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Monday, October 5

Carmax Says I'm Upside-Down on the Bimmer

Trying to be a good miser, I took the Bimmer to Carmax. Their pervasive "we'll buy your car whether or not you buy ours" convinced me to make the 70 mile round-trip.

I should have saved my gas:
  • I owe $39,185 on the car
  • I was offered $30,000 to sell it
Ouch. It has just 8,000 miles on it, and is in mint condition. I knew I would be upside-down, but was really hoping to fetch $35,000-$36,000 for it, write a check for the balance and be out from under it.

So, my quest continues to eliminate this $800 monthly expense. One suggestion the appraiser gave was for me to try again in the spring. It's a convertible and the market will be hungrier for one when the weather heats up. Ideas?

1 comment:

  1. If you can afford to pay for it till spring and not put too many miles on it, I agree with Carmax, wait till spring, if not and your looking at a repo, sell now and suffer your loses.