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Dealer buyback program

Discussion in 'Dealers & Pricing' started by slipperytoast, Sep 11, 2006.

  1. slipperytoast

    slipperytoast Junior Member

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    Brooklyn, NY
    Vehicle:
    2005 Prius
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    Just received a letter from my dealer, Bay Ridge Toyota in Brooklyn NY, telling me that I've been select to participate in a special buyback program for trading in my old vehicle for a new one with incentives. The timing of this couldn't be better as I've been thinking about trading in my '05 Silver #6 for a '07 Silver #7 (same options package as '05 #6). So I call them up and basically they want me to come in with the car and after they do an inspection and it passes, I can trade it in and keep the same monthly payment (I financed my '05 with Toyota with a 4.6% APR 60 month loan).

    What does the PC community think? Has anyone else received similar offers from their dealers, do you think it's a good deal, should I do it?
     
    #1 slipperytoast, Sep 11, 2006
  2. Ari

    Ari New Member

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    I get letters like that once in a while. I don't think it's a good idea because I tend to keep a car for at least 10 years and drive it until the wheels fall off.

    I'll bet they don't really have a 'special' deal just for you. All they're trying to do is get you to trade in your current vehicle and upgrade. Remember that the greatest loss in value happens soon after you purchase a vehicle, so even if your new payment is the same, your level of debt will probably go up.

    If you're thinking of trading in your car anyway, you might as well put in a few phone calls to other dealers - chances are you'll get a better deal that way once you have some more information on your side.

    My $0.02
     
    #2 Ari, Sep 11, 2006
  3. galaxee

    galaxee mostly benevolent

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    be wary when they speak only in terms of the monthly payment...
     
    #3 galaxee, Sep 11, 2006
  4. paprius4030

    paprius4030 My first Prius

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    Actually the Prius holds it's value so well it's possible to do this if you have a dealer that has a go get it attitude. I did it last year trading my 04 on a 05 and actually went down oin payment because I put more money down. Last year they paid me Kelly blue book for trade in. This year I tried to see if I could do the same thing but got a new salesman and a manager that was afraid to show is\his face LOL. Tehy would only give me 2K below Kelly blue book so it wouldn't work. By my calculations if they gave me kelly blue book the math would have worked out that my payment would stay the same.
     
    #4 paprius4030, Sep 11, 2006
  5. moolman

    moolman Member

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    Bottomline.... they are a business...on top of that they are carsalesmen...

    If you think they are doing it out of the bottom of their hearts.. think again.

    They are making money off the deal, that's why they are willing to do it.

    When you trade in a car, you pay more money overall because even if you're monthly payment stays the same, you'll pay it for a long time.

    What it comes down to is that you end up paying more money.

    Trading in cars every year, even the prius costs you money, even if you think there's only a little depreciation.
     
    #5 moolman, Sep 12, 2006
  6. slipperytoast

    slipperytoast Junior Member

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    <div class='quotetop'>QUOTE(Ari @ Sep 11 2006, 08:23 PM) [snapback]318062[/snapback]</div>
    I didn't think it was a deal just for me either, but the urge to relive the days when I first got the car is strong and come to think of it blinding my common sense. Financially it's not a good deal even if I could keep the same payment as I'd be making many more payments. Plus I've made several mods that has made my prius much more valuable that the dealer will probably not care about, the BT stiff plate, Pioneer subwoofer in the trunk, ipod connector... think I'll keep the car for a while, unless Toyota came out with an adjustable seat-height model with moon roof and third generation Synergy Drive that gets 100MPG, then all bets are off.
     
    #6 slipperytoast, Sep 12, 2006
  7. dvdirv

    dvdirv Member

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    Location:
    Atlanta, GA
    Vehicle:
    2012 Prius
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    III
    I bought my '05 Prius in April, 2005 and paid $23,500. In June of this year, I traded it in for an '06 Prius and received $22,000 in trade credit.

    Add in the tax credit plus the trade-in and it's a no-brainer! :)
     
    #7 dvdirv, Sep 22, 2006
  8. Paul R. Haller

    Paul R. Haller Member

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    10 years is not driving it until the wheels fall off! Try 43 years for a VW bug with 987,000. My other car is an 86 toyota pick up with 370,000. Prius hold their value well. I have 2 of them. An 05 and an 06. The 05 is being traded this weekend on a touring 07 and I got exactly what I paid for her and I drove it for 2 years.
    -Paul R. Haller- :rolleyes:
     
    #8 Paul R. Haller, Sep 23, 2006
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