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
Me too, thus is the reason why I'm stumped!
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?
Thank you. I didn't see that one. I'll chime in. -Jim
Car Fax does a market value rating for buy backs. It will show you specifically what the suggested market adjustment off of retail might be considered fair. I have had experience with this and Buy Backs usually run $1,500 below clean retail for car that was around $38,000 brand new. So if you put fair mid range pricing minus what car fax says you should be in the right range. Yet, you will probably notice most dealerships that sell buy backs are below that number already making it almost impossible to resist. By the way, buy back law states the manufacture can NOT resell the vehicle without 100% correcting said issues, they have been: inspected, corrected, and tested; unlike new cars where only 1 in 10,000 or more random selected parts ever get inspected, and tested. This is what makes lemons better than the potential lemons that are on the manufacture dealerships new car lot that cost thousands of dollars more. So pay full price for the potential lemons (brand new cars) or get a fully inspected, corrected, and tested for thousands less.
It's not as easy to make a company "buy back" your car as Davidh would have you think. It's risky as hell. You may get lucky. When you go to sell it, it's not easy explaining that situation to your prospective buyer. And to trade it in later, well, the dealer will absolutely use that to lower your trade in value, if they even want it. Im looking right now also at a active hybrid 3 (a 335i with an electric motor added) in Texas. Im from Minnesota. After researching it, I decided that its just too damn risky for a 30,000 car.
An interesting read: The savings may not be worth the risk. http://oppositelock.kinja.com/you-should-never-ever-ever-purchase- a-manufacturer-buyb-1682862688
Savings will only be around 2,000 when you buy it. A transmission in that car is way more than that.
ME too in the same soup! A 2014 Infinity QX60 with technology package has a manufacturer buy back and now on sale by another delaer. The issue was serious. The transmission was replaced. Any experience from other buyers.
If they don't give you a substantial discount on the "buyback" car then buy one that is not a buyback. If there is no incentive then why do it?
I bought a 1999 lexus es300 buyback in 2001 best car I ever owned. Paid back of wholesale book was given a letter from lexus what the problem was (hard starting) they replaced a starter and a battery and extended the warranty 12 months. I'm currently looking for another buyback ES350 2014 or 2015 text me if you have on 480-980 3820.
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