Either for catharsis or posterity to future generations, I wanted to share a specific example of RV vs payoff, and what the big-three car buying services (Carvana, Vroom, and CarMax) are like today.
My deal for reference:
As we know, Volvos leases are not eligible to be swapped. At the time, I maxed out MSDs, but rolled everything in, so I fully expected to be upside-down. Payoff approximately $40,900 after 10 payments.
We have much better threads on Caravan:
and Vroom:
Nobody seems to like Carmax enough for it to have its own thread.
Sharing what all three are putting on the same vehicle at the same time. If anyone else has done this recently I’d love to hear your experience.
Interesting how their process has changed: I made an appointment online but had to bring it in for a price estimate. I was told if you are also buying from Carmax. it will do a rough trade estimate online. There were more than 20 people there last weekend buying and trading. An employee also told me the volume of estimates and purchases is up 10-20x, mostly on extra cars that people have (so you paid off the Camry you drove 10 years, didn’t trade it but nobody drives it - those sorts to remove from insurance and cash them out). He said they have become the “drive it/tow it/drag it in - we’ll buy it” of the modern era.
Carmax doesn’t touch your car anymore: you start engine, open engine/doors/trunk and they walk around and do the estimate from a few feet away. I was in and out in 25 minutes.
How’s your payoff so high? I estimate my is about $35k with 23 months left. Vroom gave me $27.5k first then a week later emailed me with “good news” and increased offer of $28k
Edit: yeah, I can actually see how it is around 40k
My payoff is over $42,000 with almost the same MSRP and a $445 payment. I’m guessing the payoff includes swallowing the MSDs, too. My tax rate is 8.375%, so it’s not much difference there, either.
