How much leveraging power do I have with the "buyback" status of the car, and about how much $$ would that status knock off the price of an idential car that wasn't a "buyback?"
I'm looking at buying a 2011 BMW 335 Manufacturer buyback that was originally from California. I've gotten over the stigma of buying a "buyback,' since the car has been repaired by BMW, is still under warranty and the price is a lot closer to what I'm willing to spend. The reason it was bought back was for an "extended crank" issue, which has been completely resolved. However, I feel like comparing the price for this car to the "Instant Market Value" is not accurate because it's like comparing apples and, well, lemons!
Not much if any. Ok, maybe some, but the dealer is not going to give you a huge discount if that's what you are thinking. Your leverage is there, but small. I had some experience with this, is the only reason I responded to you. When I was looking at 2013 Ford trucks, there was "buyback" that the buyer complained of rattling noise, the dealer never did find a noise, rattle anything, but under Calif. law they are forced to 'buyback' or provide an identical, new vehicle within 120 days of purchase , even if the complaint is unfounded and the buyer just wants to be a, uh, not allowed to use the word I want to. They offered me $500 off of a $45,000 truck
The lemon law is currently under revision by the way. Too many people "buying" cars and trucks, driving them 110 days, then demanding their money back, not even a identical vehicle. Taking advantage of the system.
I believe the Ford situation is a little different than the BMW situation, since there was a inordinate amount of BMWs that had to be recalled because of their fuel injection system, and other issues related for 2007-2011 3 and 5 series models. The particular dealership I've been shopping with sells tons and tons of these "buyback" BMWs (it seems that it has become their specialty), and as a result they are all priced way below the normal market value. The ones that they have that are not "buybacks," are all priced a lot closer to the "instant market value," so I feel like the status does have quite a bit of an effect on the price. The normal instant market value of the one I'm looking at is around $37K, but is listed at $33K... so I'm stumped when trying to figure out what they are basing their pricing off of. Almost none of this car dealerships listings have market values on Car Gurus, so I'm guessing it's unsure due to the "buyback" status and the value is not considered to be as much.
OK, point taken Haley. Makes sense. I even went to the Calif lemon law site to do some reading but it is so 'dry" legalese I gave up on trying to cite particulars for you. I could not find an explanation in layman's terms
Be careful. Some time ago a friend bought a '98 Thunderbird that had been bought back by Ford for a brake problem. The brakes were never right. Always had a low spongy pedal. He got rid of it as soon as it was paid for. HTH. -Jim
Jim, we have another Tbird thread going on, about a belt. it's titled something about overheating on the main page...Do you feel like taking a look and throwing in what you think?
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