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Hyundai Santa Fe, "private sale", dealer buy back

chngng77chngng77 Posts: 3
I have owned a new 2009 Hyundai Santa Fe for only 6 months now. Yesterday, I received a letter from a dealer in the mail trying to get me to sell my vehicle to them as they needed to "maintain used inventories of this high selling vehicle". The letter mentioned some kind of a "private sale" which would get me another Hyundai vehicle (any model '09, '10 or '11) for "little or no out-of-pocket payment". Naturally, I am suspicious of such an offer.

I would like to know from the community here if they have heard or seen anything like this before. Is this some kind of a scam? What kind of business model is this?

Thank you in advance.

Comments

  • tidestertidester Posts: 10,110
    What kind of business model is this?

    It's simply a business model intended to get potential customers into the showroom and sell them a car - nothing more, nothing less.

    tidester, host
    SUVs and Smart Shopper
  • mtnman1mtnman1 Westerville, OhioPosts: 382
    Believe me all the Dealerships seem to do this. I've had Ford send me this same kind of offer several times since I bought my 2009 Fusion. You would take a bath on the deal since regardless of the sound of it, your vehicle has lost a lot of value and the Dealers aren't going to lose money on the deal. Like the Host states it's all about getting butts in the showroom.
  • godeacsgodeacs Posts: 481
    Well, I wouldn't be buying another vehicle from that dealership then! Talk about using up whatever goodwill they had from the initial sale...... :mad:
  • nextmoonnextmoon Posts: 386
    I've gotten several from my local Hyundai and Ford dealers. Some will say in big letters that they will buy your car back for $xx,xxx. If you read the fine print, they have all sorts of deductions for mileage, condition, etc. so it really comes out to maybe half of the original buy back price.

    Just a scam to get you in the show rooms.
  • hunsangkhunsangk Posts: 2
    I have no idea how to sell my car. Hope anyone who is interested in buying or know how to handle this please let me know.

    It is 2007 with 98,800 milage, I bought it last year and valued by the KBB 12,000. The dealer offers only 7k and I post it on the craiglist by $95,000...
  • kdconodkdconod Posts: 46
    (I assume you mean $9,500!)

    Really hard to say - it all depends on condition. Have you looked around to see what other 2007s have sold for?
  • hunsangkhunsangk Posts: 2
    Sorry for the typo. Yes it meant $9,500. The condition is excellent even though I'm not a mechanic. Hope someone'll rise up.

    Thanks,
  • steverstever YooperlandPosts: 40,154
    edited July 2012
    Check out the Questions About Private Sale Transactions discussion for ideas too.

    Moderator
    Need help navigating? stever@edmunds.com - or send a private message by clicking on my name.

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