Mileage is Seen as the Top Reason for a Car's Depreciation Over Accident Damage

RICHMOND, Va. July 20, 2009; 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., 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.