2014 Toyota Highlander: Sold to CarMax
April 30, 2015
We kept our 2014 Toyota Highlander roughly 13 months until it hit the 20,000-mile mark. As soon as it did, it was time for an appraisal at CarMax.
Edmunds True Market Value put the Highlander's trade-in value at $33,633. I had a good feeling that this car would get a sweet appraisal at CarMax. It's a three-row SUV from a popular automaker with a high resale value. I figured CarMax would offer us $35,000.
I was a bit too optimistic, as CarMax still offered us a respectable $34,000, almost $400 over trade-in TMV. For reference, we paid $39,704 (before tax and title) when we bought the car last year. This is a mere 14 percent depreciation and well below our 22 percent fleet average.
This impressively low depreciation number is due in part to the amazing deal we got when we bought this car. If we'd paid the sticker price of $43,427, the depreciation would've been about 21.7 percent.
A couple of days after the appraisal, we took the CarMax offer and the Highlander left our fleet. It served us well on many road trips and occasions when we needed to haul large items.
P.S. I parked the Highlander in the handicap spot for a moment to snap the photo. No need to rage on the horrible parking job in the comments.
Ronald Montoya, Consumer Advice Editor @ 20,668 miles