Which Is Better Carvana or CarMax?

Due to the unexpected turn out of events these days, it was said that the used car pricing has increased compared to the usual pricing in August last year. Used cars are being in-demand as many people prefer to purchase them instead of a new vehicle. The pandemic had brought uncertainties, and a lot of people are losing jobs, so they need to tighten up their budget and buy second-hand cars. According to Edmunds, their average price listing for used vehicles increased from $708 last June to $21,558 in July. The changes in the used-car market are so unexpected. It may not be the time to buy a vehicle due to increased prices, but it can be the best time to sell. Buying or selling a car can be difficult nowadays due to the current situation. We only have limited movements, and many of us might be thinking about how this will work. Two of the largest car dealerships in the market, CarMax and Carvana, can make the selling and buying process easier for sellers and buyers. But who do you think is much better? Who has a much smoother process? Let us know more about these two car retailers and how we can benefit from their services.

BUYING A USED CAR

You may be a front-liner who needs a safe ride going to work or someone who is strict about social distancing and wants to avoid public transportation. Vehicles turn out to be a necessity nowadays as it can securely transport you to work, grocery stores, or to help you run errands. More and more people are opting-in to buy used cars. But what do you need to know when buying used cars from CarMax and Carvana?

CARMAX

A good thing about CarMax is that it has more than 200 physical locations across the US. You can drive there to check out their available cars and take them for a test drive. CarMax has a 50,000 great selection of used cars, and you have a big chance you'll find the vehicle suited for you. In line with the current pandemic crisis, CarMax follows CDC health protocols. You can visit their website to check if a CarMax location will allow walk-ins or has appointment-only stores. You can schedule an appointment or test drive on the car details page of the vehicle you selected online. They require their customers to wear masks inside the store and there are designated areas for customers to stay to observe physical distancing. Also, no associate will accompany you for the test drive. What do you need to bring on your store visit?

• Valid driver’s license
• Proof of insurance (required for all vehicle sales)
• Proof of income
• Proof of residence
• Proof of phone
• Address variance (in case the address on your credit application is different from the address on your credit report)

CarMax Payment Terms. CarMax also offers auto-financing, which is a good option if you are not ready yet to pay for a car in full. They do not haggle, but they can provide offers suitable for you, or you can choose outside financing. Please know that all their offers are based on four factors: your application information, your credit history, the car that you are buying (make, model and price), and how much you can shell out for the down payment. CarMax works with leading financial companies like CarMax Auto Finance, Ally Financial, Inc., Capital One Auto Finance®, and others.

CarMax Curbside and Home Delivery. To lessen the amount of time a customer spends in the store, they had launched CarMax Curbside. They suggest using the online option in choosing a car, and applying for auto-financing, before scheduling a test drive. On the day of the appointment, you will be asked to meet at a designated parking area outside the store for the test drive. If you decide to purchase the vehicle, you can complete the paperwork inside the car, and a CarMax associate will assist you. They promote and implement physical distancing for everyone’s safety.

CarMax Delivers. CarMax has a home delivery option, and this is available within a 60-mile radius of the store in select areas. You may contact a store near you to check if they do this option. Delivery fees may apply.

CarMax Returns and Warranties. In terms of the warranty, CarMax offers a 90-day or 4,000 miles limited warranty (whichever comes first). Other than that, they offer optional MaxCare Extended Service plans as well. It covers 24/7 roadside assistance within the US and Canada, you can also have rental reimbursements, and discount deductibles. Please note that MaxCare Extended Plans are only available at the time you bought the car. You may cancel it anytime in which you can be eligible for refunds, or you can also be charged a cancellation fee depending on the plan that you have. MaxCare plans are transferrable. You can check their website to know what's covered.

CarMax has a 7-day return policy. For whatever reason you returned the car, they can give you a full refund, or you may transfer your down payment to another CarMax vehicle. If you return the car after 7 days, you will no longer be eligible for the refund, but you can always sell to CarMax to recover a portion of the initial cost.

CARVANA

Carvana is a used car online retailer known for its high technology car vending machines. There are a total of 24 car vending machines that you can find across the US, and they have 15,000 wide selection of vehicles. Carvana designed their business in a way that is beneficial to customers, so they can conveniently buy, trade-in, or sell a car through their website without going to a physical store. You can choose to have the car delivered to you, or you can pick it up from the nearest Carvana vending machine if it is available in your area. Some people would like to experience dropping the commemorative oversized Carvana coin into the vending machine, and watch their vehicle go down from the glass tower. Others are happy having the car delivered at their doorstep. Carvana sells mostly low-mileage vehicles that passed its 150-point inspection, and they will also give you a free CarFax history report. Once you have decided to purchase a car, their website will ask you to create an account to begin the buying process. It will also ask you to submit the documents online such as:

• Copy of driver’s license
• Social Security number
• Proof of insurance
• Proof of income
• Bank account details
• Title and registration of the vehicle (for trade-ins or selling)

Carvana’s financing offer. Their used car prices are non-negotiable and seem in compliance with the Kelley Blue Book. The good thing with Carvana is they do not have a minimum credit score requirement to be approved. You can get financing offers by a soft credit inquiry that will not hurt your credit score, and you must make at least $833/month with no current bankruptcies to pass. You must also be at least 18 years of age. If you have an excellent credit score, they can offer you financing loans with low-interest rates, whereas its vice versa for the not so good credit scores. Their maximum loan term is 72 months. You can also pay by cash or use an outside lending financer if preferred.

Carvana’s Touchless Delivery. Carvana also adheres to CDC strict health measures, and they implemented the touchless delivery system. Once you bought your desired vehicle, Carvana will come to your location to complete the buying process. They will bring the car to your home, using a hauler so you can be sure it is safe and the mileage won’t run. Once they arrived in your location, they will have the vehicle parked outside, have it sanitized, then they will call you so that you can inspect the car. Documents are also inside it in case you pushed through on buying the vehicle. The customer advocate stays at the hauler, and you may call them for questions. After you have accomplished the paperwork, you can leave it in someplace safe, so the advocate can securely pick it.

Carvana Warranty and Returns. Every buyer will have a complimentary Limited Warranty from Carvana that is valid for 100 days or 4,189 miles, whichever comes first. Once it expires, you can choose to avail of their Carvana Care plans. It is only available for select vehicles and can only be purchased after the 7-day money-back guarantee period. You can check their website for coverage and details.

Carvana’s return policy is also similar to CarMax. If you decide to return the car within 7 days, they will set the pickup details and have you refunded the full cost of the vehicle excluded shipping and delivery fees, if any.

SELLING USED CARS

CARMAX

You are probably googling, CarMax sell car, as you may have heard some good reviews for selling a vehicle conveniently to CarMax. CarMax promises an easy and quick transaction in selling or trading your used cars. You can go to their store and get a free, no-obligation appraisal. The offer will stand for seven days. You do not even need to buy a car from them to sell your vehicle. You can bring your title with you, pay off details, and your registration. You can also visit their website so you can check if you can walk-in to their nearest store or need to schedule an appointment. There is also an option on their website, where you can select your state, and they will tell you what requirements you need to bring in selling your car.

For on-site appraisal, they also do CarMax Curbside, which is available in select locations to follow CDC standards. They make sure that social distancing is observed with your appraiser. They will also test drive your vehicle. If you accept the offer, all you have to do is to submit the requirements needed, sign some paperwork then they will pay you a bank draft on the spot.

If in case you still have a lien on your car, they will communicate with your lienholder and set up a pay-off. They usually calculate the difference between the offer and the pay-off so you can pay CarMax directly. CarMax stores mostly accept cash and debit cards. You can only pay using a personal check if you owe less than $250. CarMax Buying Centers which are located in a few states can accept a certified or cashier’s check, and certified funds only.

CARVANA

Carvana introduced a convenient way of buying and selling cars in the US. It offers a car buying and selling experience for today’s modern world. You can buy, trade-in, or sell a car online, anytime, from anywhere and have it delivered or picked up at your doorstep. You can sell a vehicle to Carvana without buying from them, but they are surely glad to accept trade-ins as well. You can get an appraisal online within 2 minutes. It is required for you to provide your car details and documents online like, pictures of your car title (includes front, back, and all four corners), driver’s license, and a photo of the odometer reading. If you have a lien, you will be asked to include a photo of a 10-day pay off statement and registration card. You have to be honest about your car flaws as they will run a Vehicle History Report using your VIN (Vehicle Identification Number.)

The offer that you will receive online will only stand for seven days. They will send you a link to set-up an appointment for an actual visit. They will appraise your vehicle based on the information you sent and will take it for a test drive. You will then be asked to sign some documents, and they will pay you a check on the spot. If you owe on your car, they will give you a pre-printed check for the difference between your offer and the amount owed. You may also read our previous blog , Is Carvana a good way to sell my car? to learn more about selling your car to Carvana.

CONCLUSION

Both of these two large car retailers, offer hassle-free services and provides convenience in buying, trading-in, or selling used cars. Though they both have different processes, they surely want to make it an easy and effortless experience for their customers. If you are selling or buying a car, you can check these companies or any other car dealers and see which caters better to your needs before making a decision. Another tip would be, asking a feedback from relatives and friends who may have any experience with them or do some research online about CarMax or Carvana selling experience or buying reviews.

Selling Your Car? We are your best choice!

Sell My Car In Chicago with Enrique for Cash buys used running vehicles and one of the high paying car buyers in Chicago market. We will make the selling process easier for you. Just follow these simple steps:

GET QUOTE
You may get a free quote online or by calling us at (224) 236-7010. We will then reach out to you by phone and make an offer and set an appointment to verify your car details.
GET PAID.
We check your car and verify the information that you sent. Once verified, we will then pay you by cash!
GET TOWED.
You do not need to bring your car to us. We will take it from your location.