotiation process (15 percent).
Answer Percentage of Number of Respondents Respondents It takes a very long time to find a buyer 31 percent 1,061 Tend to get a lot less for it than expected 17 percent 572 I hate the whole negotiation process 15 percent 525 It takes a long time for the buyer to come to my house 8 percent 282 The person you sell it to calls with complaints 8 percent 262 I have to keep the car clean at all times 7 percent 252 Buyers back out 6 percent 223 Receiving phone calls late at night 3 percent 113 Advertising ends up costing a lot more than I thought 3 percent 91 Potential buyers showing up unannounced 2 percent 72 TOTAL 100 percent 3,453
"Selling a car yourself can obviously be a big hassle," said Cliff Wood, vice president of merchandising for CarMax, Inc. Mr. Wood offers the following advice to help car sellers:
1. Before selling a car yourself, take it to CarMax for a free appraisal by one of the more than 400 expertly trained buyers nationwide. A CarMax appraisal includes a thorough inspection of your vehicle and an offer to buy your car, even if you don't buy a car from CarMax. 2. Set aside any sentimental value you think the car may have, and be objective about the car's condition, especially if you use one of the online services to obtain a value for your vehicle. 3. Remember that you paid a retail price for your vehicle, which includes extras like the warranty and any other fees, which will likely not be included in any offers you receive from potential buyers. 4. Take good care of your vehicle; retain your maintenance records; and keep the car clean. Drive carefully and avoid accidents. Everything you do to keep your vehicle in good condition will help with the value when you sell it.
CarMax is the nation's leading specialty retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 48 used car superstores in 22 markets. CarMax also operates 13 new car franchises, all of which are integrated or co-located with its used car superstores. During the twelve month period ended November 30, 2003, the company sold 216,230 used cars, which is 91 percent of the total 238,118 vehicles the company sold during that period. For more information, access the CarMax Web site at www.carmax.com.