CARMAX DISASTER - Collapse Of The Car Market
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Published 2024-05-14
In their latest earnings call, Carmax's stock price TANKED, and for a good reason! 📉
Here's what you'll learn in this video:
Carmax's Shocking Decline: Their annual net income for 2022 was $1.15 billion, but by 2023, it plummeted to $0.485 billion – a 57% decline! 😱
The No-Haggle Dilemma: Carmax's fixed-price policy is backfiring big time. Discover why their no-negotiation strategy is driving away customers.
Overpriced Inventory: We'll cross-shop Carmax's listings like the Toyota Tacoma, Subaru Forester, and Tesla Model Y against other sellers to show just how overpriced Carmax's cars are. 🚗💰
Decreasing Vehicle Purchases: Carmax's purchase of vehicles from consumers dropped by 11%. See how this decline is part of a bigger trend that's hurting their business.
Rising Interest Rates: Learn how skyrocketing interest rates and increasing used car prices are making consumers hold onto their cars longer, avoiding Carmax's high prices.
Dealers Dumping Inventory: Discover the surprising increase in dealers offloading their cars to Carmax and what it means for the market.
Stagnant New Car Sales: New cars are languishing on dealer lots. We'll explore how this slowdown is creating a buyers' market for savvy shoppers.
📈 Don't miss out on these crucial insights and tips to navigate the current car market! If you're in the market for a new vehicle, this video is a MUST-WATCH to avoid overpaying and to make smarter buying decisions.
Smash that like button, subscribe, and turn on the notification bell! Check out these ideal vids right here! I'm Brad, this is Ideal, and promise me one thing: watch till the end to arm yourself with the knowledge to WIN as a car buyer! 🚗🔧💪
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All Comments (21)
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Learn To NEGOTIATE Like A Pro For FREE! bit.ly/FREEICSWORKSHOP What do you think of the Carmax disaster?
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Man carmax is wild on prices. I recently purchased a car for my daughter. Every comparable car was nearly 5k more there.
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Collapse? The used vehicle i was looking at went up 2k last week. Still waiting on the big Collapse.
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It goes to show, shop for the best car for you, then research prices before you test drive. Shiny cars can make for an emotional buy. This vid helps!
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these prices are ABSURD!!!! Consumers need to band together to solve this problem. No tacoma should EVER be over 40k…ever
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This is nothing new. In 2009, when the economy was collapsing, I was shopping for a specific model. Not super-rare, but uncommon. Carmax had a 2008 with typical mileage for a year old car. I ended up buying a new one from a dealer - a 2009 with ~0 miles - for $1000 less than the used one at Carmax.
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Just picked up a 3 year old, fully loaded wrangler 4 door rubicon with low mileage for 1500 under the lowest blue book value in very good condition. At Carmax. Couldn't believe it.
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Nothing is going to change. They arent going to budge. Higher prices sell fewer cars same profit. Just like the fast food industry, fewer patrons but higher prices = the same or higher prices.
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Sounds like Saturn's problem from the past
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More Carmax videos please 😂
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I was going to buy new but the dealer couldn't get me the options I wanted on a model that was being discontinued, plus they wanted to charge me like $2300 for some paint and fabric "protection" bs. So I found a nice used one at Carmax. They only charged me $100 to ship the car in from another location 400+ miles away for a test drive. I did have to pay over market price but none of these bs added on fees like you get from the dealer. I'm very happy with the vehicle but there were two things that kind of ticked me off. First off they didn't disclose that the vehicle was a "business" owned vehicle until I was signing the papers... and they lied about doing a oil change because when I got home and checked the oil it was a quart and a half overfilled and dirty.
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Glad you looked into this. I have been pointing out the dealer/reg/CarMax flip scheme for a while. I'm not sure who is getting rich off this, but the consumers and CarMax lose in the end.
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Oh no, they're down 3.4% YTD. Totally tanked 🙄
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Incredibly arrogant dealership
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Once I went to carmax and I seen they selling Hyundai accent 2013 with 122k miles for 13k I never been in their lot
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Bought my Chevy bolt with 20k miles from Hertz for 18k out the door. CarMax had the same model with 15k miles for 26k not including fees and tax.
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Price aside, I feel like there is something to be said for a car company that has true no haggle, people that don’t walk up and try to sell you crap, and no BS fees. Most cars at stealerships are going to do some BS market adjustment, a 799 doc fee, and then put window tint and edge guards for 2999.
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Too High 😢😢
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Greed and due to collusion from Manufacturers, Banks, and Dealerships made this possible.
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They will have to readjust they pricing to get more people to buy and better rates
