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Comments
Wilmington, NC
40k, Auto, all power
looks new inside/out, (drove) great
Some numb-nuts pulled out right in front of it, it's at the body shop (at the dealership) now... they (and I) think it *might* be close to totaled, I'd say *at least* $4k in damage (both quarter panels, passenger door panel, bumper, hood, grill, headlights, radiator, lots of twisted metal under the hood, airbags did NOT deploy-- engine ok (belts squeal because of contact with damage), trans ok, wheels/tires ok (rub sidewalls because of damage)- waiting for the adjuster... and we almost had this one paid off!!! (of course)
My questions are:
If it is going to be fixed, what is a reasonable amount to ask for as a Dimished Value payment from the other guy's insurance company? (How much less will this be worth)
Also, if they are going to total it, should we try for full retail value, or will they only give trade value, or what?
Also posted this over in RWTIV, but thought I could get some insight here as well.
You can forget "diminished value" claims unless your lawyer is bigger and meaner than your insurance co's are!
Actually, if you fix it the claim you need to make is a Loss of Market Value claim.
Example:
Car worth $20,000 before accident
Car fixed, now worth only $15,000
Loss of Market Value would be for $5,000
The Diminished Value claim is if you just sell it for salvage and want the difference.
Example:
Car worth $20,000 before accident
Damaged car sold for $7,000
Diminished Value claim would be for $13,000
I'm pretty sure that's the difference.
Hopefully, since it wasn't her fault, the other guys' insurance will feel obligated!
Where could I find out if Loss of Market Value claims are allowed in NC?
http://www.ncdoi.com/default.asp
The lack of intelligence, reasoning skills, (and spelling skills) is just amazing. Folks that complain that the dealer is "defrauding" them for giving them $1,000 less than KBB value for their trade! Others that buy a 9 year old car or truck, and then threaten to start a class action lawsuit because it has squeaks, rattles, and an a/c that went bad.
Don't get me wrong...I have been a long time reader here at Edmunds, and I realize that there are some pretty uninformed posts here also; but it's nothing compared to ripoffreport.com! I guess the old saying "when you're born dumb, you're dumb for a looong time" is really true
The difference at Edmunds.com is that we allow people to post negative experiences and what may be just a perceived negative experience, but outright bashing and namecalling isn't allowed. So, while there may be some people who post here who are uninformed, we hope we at least provide an atmosphere where we can help them. I've seen plenty of people in our "prices paid" discussions who think they've been ripped off by having a destination fee added to the sales price of a new vehicle, and informed members are able to educate them, and everyone feels better :P
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You are definitely a voice of reason here, and you're right. The good folks here at Edmunds provide an excellent atmosphere between consumers and dealers, and I think most folks walk away feeling better and more informed because of it.
Guys like Terry (and many others; it's just Terry's name that comes to mind) provide good insight into the dealer's side of the table. While there are some total scam artists and con men in the auto trade, there are many more honest, straight dealers that know the only way to stay in business over the long haul is to cultivate good, honest, long-term relationships with customers. Treat a customer well; give them the facts and respect they deserve, and you'll have a customer for life. Give someone the shaft, and you might make a quick buck on them, but you'll never see them again for a future sale.
One of the best things that Edmunds has going for it is the Car Dealer Question and Real World Trade-in values forums. Good stuff. :P
Revenge isn't really the best motivation if you want to protect yourself for the long-term. Education, and learning from past mistakes and misconceptions, is a far better goal. Unless a dealer has done something illegal, and not just something that makes you mad, I think you're better off to use the negative experience to ensure that you have a positive one the next time around.
(and thanks also to isellhondas, dbauer, thenebean, driftracer, and others currently/formerly in the biz who share perspectives)
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Craig
My general question is why carbuying has to be such a frustrating experience. I recognize the need for a dealer to make some kind of profit in order to invest in phyiscal plant upkeep, staff, new endeavors.
However, for most of us, a car is not a disposable toy. It's something we rely on for transportation, and have to keep around a few years. And they_are_not_cheap (probably a year's net pay for most people). It's something we need to know rational details about, such as cost, maintanance, etc.
Too many dealers I visit believe the opposite. Visits there are persian bazzar, emotional hype time, with triple teaming at the door, constant pressure, intrusive questions ("your SSN please??" even for cash buyers) , and expecting you to just sign the forms, and take the product and yourself _away_, just like you would a hair drier at Walmart, except you have no option to return the car if it is "bad".
The worst is dealers' lying. When I am quoted a "firm" price by the sales manager or whoever authorizes the sale, I expect to pay __that__ price, not be jerked around by finance 10 - 30 minutes later and shown the salesperson was a Liar! This happened to me at an Autonation dealership, and they will never get my business again.
Is the current system really so bad that Dealers have to function this way?
Perhaps one answer is to divest dealers of road tests and other stuff they generally don't want to do. Let the manufacturers do what GM is doing - a regional "autoshow", possibly held every two or three months where, for little cost and no obligation (save signing a waver) you get to drive the cars and see what they are really like. Such shows could even charge special rates for driving "exotic" cars.
It's a chicken and egg thing.
I don't think everybody will be 100% happy.
And I don't think asking for our SSN is intrusive. We have been cash buyers. If I offer them a piece of paper (our personal check) for a beautiful new car, I think they are entitled to check our credit.
The only answer is to be well educated about how car buying works, and be ready to "play the game" if need be.
On other hand, there __are__ some fine dealers out there that "buck the system" and treat customers straightforward and honestly. And if that makes them not part of the "real world", well and good for them! There are people (including many professionals I know) who prefer that way of doing business.
Often, people post that they have a car that is six months old and they need to trade it. To me, it means that they probably did not really do the necessary homework.
Despite what you think, the BUYER always has the upper hand. If I walk into a dealership and can't get what I think is a reasonable price, I can head to one of the 50 other dealers in the area. I have had my share of obnoxious salesman and one or two liars. After a few moments, I decided to move on.
I do agree with Kurt in the "many" dealers will prey on the uninformed and use high pressure sales tactics (not fun for most people). Those people I put in the same boat as pawn shop owners, pay day loan places, etc. and won't give them my business regardless. But I also feel that type of dealer is becoming less and less as more buyers are educated than 20+ years ago.
You capitalized it wrong, its TOYota :P
And a half dozen car purchases ...
Or ONE **REALLY BAD** experience ... (When a REALTOR says that a neighborhood is "up and coming", arm yourself.)
Anyone who has access to auction information; can you tell me if the following vehicle was run through?
VIN # 1FAFP40684F150304
It's a used 2004 Mustang, base V6 Auto, at a large Ford dealer with only 74 (seventy four) miles. CarFax estimates one owner, but does not report any registration type (personal, fleet, rental, etc.) and the junk and salvage checks are clean.
If someone bought this and then brought it right back to the dealer somehow, that would explain why it is "used" and has such low miles; but shouldn't CarFax show a "personal use" registration?
Either that or it's a case of buyer remorse.
The deal probably didn't last but a day or two so that'd why the car never was registered. Ask the dealership about what happened. They will know for sure.
This deal is a loser for the dealership. Maybe you could see if the dealership will give you a grand or so off of what a brand-new one would go for. At this discount the car could be a better bargain than a new one.
Most "leftover" cars aren't good deals.. Dealers just don't want to discount them enough to make it worth it.. IMO..
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I must have something in my eyes, I didn't notice that it was an '04'.
Therefore a much bigger discount than a grand would be in order.
The only scenario, at which buying last years models makes since is if you plan on keeping the car a long time and or putting lots and lots of miles on it. Otherwise, as kydfx points out, the discount won't justify the reduced trade-in value of a one year older and previous body style car.
- Just out of curiosity, What kind of money were they getting for the used 04 Stang ?
My fiancee just lost her 2001 Mustang in a not-at-fault accident and won't consider anything else than another 'Stang. We'd have this car at least 5 years.
We could get a similiar 2005 for about 20k OTD. I know that the 2004 would take a bigger hit in depreciation than a 2005, but I am wary of buying the first model year of the new body style from a quality/reliability basis.
In any case, $3K difference is well worth getting the new model, IMHO. I mean, with such a major redesign as this, I think those previous models will go downhill QUICK (as if they didn't depreciate quick enough already). And as far as problems, heck, that's what a warranty is for.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Lots of misc. new parts.
Your price of $18999 for a very old 04 seems to me like a no-starter as far as price goes. Find something else or wait a year or two until big discounts are available on the new body style.
SUV Sales Slump, which we'll be sharing with News & Views. I hope that those of you in the biz will continue to share your perspective on sales trends. As we've seen elsewhere, "real world" observations sometimes conflict with what's being reported. Thanks!
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Which leads me to another question--what does the dealer consider "normal" as far as the amount of time a vehicle remains on their lot without being sold?
Logically, one would think that. But that hasn't been my experience. The longer a vehicle sits on the lot = additional cost to the dealer for that particular vehicle. I've had better luck getting one right off the truck when it first arrives at the dealer, that is after their initial prep work.
In other words, how long would it take you to sell out of your current supply.
60 days supply of a vehicle is considered ideal.
Some slow sellers can reach 180 days.
Really hot cars average 30 days supply or less.
This isnt 100% accurate but just look for the date of manufacture on the inside of the drivers door(assuming the vehicle youre looking at is at the dealer to whom it was orginally sold). That will give you at least some idea.
He goes back into the comment about quickly these cars leave the lot. This was in March. I simply mentioned the October inspection sticker.
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Whereabouts?
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I recommend Lynn's Paradise Cafe for breakfast.. Stopped there on our way to vacation.. It is fantastic!
So, are you working in Louisville or Clarksville?
regards,
kyfdx
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MSRP $23,050
Invoice $20,965
TMV $21,268
Rebate $19,268
2005 Focus ZX4 SE
MSRP $18,340
Invoice $16,975
TMV $17,385
Rebate $15,385
Given these Edmund's prices for new vehicles, what would be
a reasonable price to pay for these cars as ex-rentals with 10K
on the odometer and six months in use?
If I wanted a deal, I'd look for an '03 with 40k and no more than $7.