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I checked the Carmax website to see what their price difference is between a 60k car and a 30k car. I'm not supporting Carmax's pricing formula, but the difference in pricing between similar cars with different mileage is a pretty good indication of how their forumla values lower-mileage cars. Because they have a "no haggle" price policy I assume they are selling at these prices in most cases.
They list a black 2000 with 36k for $24,988 and a silver 2000 with 61k for $21,988. So a 25k difference in mileage results in a $3000 difference in price. By that formula, Jim K should have paid a little less than $18,000 for his car or I should have offered a little more than $19,000 for the one I'm planning to buy. Of course, there is more to assessing the condition of a car than just mileage.
I don't know if I could purchase a 30k 2000 Boxster for $19,000. In this area, Carmax provides a "floor price" for cars in relatively good condition. The seller of the car I'm considering obtained an appraisal from Carmax prior to listing his car on Cars.com. I'm going to ask him what Carmax offered him for the car. I think it was between $20,250 and $20,500 based on some of my friends experience with Carmax. If I close the deal on Thursday, I'll ask him to show me his written offer.
In any event, I'm offering $4000 or 16% less than I would have paid at Carmax. I'm getting all the records, manuals, keys and a PPI. I may be rationalizing, but I feel comfortable with that.
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