2007 Dodge Charger SRT8: Carmax Offers the Minimum
by Mike Schmidt, Vehicle Testing Manager on July 19, 2016
With our test of the 2007 Dodge Charger SRT8 drawing to a close, we took a look at the used car market to determine an asking price.
Here's what we found.
The first step was to plug the Charger into the Edmunds TMV Calculator. A private party value of $16,187 seemed promising for our 80,000-mile SRT8. And a scan of comparable cars for sale supported this figure. Asking prices ranged from $15.5k to $20k.
But before we sell anything on the open market, we like to visit Carmax for a quote. The process is simple. In 30 minutes, we have an offer in hand and it's good for a week. Sometimes the offer is strong enough that we end up taking it.
In this case, we had three things working against us. First, high mileage, at least by Carmax standards. This was the most obvious handicap. Second, the long-ago model year. The earliest year in the Carmax online inventory is currently 2005, so our Charger wasn't far from being disqualified. The third obstacle, however, was something of a surprise: Problem history.
A conversation with our Carmax agent shed some light. Models with a history of mechanical issues are red-flagged. If there are enough known concerns, Carmax figures that even its standard used-car warranty risks losing money, let alone the available MaxCare extended coverage. Instead, these cars get auctioned off, which of course lowers the price Carmax is willing to pay. Our agent cited older Range Rovers as a catalyst for this policy. (Thanks, Doug DeMuro. -Ed.)
The Charger qualified for the less desirable auction route, though the agent could not tell us the specific problem areas that sealed its fate. Not surprisingly, the offer came in well below TMV at just $11,000. We're thinking it's worth our time to test the market. Stay tuned.
Mike Schmidt, Vehicle Testing Manager @ 80,206 miles