Here is the story. I just got a letter from local dealer in New Jersey. They are advertising " Toyota buy back sales event " and what they say is that the sales managers will offer 100% of the manufacturer's original suggested retail base price when the vehicle was new. Only adjustment made is for milage .10c to .55c depending on miles. By doing simple math it comes out that my 2005 Prius is worth about $14.000 to $16.000 to them based on price and milage. I personally had really bad experience with this dealer several times and there is no way I will ever go back there. So here what I want to know. Did anyone else got same offer and is this really legit buy back program that Toyota is sponsoring and if so can any dealer honor it. O and by the way dealership name is East Coast Toyota Scion
The devil is in that mileage adjustment. 10c/mile is sweet for you. 55c/mile is sweet for them, a rotten deal for you. I'll give you one guess about which direction they will lean. My tradein / upgrade from a three year old 2010 to a 2012 was a somewhat impulsive response to a buyback offer, but was not expressed in those terms. But it could be translated to that basis, with a mileage adjustment of 12.6c/mile, below the per-mile rate that I amortize my purchase price. My limit corresponded to about 15c/mile, and even then only because this was an opportunity to upgrade to a higher trim level to get desirable features that I skipped the first time. Dealers are continually offering to buy back cars, but this is really just an attempt to create more transactions. They will make a profit somehow, so hold on to your wallet.
I received a similar letter a few months back. The "fine print" also included mileage deductions, which took the number below the blue book value for the car. What a shocker. I personally would stay away from any dealer who uses these tactics--you know they'll have more up their sleeve, so the experience likely won't be pleasant.
Scumbag dealers play these games all the time. Do not fall for it. Their goal is to get you in door with the idea you can swap your car in for a new one. It is amazing on how many people fall for it.
how many miles on your 05? multiply that x .55 and deduct from msrp. what does that give you? and if you finance the new purchase, the math will boggle your mind and you'll never know what you actually received or paid.
Couldn't help noticing whenever these threads come up that the sales people that are members here never defend the practices... just saying.
I have about 78k on the Prius and I consider that low milage car given that this prius is 2005 plus car is in excellent condition so there is no way they can justify .55c per mile. Besides if I do that is comes out to about $43000 so I will owe them at least one more brand spanking new car .... I know all this is just " stealers " BS just to get people in the dealership. I don't really owe any money on the car. Got it used in 2009 from private seller and I'm not really in the rush to buy another car but I would like to upgrade for new prius while I can still get some money out of the one I already have... O well hopefully Toyota will decide give us another 60 month 0% financing on Prius soon.
These letters head straight to the recycle bin. In the AZ area Larry Miller Toyota and Right Toyota of Scottsdale both like to send these types of letters my way. I prefer the no-games, no haggle, below MSRP (usually) approach at Avondale Toyota (they don't send these letters) or working with DianneWhitmire at Carson Toyota in CA (though they have sent these letters to me in the past, I don't blame Dianne though). As long as they have people who can't or don't read the fine print, these dealers will always draw the kind of crowd they need to make the customer feel like they're getting a great deal, yet keep the margins as high as possible.
