Got a letter from a dealer that wants to buy back my car...

[captainm27]

Is this a good idea? The letter states that there is a huge demand for low mileage used cars. I bought the car in June 2008. Sedan A/T with all power options. It now has 19,000 miles on it.

Here's my financial rundown:

1. Car came to about $18,900 after taxes, title, fees, etc.

2. Put $2000 down, so I financed $16,900

3. Today I owe $10,700.

Would I get such a good deal on the car that I can go and get a 2009 model without a loss?

[JumpmanYaris]

I did 2 but i have put in so much money into it so hell no this is my 2nd letter

[tomato]

Originally Posted by captainm27

Is this a good idea? The letter states that there is a huge demand for low mileage used cars. :

That's true, there is!

But I don't quite see how you're not gonna take a loss, unless they have sales or discounts on the 2009?

You told us how much you paid for yours, and how much you still owe, but how much would a new one cost you? and what does the dealer give you for yours?


In order to do the math, we need to know the whole story

I smell a trap from the stealership, I think, but I could be wrong. Let's have all the numbers!

[IsLNdbOi]

I got a letter like this from my dealer around a year ago. Isn't that when we had the really high gas prices?

[RedRide]

Dealers send out letters like that all the time.

Buying back a car is a win, win situation for them.
Contrary to most popular opionions, a dealer will make more money on a used car than a new one.
Also if you sell them back a your car, you will most likely buy a new one from them.

In reality, they are simply trying to con you into trading in you car for a new one.

[Red Horse]

My dealer never send this kind of letter to me cause they fooled me, I got my 2008 yaris sedan a/t for $2000 down and $18,600 financed.

[captainm27]

Originally Posted by Red Horse

My dealer never send this kind of letter to me cause they fooled me, I got my 2008 yaris sedan a/t for $2000 down and $18,600 financed.

I share your pain

[sqcomp]

I dunno...I got my 07 loaded sedan S, 6 airbag system, integrated stereo, power everything for 16 flat...

I will buy from the dealer I service from, but not for a while at least. I've got to finish the sound system and run said system for a year or two at least.

[ecnal]

Originally Posted by captainm27

Is this a good idea? The letter states that there is a huge demand for low mileage used cars. I bought the car in June 2008. Sedan A/T with all power options. It now has 19,000 miles on it.

Here's my financial rundown:

1. Car came to about $18,900 after taxes, title, fees, etc.

2. Put $2000 down, so I financed $16,900

3. Today I owe $10,700.

Would I get such a good deal on the car that I can go and get a 2009 model without a loss?

Since we don't know what they're offering you, it's hard to say.

I would test 'em and write a letter back, stating that you are looking for at least $2000 more than what you owe for the car (so $12700), and since Toyota is apparently desperate for low-mileage used cars they should have zero problem in paying $12,700 for it. State to them that it is a steal for them to buy it from you at that price, that they should be so lucky to get your approval for the deal.

Have fun with it. Worst thing they'll say is 'no'. Tell them that the coffee stain on the seat is ART and is worth more than the $2000 difference, but you're willing to give them a deal.

[tomato]

art ?!!

[pennyracer]

they want to steal it back more like it like most they would not pay me what i got in mine im sure maybe you could call and see what they would offer you ? and let us all now just how low the offer really was

[Bob Dog]

I got the same pos letter about a year ago. What they want to do is pay you less than its worth, refinance the outstanding balance that is greater than what they will give you as a price for the car, and get you into a new vehicle , which is over priced, and finance it at some ridiculous rate of interest: the letter is complete and utter bullshit. Deep down you really knew that was the case didn't you?

[JumpmanYaris]

Originally Posted by echo_hrs

The dealer couldn't afford to buy mine back from me...

Cheers

Same here

[Reddog99]

It's just another marketing scheme. The object is to move money from your bank account into theirs. They make money from your used car, and they make money by selling you a new car. They can't lose!

YOU are not the one who will make out on this deal, it's them who will make out. File this letter in the same place you file all other junk mail.

[Soner]

I don't want to sound mean but...

Do you really think that you'll get a deal that will make any financial sense for you?
Do you think that your used car is worth the same amount of $$$ as a brand new 2009 car (even excluding tax, license and other fees)?

(You already paid almost $19K for your car, which in my opinion is way too much for it. You could have done much better.)

I think that they will offer you around $9-11 for your car which means around $8-10K loss on your part in about a year.

Do yourself a favor and hold on to your car as long as possible. You already got a bad deal by paying $19K for that car. That's probably why they sent you that offer in the first place.

[ern-diz]

Originally Posted by Red Horse

My dealer never send this kind of letter to me cause they fooled me, I got my 2008 yaris sedan a/t for $2000 down and $18,600 financed.

ouch...i feel for you...that's over 20k for a car that has a msrp of in and around 14k

[IsLNdbOi]

Isn't there some kind of law against this kind of scum-baggery?

[Bob Dog]

That's why there are lawyers, to push it as close to edge of the law as possible.