CarMax has rolled out its new “Love Your Car Guarantee” policy this week, extending the company’s seven-day vehicle return policy to 30 days.
CarMax, which is the nation’s largest used car retailer, previously had a seven-day money back guarantee on all vehicle purchases. With the implementation of the new policy, customers will have up to 30 days to decide if a vehicle is the right for them and will be entitled to receive a full refund on the vehicle after driving it up to 1,500 miles.
The new policy also allows customers to test drive a vehicle for up to 24 hours. According to CarMax’s own internal consumer research, 96 percent of used car shoppers said they would be likely to take advantage of test driving a vehicle for 24 hours if they had the option to do so. Furthermore, 63 percent of used car shoppers said they would need more than 7 days to feel confident they were making the right vehicle purchase.
“We never stop innovating on behalf of our customers,” CarMax CEO Bill Nash said in a prepared statement. “The Love Your Car Guarantee sets a new standard in the industry by providing customers an unrivaled opportunity to truly fall in love with their car. We know buying a car is a big decision that has a significant impact on your family, and customers are telling us they are loving the Guarantee already.”
The company says this offer is the first of its kind in the automotive industry and serves as proof of how CarMax “will continue to set the trend of the future of automotive retail,” landscape. Other used car retailers like Carvana have seven-day return policies on their vehicles and mileage limits of 400 miles or less. With this move, CarMax is looking to set itself apart from the competition and solidify its dominant position in the marketplace.