Web Survey Reveals the Most Stressful Aspects of Selling a Car Yourself From CarMax, Inc.

The Biggest Complaint: It Takes Too Long to Find a Buyer

RICHMOND, Va., Jan. 22 -- Consumers who sell their cars themselves face a myriad of stresses, according to a poll conducted by CarMax, Inc. , the nation's leading specialty retailer of used vehicles. A poll on the company's Web site asked, "What is the worst part of selling a vehicle yourself?" The biggest stresses were: Taking a very long time to find a buyer (31 percent); getting a lot less for the car than expected (17 percent); and going through the unpleasant negotiation process (15 percent).

           Answer                    Percentage of              Number of
                                      Respondents              Respondents
  It takes a very long time to
   find a buyer                        31 percent                 1,061

  Tend to get a lot less for
   it than expected                    17 percent                   572

  I hate the whole
   negotiation process                 15 percent                   525

  It takes a long time for the
   buyer to come to my house            8 percent                   282

  The person you sell it to
   calls with complaints                8 percent                   262

  I have to keep the car clean
   at all times                         7 percent                   252

  Buyers back out                       6 percent                   223

  Receiving phone calls late
   at night                             3 percent                   113

  Advertising ends up costing a
   lot more than I thought              3 percent                    91

  Potential buyers showing up
   unannounced                          2 percent                    72

           TOTAL                      100 percent                 3,453

"Selling a car yourself can obviously be a big hassle," said Cliff Wood, vice president of merchandising for CarMax, Inc. Mr. Wood offers the following advice to help car sellers:

  1.  Before selling a car yourself, take it to CarMax for a free appraisal
      by one of the more than 400 expertly trained buyers nationwide.  A
      CarMax appraisal includes a thorough inspection of your vehicle and an
      offer to buy your car, even if you don't buy a car from CarMax.
  2.  Set aside any sentimental value you think the car may have, and be
      objective about the car's condition, especially if you use one of the
      online services to obtain a value for your vehicle.
  3.  Remember that you paid a retail price for your vehicle, which includes
      extras like the warranty and any other fees, which will likely not be
      included in any offers you receive from potential buyers.
  4.  Take good care of your vehicle; retain your maintenance records; and
      keep the car clean.  Drive carefully and avoid accidents.  Everything
      you do to keep your vehicle in good condition will help with the value
      when you sell it.

CarMax is the nation's leading specialty retailer of used cars. Headquartered in Richmond, Va., CarMax currently operates 48 used car superstores in 22 markets. CarMax also operates 13 new car franchises, all of which are integrated or co-located with its used car superstores. During the twelve month period ended November 30, 2003, the company sold 216,230 used cars, which is 91 percent of the total 238,118 vehicles the company sold during that period. For more information, access the CarMax Web site at www.carmax.com.