RICHMOND, Va., Jul 20, 2009 (BUSINESS WIRE) -- Americans see mileage
as the main factor when it comes to causing a car's value to depreciate,
according to an online survey conducted for CarMax, Inc. (NYSE:KMX), the
nation's largest retailer of used
cars. Frame damage and not keeping up with regular maintenance were
other major factors, according to the survey. Additionally, women were
more likely than men to say failing to keep up with regular maintenance
leads to vehicle depreciation.
CarMax's
car buying team members agree that mileage is one of the biggest
causes of vehicle depreciation, but regular car maintenance can
significantly lessen the depreciation. When it comes time to trade-in or
sell a vehicle, consumers should consider getting an appraisal from a
retailer like CarMax that provides free
appraisals. CarMax will buy any vehicle, even if the vehicle
doesn't meet CarMax retail sale standards, without requiring a separate
purchase.
"Customers can be confused by the various factors that can cause
depreciation of a vehicle. Obtaining a thorough appraisal is an
important piece of information when deciding what to do with your car,"
said Andy Leeper, purchasing manager at the Las Vegas, Nevada CarMax
location. "Selling a car to CarMax is convenient. The appraisal is a
written offer that is good for seven days. It's fast, free and easy."
The following are the results of the recent poll that asked adults to
answer the following question: What is the biggest depreciation factor
of a car's value?
|
|
|
|
|
Cause of Depreciation
|
|
Percent
|
|
Vehicle Mileage
|
|
33%
|
|
Accident or Frame Damage
|
|
24%
|
|
Keeping Up with Regular Maintenance
|
|
22%
|
|
Current Market Data
|
|
12%
|
|
Flood Damage
|
|
7%
|
|
Title Issues
|
|
2%
|
CarMax will buy any car, whether or the not the seller purchases a CarMax
vehicle. Since opening its first store in 1993, CarMax's nearly 900
nationwide car buying team members have appraised more than 11 million
cars.
The survey was conducted by Ipsos Public Affairs on behalf of CarMax.
The national sample consisted of more than 1,000 U.S. adults who were
interviewed online June 11 through June 15, 2009.
About CarMax
CarMax, a Fortune 500 company, and one of the Fortune 2009 "100 Best Companies to Work For," is the nation's largest
retailer of used cars. Headquartered in Richmond, Va., we currently
operate 100 used car superstores in 46 markets. The CarMax consumer
offer is structured around four customer benefits: low, no-haggle
prices; a broad selection; high quality vehicles; and customer-friendly
service. During the twelve months ended February 28, 2009, the company
retailed 345,465 used vehicles and sold 194,081 wholesale vehicles at
our in-store auctions. For more information, access the CarMax website
at http://www.carmax.com.
SOURCE: CarMax, Inc.
CarMax, Inc.
Trina Lee
Director, Public Relations
804-747-0422, ext. 4197
or
Elia Imler
Assistant Manager, Public Relations
804-747-0422, ext. 4029