Finally, I might have some good news for those looking to buy used cars. Unfortunately, CarMax has been facing declining sales. As a result, it’s decided to slash prices on used options to get the company back on track. 

CarMax cuts prices for used cars 

Prices for new trucks and SUVs have been out of control for years. Now, CarMax wants to return to its former glory by slashing prices on used cars to help drivers out. 

The company plants targeted price cuts with discounts that vary across inventory levels instead of a uniform decrease. That means some dealerships with more models than others could have bigger price cuts. 

According to CBT News, this decision has been made after the company faced another year of declining sales. Third-quarter fiscal 2026 data represent a year-over-year sales decline of 6.9%. Plus, earnings are down by 50.4%, and used vehicle sales dropped by 8%. 

Used-vehicle sales came to about 169,557 models as the average selling price increased to $26,383. However, the average price of a new vehicle hovers around $50,000. 

Former CEO Bill Nash stepped down on November 6 after leading CarMax since 2016. Now David McCreight serves as interim president and CEO. 

The immediate goal is to improve sales growth. Plus, a marketing investment will help the company communicate value and attract drivers. Reversing declining unit sales while better aligning prices with consumer expectations could dig them out of the hole. 

Competitive pricing and stronger marketing will hopefully restore CarMax as a popular place for used cars. Hopefully, the discounts will provide relief in this wild economy.