2011 Ford Mustang GT: Lowballed
June 13, 2012
Our 2011 Ford Mustang has enjoyed an extended stay in our fleet (it's almost been a year and a half), but now it's time to go. It's our tradition to take our vehicles to Carmax, so we can establish a baseline price and determine our next course of action. For those of you who say we always get extraordinarily high offers from Carmax, here's the proof that we don't.
Carmax offered us $23,000. This is about a 34 percent depreciation from the $34,718 we paid for the Mustang some time ago. The appraiser personally was pretty high on the car. And aside from a minor dent in the fender (which she said would not impact the offer), it received "good condition" marks in every category. But I don't think Carmax considered all the options we have on our car -- the Brembo brake package being the most notable omission. But there was no sense in my pleading the case at Carmax. These offers are no-haggle and non-negotiable.
I then called Trade-In Solutions, which says it can give a second opinion on a Carmax offer and will make an attempt to beat Carmax's price. The appraiser at Trade-In Solutions said that the market for used Mustangs is slow now. "People looking to buy a 2011 Mustang are more likely to lease a new one, since they can't afford to buy it outright," he said. He was able to top the Carmax offer by $400, but it was nowhere near where we wanted it to be. According to Edmunds trade-in TMV, the offer from Carmax should have been closer to $26,087.
This means we're going to have to sell this pony on our own. Even if we only manage to get $25,000 for the car, it would be a huge improvement over the Carmax price.
What do you think? Did Carmax offer us a fair price or lowball?
-Ron Montoya, Consumer Advice Editor @ 23,668 miles.