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What do you think of Edmunds Price Promise?

Karen_SKaren_S Posts: 5,087
edited April 2015 in General

In our new, national TV ad, we promise easier car buying with upfront, locked-in prices. What do you think about that?

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What do you think of Edmunds Price Promise? 21 votes

Love it!
57% 12 votes
Don't care.
42% 9 votes

Comments

  • Karen_SKaren_S Posts: 5,087

    Tell us what promises you've made and kept!

    Edmunds Manager UGC Click on my screen name to send a personal message. Need help navigating? Check out Getting Started in Edmunds Forums.
    Need help picking out a make/model, finding inventory, or advice on pricing? Talk to an Edmunds Car Shopping Advisor

  • isellhondasisellhondas Issaquah WashingtonPosts: 19,467
    edited January 2014

    This has been tried many times by many people. I do wish you well!

  • stickguystickguy Posts: 24,242

    agreed with Isell. But, while some people want to haggle, there is still IMO quite a lot that are still paranoid about the process, and would be happy to have a set "good" price to eliminate the negotiation price. Of course, others will just use that as a starting point to grind down the dealer more, but not really losing anything there.

    2015 Hyundai Sonata 2.4i Limited Tech (mine), 2013 Acura RDX AWD (wife's) and 2015 Jetta Sport (daughter's)

  • berriberri Posts: 7,389

    But then you've still got the trade in...

  • I agree most people have a trade and then what happens? The dealer wants to give you the same price as they can buy at the auction. That is when all these one low price deals fall apart.

  • This is a much better concept than the 'guaranteed price' offered by some of your competitors.

    Three years back I bought a car at the 'guaranteed price' and it went like a dream. All discussions over email and I got a very low price and the best lease terms. Even I was surprised - had technology finally outwitted dealers?

    However, while buying another car a few months back, I realized that dealers had improvized. Now they will give you a guaranteed price certificate, with fine print that says the price is valid only if the EXACT car is in stock, which is rarely the case.

    The VIN specific price guarantee is a much better concept. Just bought a Passat TDI (dealer eventually went even lower though).

    However, I think you should hammer on the fact that your price is VIN specific. Your ad does not make that clear. Otherwise you are no different from at least 4 other competitors.

  • robbiegrobbieg Posts: 339

    Only a great idea if the price is actually a great price. For example, most buyers believe that the advertised no-haggle price is beatable at another dealer with very little effort.

    2014 Highlander XLE AWD, 2009 RX 350 AWD and 2007 Odyssey EX
  • isellhondasisellhondas Issaquah WashingtonPosts: 19,467

    If a host wants to send me a private email, I'll be happy to share my thoughts. Just not in a public forum.

  • MichaellMichaell ColoradoPosts: 52,103

    @isellhondas said:
    If a host wants to send me a private email, I'll be happy to share my thoughts. Just not in a public forum.

    Sent you a PM via new forum message system. Check your inbox associated with your profile.

    MODERATOR

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  • ken117ken117 Posts: 246

    Not sure of any real issue if a dealer will only set a price an a specific vehicle. The buyer, once they get a price, knows that dealer's general pricing agenda. For anyone comfortable with math it should not be difficult to extrapolate to a different vehicle. No dealer can sell without the buyer buying. If the buyer does not like the price, the buyer can walk away. There is always another dealer.

    The one problem I have with a price like Edmund's Price Promise is that it is, to a great degree, set by the dealer. It is not likely the dealer will set such a price at the lowest acceptable to the dealer. While such a price may be attractive to many buyers uncomfortable with the haggling process, it is doubtful the best price can ever be achieved without some negotiation.

    Personally, I use such prices as a starting pricing point and negotiate downward to a lower final price.

  • mdukesmdukes Laguna NiguelPosts: 2

    Did you know that in 2012 89% of car buyers ended up purchasing something different than they originally inquired about? Staggering.

  • steverstever Posts: 52,572

    @mdukes, it's also interesting to see what cars are being cross-shopped.

  • buster6buster6 Posts: 127
    edited March 2014

    I tried it for a car I bought last week. I ended up buying from a dealer that I did not contact via price promise. My experience was that dealers on price promise would do 1 of 2 things.

    1. tell you to come in as nothing can be done over the phone-- did not waste any time with those dealers
    2. give a price, but added in "fancy wax" and "nitrogen for the tires" so there discount was not real and made up with "BS" fees.

    I ended up with a dealer that was pleasant to work with on the phone and was able to deal structure my lease easily. I found him on an online enthusiast forum. He knew all about the car I was buying and had a reputation to maintain with other forum members. It worked out well. I was willing to travel 400 miles away from home to have that experience.

  • Mr_ShiftrightMr_Shiftright CaliforniaPosts: 56,744

    @mdukes said:
    Did you know that in 2012 89% of car buyers ended up purchasing something different than they originally inquired about? Staggering.

    that's because, in some cases at least, they carry their cell phones into the showroom with them.

    They go to the dealer to "showroom" a certain car (try it out but buy it elsewhere), end up seeing something else they like, then punch into their cell phone for invoice #s or product reviews, and then, (now "captive" by the dealership), can often be talked into some other car they had no intention of "showrooming". e.g. "For just a little bit more we can get you into a......"

    I think Price Promise works best for people who are pretty much decided on what they want.

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  • saratogastevesaratogasteve San Jose, CaPosts: 169

    I recently purchased a vehicle using the price "promise" on Edmunds and while I did take up a dealer on their offer, other dealers wouldn't offer a price without asking me to come in for a test drive or some other lame excuse not to offer a price. Even with the price I got, my initial reaction was - if that's their initial offer I must have room to negotiate. But through the comments area of prices paid, I determined the offer to be a solid no haggle price. Still I worried about surprises and asked that the salesmen to put in writing that there was no after market added items such as an alarm, "lifetime" was, seat protector, $200 pin stripes.....that sort of thing - and to break out the OTD price including all fees, tax, title and registration.

    • in the end it worked out, but some dealers still refuse to participate by suggesting you 'come on down' will treat you right!' mantra without a price up front. I also might add that the purchase process was very smooth until the finance guy started the aftermarket selling process - trying to convince me that something eventually would go wrong with my brand new car and that I shouldn't drive off without an extended warranty. I had to tell this individual, after painfully listening to his awkward sales pitch, "no thanks, I never buy that stuff" over and over and over. And as I'm walking out his little door - he again insisted he couldn't believe I would pass on such a "great opportunity". I wanted to scream 'STFU!', and give me the keys to my new car so I can get out of here before I lose my dignity.
  • 1985mb1985mb Posts: 60

    Around here (metro NYC), I think it's almost pointless unless you obligate dealers to state their doc/processing fees upfront. NY dealers cannot charge more than $75, while NJ dealers can charge any fee they want--so they lowball you on the initial "Promise" and then make it up on another line item. The only way to make prices really comparable is to state prices that include EVERYTHING except tax, title, and license paid to the state.

  • henrynhenryn Houston, TXPosts: 1,452

    I wanted to scream 'STFU!', and give me the keys to my new car so I can get out of here before I lose my dignity.>

    Been there, done that. But not this last time around, the “finance guy” turned out to be a beautiful young woman. I could have sat there and listened to her for hours. Being old and very experienced, I have lots of sales resistance, so there was no chance of my actually buying anything. But I listened very carefully to everything she said. Heck, I wouldn’t mind going back and doing it again!

    The only way to make prices really comparable is to state prices that include EVERYTHING except tax, title, and license paid to the state.>

    No, the only way to make prices comparable is to compare the amount you have to write on the check. If you’re shopping across state lines, and there is a difference in taxes, that might make it unfair to the dealer, but your intent is to write a check for the least amount possible. Period.

    2017 Volkswagen Passat R-Line, 2016 Chrysler Town & Country Touring
  • here is my hilarious exchange over the price 'promise'....
    \
    just wanted to say how hilarious this price promise is... I expected better from Edmunds...no deals to be had... the 'promise' on my 2015 CRV was 75 dollars yes...75 off sticker..hahaha.... i need to tell others before they waste their time
    Arwen joined the chat

    where on the site can we give feedback on this waste of time
    Arwen
    Hi Mark. I'm sorry you didn't find an offer better than that for the 2015 CRV in your area. Was this the standard discount on all of the vehicles, or just one that you looked at?

    on the EX I looked at...but no matter...
    Arwen
    Each Price Promise offer is set up by the dealer selling the vehicle, so they set the rebates and the discount. It can vary from dealer to dealer

    yes ED munds should say the real promise is to the DEALER
    where do i comment... others should see this drivel
    Arwen
    You are welcome to leave feedback on our feedback page here: https://edmunds.zendesk.com/forums/21932651-Suggestions-and-Feedback/entries/new

    specifically on the price promise?
    Arwen
    I really do want to say that each price varies, and that the discount may change from offer to offer. You can leave feedback on whatever topic you like.
    That is the only place to leave feedback for the site in general
    Although I will pass along your feedback to the Dealer Support team as well. What is the dealership that you looked at?

    I see this as a blatant benefit to dealerships but not consumers... reminds me a bit of true car
    The dealers were in FL... but again.. that should not be the point
    Edmunds must have spent a bundle on these TV ads
    Arwen
    The reason I ask is so that I can also search for the CRV in your area to see what discounts are showing. As I have said, the prices vary from dealer to dealer. I am happy to help you search

    no need... I can do it the old fashioned way.. this is just a way for dealers to bug you with MSRP like offers
    Arwen
    Most discounts vary, but are usually over $1000 off or more. I'm sorry you didn't find the results that you wanted

    1000 dollars off sticker unless it is a very hard to find car is not much
    the people who use it must have never bought a car before
    I just want to make sure I tell other people so they don't expect much out of this so called 'promise'
    Arwen
    The Price Promise offer isn't necessarily the lowest price out there - it is just an upfront offer from the dealership. That is all that is meant by the Promise. That no haggling is needed. Again, I am sorry that you didn't find what you were looking for.

    no worries.. this is a great program for dealers and I am sure they fully support it..hahaha..
    thanks
    Arwen left the chat


  • julsmd64julsmd64 Posts: 1
    I totally agree with the post above... Price Promise works best when you know exactly what you want!! My post is long but it really has an AWESOME ending!!!

    The first time I ever used it and I had the most awesome experience ever and plan on using it every time!!! May/June 2016, my husband and I started shopping around for a Diesel Dodge Ram 2500 Laramie truck. After visiting several dealers and sporadically shopping around for about a month or so... we found his dream truck... stickered at $85k!! Unfortunately it was about 20k over what we were looking to spend. They lowered it to 79k for the 4th of July sale. We went back and forth for with the finance dept. They lowered the price a little but still too expensive. Frustrated the finance manager broke it all out on paper insisting they were giving me the best deal they could at $71,697. He had the price of the truck at $65,290 and then the price of the dealer installed upgrades/options from $19,710 down to $6,407 (the lift, 38" tires, Custom Rims, alarm system, electric/lighted running boards, etc). He told me very irritated that they were "Giving away the options for $6,407 and he didn't know what more I wanted". It was late, we were all frustrated. I told him I needed to think about it because I just wasn't sure. He told me to take the numbers, to think about it and he would call me the next day. I went home and couldn't sleep from all these numbers and the fact that my husband was IN LOVE with this truck! I got up and started looking at different websites trying to figure something out.

    I came across the Edmunds.com I found the part where you could punch in the VIN number. I ran to grab all the papers they had given me and punched in the VIN. I instantly got a Price Promise Certificate from the exact dealer we had been at, with a picture of the EXACT same blacked out, super lifted, Cummins diesel truck... the only difference was that on the certificate it brought the price from $65,290 down to $56,648 (without dealer options). I was thrilled!!! I could not wait till morning to take my husband down to the dealer and show them this Price Promise.

    We got up Sunday morning, I showed my husband he was doubtful they would accept it. I was on a mission!! We went to the dealer, third day in a row. I would be lying if I said anyone there was happy to see me. I walked in with all of my papers in a manilla folder and my Price Promise. We sat with the same guy. I had him call the finance manager over. I started with verifying that the options were still at $6,407. Right away he got irritated grabbed my paper and signed that this was the price for the options... NICE!!! Then I thanked him and I said "Ok so now we just need to agree on the price of the truck. He tells me "I already told you the truck is $65,290" I said "Yes, I remember but I now have this" I pulled out my printed Edmund's Price Promise Certificate. The salesman, looked at the finance manager in shock. The finance manager was mad, he grabbed it, looked at it and said "There's no way this is happening" I asked him what do you mean? He walked away and about 10 minutes later
    came back with the General Manager. Now there were 2 finance guys, the GM, our sales guy and the sales manager, with my husband and I... seven people in a small cubicle. They start explaining to me how they have already lowered the vehicle enough, that they are giving away the options for $6,407 that they don't understand what more I'm wanting. I told them they knew exactly what I wanted, I only wanted them to honor my Price Promise as it stated on the certificate that they would. They said that in order to honor my certificate they would have to raise my options back to the original $19,710 and I would be saving less. I explained to them that the finance guy had already signed the paper agreeing to the $6,407 so if what they were trying to tell me was that they were not going to honor my Price Promise, then we would be having an entirely different conversation. They told us to give them a moment, after almost 20 minutes they came back to tell us they would accept the Price Promise.

    We purchase the the truck for total of $63,055 (EPP: $56,648 + Options: $6,407).
    Fourth of July sale price was: $79k (Originally 85k)
    Total Savings: $21,945
    Edmunds Price Promise saved us: $8,642
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