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My local Ford dealer is hosting a buy-back program this month

8K views 25 replies 17 participants last post by  Rogerschro 
#1 ·
I didn't expect to get an email, which starts with "We're interested in your 2012 Ford...".

They say there is a demand for people selling used cars due to limited stock. The letter also says I would get "top dollar" for a trade-in to buy a new vehicle.

I've had my 2012 Focus for one year and adore it, but owe a bit of money on it. Getting a new car, with comparable features, would mean adding to the debt significantly - the only other option would be to get a Fiesta instead, but I prefer the Focus...

Has anyone gone through these buy-back programs? If so, what's your experience on them? Or what are your thoughts on this type of program?

Thanks!
 
#2 ·
Its not really a program per se - you are trading in your car for a new one. Thats it. I dont think there is any difference other than the fancy name. Its a win/win for the dealer - the customer typically loses money on the trade-in and the dealer sells them a new car.

Unless you are really unhappy with your current car, or will make money on trading it in (most people dont), then I wouldnt do it. Just my opinion.
 
#3 ·
When I traded in my 03 dakota (in 2006) they were saying the same thing, and I ended up getting alot out of my truck, I had positive equity in it.

Give it a shot, you may be surprised.
 
#9 ·
Yep, it's a scam. They use the email to make you feel like you're special and try to hide the truth in the numbers.

I got a postcard in the mail from the local Honda dealer, saying they wanted my wife's '08 Taurus and would give us top dollar (>$1,000 over KBB value). Even had the approximate mileage of our car on our postcard. Must have gotten our info from KBB or NADA when I went online to value the car. When I took it in for an evaluation, sure enough they confirmed they'd give me top dollar, but it ended up they also wanted to rape me on the new vehicle purchase. Took a while to get to it since at first all they'd talk was monthly payments.

Can't hurt to talk to them, but be ready to walk at the first sniff of foul play.
 
#5 ·
We traded in a 2011 Kia Sorento on our 2012 Focus. We were given more than we owe on it and there was no special program going on. The Focus was a used vehicle. The difference between what we owed on the Kia and what they gave us for it covered in full the Premium Care extended warranty.
 
#11 ·
That's the best way to do it. Buying it new means you know who's driven it and where it's been, but depreciation is a killer. But the extra warranty coverage is one I would always do... [cool]

just go up and talk to them, it can't hurt:) just don't sign anything lol!
Hehe. Agreed.

Based on the consensus of responses, I won't fall for it. I love my '12 and want to not dig deeper into "new car debt".
 
#7 ·
It can't ever hurt to inquire, but to be honest, there's probably quite a gap between the amount you owe and how much your 2012 is worth, unless you put down a significant amount of money at the time of purchase. At this point of the loan, a good chunk of the money is going to interest, so the principal is not decreasing as rapidly as it will down the road.

People get shocked when they find out 1) How little the dealer wants to give them, combined with 2) How much they still owe (if they don't keep up with the balance).

Not wanting to rain on your parade, but don't get your hopes up, and don't go backwards in your loan just to go one year newer, unless you absolutely hate what you're driving.
 
#8 ·
I was responsible, and had saved enough to put down a big enough deposit in order to secure financing, as I was a recent college graduate who needed a newer car but didn't want to take out another large loan if I could avoid it. So technically I wouldn't end up upside down, but unless I wanted to spend thousands and thousands more just to go to an ST after almost a year its just not worth it to me.

Now for the average person that's true, they may have been more concerned about $0 down and hitting a certain payment per month. I was more concerned about what I would still owe.

I couldn't have kept my old car going long enough to save enough to pay cash for the car just yet however.
 
#13 ·
Why would you ever trade a car that's is less than 3 years old??? Steepest depreciation curve. Total waste of money. If you go that route you will get taken 120% of the time and will end up driving a 35k dollar golden Focus. It's simple math really.......
Dealers offer these sovcalled buybacks to sell new cars and to make money on yours. If you fall for it, dealer is the winner. :)
 
#18 ·
Not always true.

Not to mention since we are currently in a market where more and more people can only afford used cars, their value has increased. Both to people who wish to sell them, and to dealers who have more and more people looking for used over new.
 
#15 ·
I get emails and letters from my dealer all the time, is just a gimmick. The only way to find a true deal is check Ford incentives.

Dealers are tricksters. period. Any special promotion or event that happens, if they give you an inch they take it somewhere else. Its all about rushing you into their car and pulling a fast one to compensate for the 'deal'

Keep the car

oh and I PROMISE they wont give you even near what its worth
 
#17 · (Edited)
Just because you got more than you owed doesn't make it a good deal. If it's a $20k car and you put down ten grand, just because they'll offer you 15 a year later doesn't make it a good deal. Car values drop crazy fast the first few years. You basically paid a few thousand for a one year lease.
 
#20 ·
Just because you got more than you owed doesn't make it a good deal. If it's a $20k car and you put down ten grand, just because they'll over you 15 a year later doesn't make it a good deal. Car values drop crazy fast the first few years. You basically paid a few thousand for a one year lease.
Had I done a one year lease, I would have paid about the same, so yes, you are correct. BUT, I think it was a good deal, and since it is my choice and I agreed with the terms, it is a good deal for me. Someone else may not think so but at the end, it is each of our choices we live with.
 
#22 ·
Probably because it isn't such a serious issue. It's like listening to Fox or MSNBC, too much time listening to either one and you end up with a very bad idea of what is really going on in the world.... We just read about it or experience our own issues, but it is the dealerships that really feel the pinch or any problems that arise frequently. They have a much better understanding of what is selling and how much they can ask for a given car in their region. My car never had an issue with anything on it. I happen to have Two and wanted a Hybrid for the city commutes my girlfriend does. Plus it has more room for hauling her daughter, child and stroller around. Otherwise I would not trade in the focus for it. I really like my own and will be keeping it for a long while to come. Getting tint done next week!
 
#23 ·
Before you walk in their door bright-eyed; you have GOT to do some math for yourself!

What was MSRP on your car when you got it? Cut that number in half the first two years. We just did a basic appraisal (what the salesperson is going to do before handing the keys to the used car mgr). The manager will weigh current condition and miles on your car against black book (local/nat'l auction prices) to arrive at the offered value.

You also need to find out, to-the-day, what you owe on it. Subtract the appraised value from the note's balance to see if you're carrying equity or "upside-down". If the latter; it's not an advantageous move for you. However, any equity can help boost money down in addition to and dealer incentives or mfg's "cash back".

If you can trade into a vehicle with better features for the same payment; you'll only be extending the number of years you're responsible to pay on it... but in a 'better' car. Those flyers are distributed solely to "drive foot traffic" in the door and create more oppotunities for their sales force to close deals. The same way a shop might offer you a free oil change in order to get permission to walk under your car and look for problems to fix that you may not have been aware of.

If you're tired of you current car or worried about failing equipment on your car, then neither sales/service trying to sell or fix you up is a bad thing... just educate yourself a bit before walking in!
 
#24 ·
I expect that whatever deal one might be able to make during such a "buy back event" (which is terribly misleading, should be called trade-in event) is a deal you should be able to make any day of the week. Actually, by calling it an event and putting a deadline on it, it's another pressure tactic to make the sale happen.

They are in the business of selling cars and like someone mentioned, this is a 2 for 1 for them.
 
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