How do Carmax warranties compare?
You can take your car to the brand’s dealer for repairs with Carmax warranty and pay deductible. That’s what they told me at least.
1 Like
It’s one of the better ones, take anywhere pay $50 deductible. Doug Demuro did a whole video on how he took em to the cleaners on it.
I just remembered that video with a Range Rover.
2 Likes
That was millennia ago
And it’s pretty much just as good as back then. They just raised the prices for higher risk/mileage vehicles.
3 Likes
My biggest problem with Carmax warranty is that you’re paying a premium for the car … that makes the effective price of the warranty much higher.
If someone finds an exception that’s great.
4 Likes
You gotta Carmax shop right. You’re getting the best bang for your buck with heavily depreciated unreliable luxury cars. For example, this 2015 BMW 760i:
Most wouldn’t touch a 9 year old V12 BMW with a 10-foot pole, but with a 30 day return policy and 5 year warranty, it becomes enticing. No point in buying a nearly new Lexus from CarMax
9 Likes
A perfect example. No need to roll the dice on that potential timing cover leak and transfer case failure.
1 Like
I like where you’re going with this.
But my main two questions would be
-
Is there a premium and if so how much is it. What’s an equivalent car going for outside carmax such as private party or the lower end of retail pricing?
-
What will it be worth in 3-4 years, ie what kind of depreciation can be expected?
Can you buy the Carmax warranty for a non Carmax vehicle? Bought elsewhere or your current vehicle?
From what I can recall, it must be purchased at the time of buying a vehicle from CarMax. You cannot add it to a non-CarMax vehicle or add it at a later date.
2 Likes
- It’s going to be pretty vehicle dependent. In the case of the Macan Ursus posted, it’s somewhere between $2k over to $4k under (surveying autotrader nationwide). When I was panamera shopping, they had some of the cheapest in the country for the mileage and year. Unfortunately there’s not enough 2015 760is for sale to get a good gauge.
I tend to find they’re pretty middle of the market at the time they post the vehicle. But they’re slow to adjust prices if the market changes. If you see a clearly overpriced vehicle, there’s a chance it’s been sitting with them for a while.
- Nothing particularly special with a Carmax car in depreciation. It will have unpredictable depreciation as it ages, but you can expect some leveling off as it approaches the lower %s of its MSRP. Only benefit is you’ll have a good warranty if you need to ride out the depreciation longer to avoid negative equity.
1 Like
No, not as a “Carmax car” but in general. It’s one thing if the 760 is worth, say, $30k in 3 years, but quite another if it’s worth 20
Carmax warranty is one of the best
I seen a customer get new turbos and all on his c63 that he bought from Carmax.
I’m looking at a 2019-2020 range rover sport on car max… how do i figure out what the carmax warranty would cost?
Like check this out:
https://www.carmax.com/car/24149776
Call me crazy but there are several cars on my dream car list
Maserati Gran Turismo
Jaguar F type
Alfa Gulia Quad
I love them all but am terrified of the ownership costs.
I would own them with a carmax warranty
1 Like