I probably could have sold the car for more, so why didn't I do it? Mostly out of convenience: In about an hour I walked out with a check (they called it a bank draft, but it looked like a check to me and I had to take it to my bank to deposit it). I don't have to worry about them calling me back to say it wasn't what they expected. I also don't have to advertise the car, let various people test drive it, or deal with someone after the sale.
As soon as I began thinking about selling the car I started doing my homework. First, I began "watching" ebay auctions to find out what people were paying for the car. Several years ago I had a good experience selling a Toyota Camry on ebay so at first this was going to be the default method I wanted to use. After checking out auctions for a few weeks, I was really disappointed with the final selling price of the cars - most didn't even sell because the car didn't meet the minimum reserve. I also was hesitant since I might end up dealing with an out of state buyer - what if they changed their mind after submitting the winning bid or after seeing the car in person? Then there was the fee I would have to pay to ebay.
I also thought about using Craigslist or the classifieds. Truth be told, I am sure I could have made a little more selling this way. But I didn't want to deal with the drama. It takes a lot of effort to sell a car to another individual.
I ultimately decided that if CARMAX offered me as much as or more than what I valued my car on "the books" (Quicken) I would do it. Based on the mileage formula I've been reporting every month on this blog, I valued my car at $7,601.20. When I was offered $8,000 with no strings attached, it took me about five minutes to say yes.