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Give it to me straight, did I overpay?

Discussion in 'Dealers & Pricing' started by LuckyName, Jul 25, 2015.

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  1. LuckyName

    LuckyName Junior Member

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    I wish I had found this forum before I went out and bought my car this month. I went in not knowing much about cars. I decided not to buy new because everybody I know has always advised against it, "buy used for a cheaper option," "buying new loses value as soon as you drive out the parking lot," etc.

    I bought a 2014 Prius Two for $17,988.00 with 29,000 miles. According to the vehicle report, the car was manufactured in February 2014 and only had 1 owner (rental car). Everything checked out fine.

    Toyota Prius Two - $17,988.00
    Document Fee - $80.00
    Sales Tax - $1,626.12
    Transfer Charge - $29.00
    Vehicle Service Agreement - $2,195.00
    Official Fees - $201.00

    Total: $22,127.13

    I was given three options for the payment plans, 36 months, 48 months, or 60 months. The first two were with a 0% interest rate and the 60 months was with a 2.9% interest rate. I chose the latter, just to be safe.

    The final total for the car (financed) came out to $23,823.60

    I've read post after post, thread after thread on here and have read that you can get like $5,000 off MSRP with 0% interest rate on 60 months. That would have made the car $20,250, which is only a $2,262 difference from the 2014. I could have then received 0% interest rate at 60 months for the new car, which would have saved me $1,696.47. That would mean that it would have been like $566 for the new 2015.

    This is all assuming that people can get $5,000 off the car. I'm just going by what others have said on here. I also just found out I could have gotten a $750.00 rebate through the Toyota College Graduate Finance Program. I wish I had known about this but of course, it was never brought up by the salesperson. All he did was throw in a set of new floor mats, he said it was his "present" to me for my first car purchase. I was expecting to get somewhat screwed over since it's my first car. But it sucks reading through these posts knowing I might have overpaid. There's nothing I could do now but I'd like to know your guy's opinions since you're all obviously more knowledgable when it comes down to this.
     
    #1 LuckyName, Jul 25, 2015
  2. bisco

    bisco cookie crumbler

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    congrats and welcome! what is the vehicle service agreement? i think you got a decent price, why look back? all the best.(y)
     
    #2 bisco, Jul 25, 2015
  3. Patrick Wong

    Patrick Wong DIY Enthusiast

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    Too late to ask after you've already executed the transaction - unless you have the opportunity to cancel the vehicle service agreement and get that $2.2K refunded. In general though, you probably would have done better buying a 2015 as many Toyota dealers have been offering significant discounts off MSRP, in the $5K range as you stated.
     
    #3 Patrick Wong, Jul 25, 2015
  4. RRxing

    RRxing Senior Member

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    Don't know what the Vehicle Service Agreement contains, but I would've skipped it and saved $2195. Then again, since you "don't know much about cars", it was probably a good choice on your part to take it.

    Enjoy the ride!
     
    #4 RRxing, Jul 25, 2015
  5. JC91006

    JC91006 Senior Member

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    Yes you did over pay, compared to what others are paying for a new 2015. Especially with all those fees and service agreement added. This car only need oil changes up to 100k miles, $2100 will pay for a lifetime of oil changes.

    The discounts on New are much higher than they normally are. I think everybody I know advises against buying a rental car
     
    #5 JC91006, Jul 25, 2015
  6. LuckyName

    LuckyName Junior Member

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    @bisco and @RRxing I think it's Toyota's platinum protection plan.

    @Patrick Wong Wong yeah, it's too late now. It was bought earlier this month.

    @JC91006 Yeah, after reading through this website, I figured I overpaid. Oh well, lesson learned. And at least I'll have more experience when it comes down to my future cars.
     
    #6 LuckyName, Jul 25, 2015
  7. bisco

    bisco cookie crumbler

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    we all learn the hard way one time or another. let it work to your advantage down the road.;)

    my future daughter in law bought a used infinity because she fell in love with the look. piece of carp. didn't want to ask any advice, just went out and bought one. lesson learned hopefully.
     
    #7 bisco, Jul 25, 2015
  8. Patrick Wong

    Patrick Wong DIY Enthusiast

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    #8 Patrick Wong, Jul 25, 2015
    bisco likes this.
  9. bisco

    bisco cookie crumbler

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    doesn't everyone?:p
     
    #9 bisco, Jul 25, 2015
  10. milkman44

    milkman44 Active Member

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    The only thing I see that you overpaid on is the service agreement. When I bought the used '10 Prius, they tried to sell me the service agreement, when I declined, they said if I took it and decided I didn't want it, I had a period that I could cancel and get a refund. If it were me, I'd be looking into that option, you have an almost new car that is already covered under warranty.
     
    #10 milkman44, Jul 25, 2015
  11. Beachbummm

    Beachbummm Senior Member

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    buying a used rental car is like marring a hooker, its used and abused before you get it and you're stuck with payments..
    $2195 for service contracts is a huge rip off for a car that needs little to no work up to 200,000 miles..
    live and learn I guess, its only money and its already spent.
     
    #11 Beachbummm, Jul 25, 2015
  12. LuckyName

    LuckyName Junior Member

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    @Beachbummm and @milkman44

    The salesperson told me that their platinum protection plan would cover things that are not covered under warranty. If I remember correctly, he also said it's extended after the warranty. Did he lie?
     
    #12 LuckyName, Jul 25, 2015
  13. cipsaz187

    cipsaz187 Member

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    I also overpaid for my prius. Should have had bought new in the first place. I also purchased the extended warranty. Next time only new and zero down.

    At that time I didn't realize that Prius options were sort of on the low end and purchased the Four. Turns out the solar performance is not good, leather is ok, no grid lines on the backup cam, nav is outdated, entune is also useless. The Prius basic would have been the best for me IMO.
     
    #13 cipsaz187, Jul 25, 2015
    Last edited: Jul 25, 2015
    Priusguy78213 likes this.
  14. fotomoto

    fotomoto Senior Member

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    In Texas, you have 30 days to cancel an extended warranty for a full refund.
     
    #14 fotomoto, Jul 25, 2015
  15. Blizzard_Persona

    Blizzard_Persona Senior Member

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    You tell us. Post here what's included in your platinum plan and then we can then tell you what's up. You do have a written contract for it right?
     
    #15 Blizzard_Persona, Jul 25, 2015
  16. Beachbummm

    Beachbummm Senior Member

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    salesmen never lie they only want whats best for the customer and don't care about the commission :cool:
     
    #16 Beachbummm, Jul 25, 2015
  17. mikefocke

    mikefocke Prius v Three 2012, Avalon 2011

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    And dealers only sell you things that are good for you.

    (Extended warranties generally pay out around 30-40% in repairs of all the money you pay per Consumer Reports. If you can't live without that security blanket, at least read the contract (not the sales brochure) carefully and understand what isn't covered. I'd rather have the money in the bank.)
     
    #17 mikefocke, Jul 25, 2015
  18. LuckyName

    LuckyName Junior Member

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    @Blizzard_Persona

    I was given this brochure...

    EDIT: I can't post a link. I guess I have to be registered for at least a day before posting a link? If you're able to google "Toyota certified platinum" it's the first link. The one that says "the Toyota Certified Platinum VSA. Provides protection for"

    and my Vehicle Service Agreement Application says....

    Agreement Type: Certified Used Plan
    Deductible: $0.00
    Coverage Level: Toyota Certified Platinum
    Agreement Effective Date: 02/11/2014 (This is the manufactured date)
    Years: 7
    Miles: 100,000
    Agreement Purchase Price: $2,195.00

    The page after the application says "All manufacturer - original equipment parts installed by the manufacturer or your selling dealer are covered under this agreement for mechanical failure, unless otherwise excluded"
     
    #18 LuckyName, Jul 25, 2015
  19. LuckyName

    LuckyName Junior Member

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    @fotomoto You're right. I'm looking at the fine print and it states I can cancel within 30 days. if it's past 30 days and I have made payments, i'll get pro-rated.
     
    #19 LuckyName, Jul 25, 2015
  20. Blizzard_Persona

    Blizzard_Persona Senior Member

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    I have canceled a rim warranty in the past and got pro rated return as well.

    I'd say get your money back..
     
    #20 Blizzard_Persona, Jul 25, 2015
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