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Selling my leased Honda to Carvana/CarMax etc...

  1. #1
    Lifer SwiftTone's Avatar
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    Selling my leased Honda to Carvana/CarMax etc...


    I was poking around and decided to see how much I can sell my car for, and what the payoff on my lease is. The lease is a $0 down lease where I just paid the first payment and registration. Payoff for the car is $19k.

    First I started with Carvana and they offered to buy my car $20.5k. Wow, they would actually payoff my car and cut me a check for $1500! Sweet. Then I got curious and plugged in the info into CarMax. The offer is $25k! They will payoff my car and give me a check for $6000. Which essentially means it cost me ~$5000 to drive this car the last 28 months. Yes I understand I build no equity in a lease but in the CarMax case I can save roughly 55% of the expected cost of my lease which is great.

    So it sounds too good to be true but with COVID who knows.

    Has anyone worked with CarMax before? What was your experience?

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    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  2. #2
    Lifer 01xj's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Curious as well. I could make almost 4k off my mazda by selling it to one of those companies.

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  3. #3
    Lifer Gixxer's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    I entered my car into Carvana and it came back $16,xxx for a 2018 Subaru Forester Touring loaded with 53,000 miles.

    Metro west Subaru in Natick responded to my CL ad and gave me $22,500.



    Last summer I posted a 2017 Forester Premium with 47k , for I forget what, but carvana was going to give me $17,xxx and Port City Nissan contacted me on CL and offered me lower, but then matched what I said Carvana would do.


    Point is? You can allegedly see exactly what carvana or Carmax will give you.

    Put it on CL for thousands more, and see if these struggling dealerships who are relying on their used departments due to chip shortages and stuff, see just how hungry they are.

    If I’m wrong? Fall back on Carmax.

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  4. #4
    Posting Freak Jewcati's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by Gixxer View Post
    I entered my car into Carvana and it came back $16,xxx for a 2018 Subaru Forester Touring loaded with 53,000 miles.

    Metro west Subaru in Natick responded to my CL ad and gave me $22,500.



    Last summer I posted a 2017 Forester Premium with 47k , for I forget what, but carvana was going to give me $17,xxx and Port City Nissan contacted me on CL and offered me lower, but then matched what I said Carvana would do.


    Point is? You can allegedly see exactly what carvana or Carmax will give you.

    Put it on CL for thousands more, and see if these struggling dealerships who are relying on their used departments due to chip shortages and stuff, see just how hungry they are.

    If I’m wrong? Fall back on Carmax.
    Interesting, my girlfriend just traded in her Volvo to Carnac and they gave her 4K more than the dealership would!


    Sent from my iPhone using Tapatalk

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  5. #5
    Mophead going grey dontpanic's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Suppose you sell said car.

    Now what? Have you got something else to drive, or do you now have to buy a replacement?

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  6. #6
    Lifer SteveM's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Have you made all the lease payments lol the way to the end of the lease? The leasing company may require you to if you haven’t.

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  7. #7
    BMW track whore e30addict's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by SteveM View Post
    Have you made all the lease payments lol the way to the end of the lease? The leasing company may require you to if you haven’t.
    Lease payoffs are usually remaining payments plus the residual.

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  8. #8
    Lifer Gixxer's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by dontpanic View Post
    Suppose you sell said car.

    Now what? Have you got something else to drive, or do you now have to buy a replacement?
    Good point. You MUST buy new. I have a new Bronco ordered which I’m not paying ADM on.

    If Ford screws this up, I might bail and buy an awd Prius, which I’ve seen discounted 2k off msrp.

    So, I hope your tastes fall on what is available.

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    Your park avenue leads to..

  9. #9

    Re: Selling my leased Honda to Carvana/CarMax etc...

    With the used market inflated the way it is, buying new/leasing makes more sense than ever if you need a car now to replace the one you're selling

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  10. #10
    Lifer
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    I bought two new cars this week due to inflated used prices. I never buy new. Its tough going buying new though. You certainly arent going to be able to order what you want and no dealers are trading new stock right now to others so your stuck driving around to each one and picking from that places inventory only. You will most likely be paying full msrp for whatever you want minus factory rebates if any are left, most have been or are being dropped this weekend. Some are charging over msrp for regular models now, subaru was the best example of this. Three different dealerships were charging 2k over msrp on every car they had on the lot, which wasnt much.
    If your car is an extra car now is the time to sell and hold the cash. If its your primary you may find the money you make isnt much or even less than none when you buy its replacement. I would certainly have its replacement lined up and secured with a deposit before getting rid of the old one. Two dealerships i had deposits with had zero care about selling those cars to a buyer paying extra. Technically the two i ended up with were number 5 and 6 of cars i tried buying. 1 to 4 all had deposits by me but got sold anyway. Two hyundai's and 2 Subaru's. I ended up with 2 chevy's out of desperation since i could walk in and buy them and drive out the same day which seems like a thing of the past at most dealerships now.

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  11. #11
    is not wearing pants Point37's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    very interested in this thread right now...seeing i have to unload my wife's car and i want to unload my car as well soon

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  12. #12
    Lifer Garandman's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Entered in our Prius V and Carvana offered $4,650. Which is almost exactly one half what the cheapest Prius V is for sale locally.

    Uncompelling.

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  13. #13
    Lifer SwiftTone's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by Garandman View Post
    Entered in our Prius V and Carvana offered $4,650. Which is almost exactly one half what the cheapest Prius V is for sale locally.

    Uncompelling.
    Try punching it into CarMax.

    I went to CarMax to verify the offer. They went over the car and 10 minutes later confirmed the $25k online offer.. looks like I'm car shopping this weekend

    Sent from my SM-G998U using Tapatalk

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    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  14. #14
    Lifer TIMMYDUCK's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    200 bucks on my 03 Chrysler Town & Country . I think I will private sale it.

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  15. #15
    Lifer SwiftTone's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by TIMMYDUCK View Post
    200 bucks on my 03 Chrysler Town & Country . I think I will private sale it.
    Well they want something they can flip on their lot

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    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  16. #16
    Lifer Garandman's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by boosten lebaron View Post
    //I ended up with 2 chevy's out of desperation since i could walk in and buy them and drive out the same day which seems like a thing of the past at most dealerships now.
    What did you get for models? We had very good service from the Chevys in our fleet.

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    “When it comes to the kitchen, I have a narrow band of competency.”
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  17. #17
    Lifer
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    I bought myself the cheapest and basest of base model Spark and its also one of last. 5sp with crank windows. Zero options, not even sound deadening in this fine ride. Already put a thousand miles on it and currently getting around 50mpg. Its pretty perfect for commuting into manhatten plus i dont care if i get hit. Already forced two cars into the bushes for trying to strong arm me into letting them into my lane. I move for no man!
    The wife got a fully loaded trax and loves it. Seems pretty good. I took it down a bunch of fire roads today and it did really well.
    We got used to driving small cars while living abroad so we wanted to stay small. My gt500 is awkward to drive because its so big. I dont even really enjoy it. Can barely see kids in front of me with the hood scoop in the way.

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  18. #18
    Lifer 01xj's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Guy at work just leased a Nissan leaf. 2 years. Fully electric, charges it fully at work every night. 35 or 40$ per month for full coverage insurance. Not sure what the final numbers came out to but he said it was cheap enough to pay the 3800$ lease fee in one payment. 150 or 160 a month.

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  19. #19
    Lifer Gixxer's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by boosten lebaron View Post
    I bought myself the cheapest and basest of base model Spark and its also one of last. 5sp with crank windows. Zero options, not even sound deadening in this fine ride. Already put a thousand miles on it and currently getting around 50mpg. Its pretty perfect for commuting into manhatten plus i dont care if i get hit. Already forced two cars into the bushes for trying to strong arm me into letting them into my lane. I move for no man!
    The wife got a fully loaded trax and loves it. Seems pretty good. I took it down a bunch of fire roads today and it did really well.
    We got used to driving small cars while living abroad so we wanted to stay small. My gt500 is awkward to drive because its so big. I dont even really enjoy it. Can barely see kids in front of me with the hood scoop in the way.
    How long is your commute in the Spark?

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    Your park avenue leads to..

  20. #20
    Lifer
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    It depends wildly on traffic. if i set my own schedule i can leave at better times and be in manhatten in about 2 hours. If work sets it then it could be 4 or 5 hours, maybe more. Its only a few times a week at most while i work as a consultant and my contract is up in september so its not too bad.

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  21. #21
    Lifer SwiftTone's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Crunch time today. Was looking at the numbers from my 2018 Accord Sport 2.0T lease back in January 2019 Selling price was $26,500. Brought my car to CarMax and they confirmed the $25,000 offer. So in the 28 months and 39,000 miles I've driven it the value dropped $1,500. Schweeeet.

    Signed papers on new car over the weekend. New car, $15k more in MSRP, $11 more a month after factoring in equity. Looking forward to it!

    Prob doing the switcharoo today.

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    Last edited by SwiftTone; 06-01-21 at 09:44 AM.
    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  22. #22
    Lifer
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    What did you buy? Did you find the pickings slim on choices when shopping around?

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  23. #23
    Lifer SwiftTone's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    Quote Originally Posted by boosten lebaron View Post
    What did you buy? Did you find the pickings slim on choices when shopping around?
    Bought a Acura TLX A-Spec AWD. Got the color and interior I wanted. $4400 discount + $2500 manufacture rebate = $6900 off.

    Also shopping for a RDX Tech package for the wifey. Purchase price of her CRV was $26,800 2 years 29k miles ago. CarMax offered $26,600. On the RDX I'm at $3950 discount + $1500 targeted conquest rebate = $5490 off

    Picking was a little slim and dealers will try to justify the limited availability to sell you at no or low discount. I just try other dealers and have them compete with one another.

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    Last edited by SwiftTone; 06-02-21 at 02:21 PM.
    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  24. #24
    Lifer SwiftTone's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    1st deal is done. CarMax was easy to deal with. Put about 450 miles on the car between the previous appraisal. Brought it to them, they verified condition/mileage, completed the paperwork, and cut me a check. Whole process took 30 min. Very pleased with the deal and efficiency.

    Just want to add that even though new inventory is low, and dealers trying to justify full MSRP, the discounts I mentioned above are on RDX's that have yet to be delivered to the dealer from the factory. One literally just got built in the factory yesterday and is being delivered in 2 weeks, and another being delivered by this weekend.

    The TLX I got has a build date of March 2021. Though to be fair Acura has been struggling to move TLX's.

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    Four wheels move the body, two wheels move the soul.

    Current: 2016 S1000XR. Past: S1000R, Streefighter S, Monter S2R1000, RC51, CBR600

  25. #25
    Lifer loudbeard's Avatar
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    Re: Selling my leased Honda to Carvana/CarMax etc...

    This is interesting. Got a CarMax offer for my 2016 Ram with 85k miles for $25k, I bought it for $28k 3.5 years ago with 30k miles on it. Owe about $10k on it.

    My locals Ford dealership has 2 F350’s with Tremor package and 7.3 Godzilla V8 for $52k.

    I may very well be upgrading my truck this week.

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    Last edited by loudbeard; 06-03-21 at 10:41 AM.
    I went to MMI I know what Im doing here chief

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