Used car giant CarMax has begun rolling back its famous 30-day satisfaction guarantee.
The decision, reports Automotive News, “goes into effect May 12. CarMax will honor its 30-day refund guarantee for all vehicles purchased on or before May 11.”
CarMax launched the return policy, which let buyers unwind a deal within 30 days or before they had put 1,500 miles on their new car, in 2021. The change came thanks to the COVID-19 pandemic when more purchasers were buying cars online in fully touchless transactions.
Related: Can You Return A Car You Just Bought?
The company saw fourth-quarter revenue fall 1.7% in 2023, coinciding with a gradual drop in used car prices.
In a call with investors to discuss the company’s fourth-quarter financial results, CarMax President and CEO Bill Nash said some buyers had abused the policy. “A lot of our customers take advantage of it well before the 30 days,” he said. “You get past the 10; some people are just working the system.”
Rival Carvana offers a 7-day return policy.
