How long after buying new car before you could justify trading?

[BC]

I gave in (to hubby)and bought the Honda CRV instead of the Highlander that I wanted and I am so unhappy. I bought it Wednesday and called the dealership Thursday morning to see if I could take it back and was told the paperwork was already closed and they could only offer to buy it back for $3000 less than I paid the day before because it is now a used car! I then took it to the Toyota dealership today and was told they would give me $5000 less than what I paid for it on a trade in. I have lost my tail on this and wondered how long I have to keep it to make up for the loss I'm gonna have. Isn't there a point where a used car brings what it is really worth? It is the CRV-EX L version which has everything you could get on one, but it is so SMALL!! I feel like I am crammed in a bubble!!

 

[The Mystery Machine]

Check your state law. Here in MO we have a 72hr law.

However it has already been a week so you will probably have to bite it on this one.

There is really no point at which you are going to break even on a brand new car, sorry.

 

[BC]

Today is Friday and I bought it this Wednesday and called the dealership the next morning (yesterday-Thursday). I went to our NC Attorney General website, but I don't see anything about it. Evidently there is no such recourse or I guess the dealership would have to tell me (or maybe not!). I didn't mean I thought I could break even, but just was thinking there might be a time frame to drive it a while and then try to trade. Like could I probably drive it 6 months and still just be offered $5000 less than I paid. I guess I'm saying it is now a used car, but how much more would the value go down from it being 1 day old or 6 months old?

 

[BC]

anybody else???

 

[RitaZ.]

I then took it to the Toyota dealership today and was told they would give me $5000 less than what I paid for it on a trade in.

Aren't Hondas supposed to maintain a higher resale value? How can they be offering $5K less than what you paid on Wednesday? I mean, what kind of preparations would they have to perform to sell it again? A car wash? confused3 This isn't a good position to be in.

I think the CRV is cute. I have not ever driven one, but DH's sister has one. I hate to lose money, so I would keep driving it until it's paid off.

Good luck.

ETA~ Go to Edmunds and post the question. There are many knowledgeable folks on that site.

 

[BC]

and I told him we could stop payment, but I guess that would not be the right thing to do! I know, that's what I'm saying regarding holding the value. They say it has to be sold as used because it has been titled even though it has 50 miles on it now. I have looked at some used ones while we were checking around and they were only about $1K to $1500 less than a new one. I am really sad, but guess I am stuck!

 

[RitaZ.]

and I told him we could stop payment, but I guess that would not be the right thing to do! I know, that's what I'm saying regarding holding the value. They say it has to be sold as used because it has been titled even though it has 50 miles on it now. I have looked at some used ones while we were checking around and they were only about $1K to $1500 less than a new one. I am really sad, but guess I am stuck!

You can always try to sell it privately.

 

[BC]

I may just do that, but I haven't even gotten the title back yet. I suppose it is worth a try. I can ask what I want and hope someone is interested.

 

[The Mystery Machine]

and I told him we could stop payment, but I guess that would not be the right thing to do! I know, that's what I'm saying regarding holding the value. They say it has to be sold as used because it has been titled even though it has 50 miles on it now. I have looked at some used ones while we were checking around and they were only about $1K to $1500 less than a new one. I am really sad, but guess I am stuck!

Just because they are listed at that price doesn't mean people are paying it, so keep that in mind.

New cars lose value driving off the lot, that has always been the case.

 

[rwdavis2]

As someone who comes from a family of car dealers I'm afraid you are out of luck. If you want to determine the value try edmunds.com and price it as used. I'm surprised you don't like the CRV. The only regret on ours is that we got the lower priced model.
Good Luck,
BD

 

[BC]

I just thought it would be a couple thousand, not 5!! So much for the true value of something!! Guess what it actually cost to make it doesn't matter anymore.

 

[kaytieeldr]

I found these on Wiki-answers:

http://wiki.answers.com/Q/Can_I_return_a_new_car_in_North_Carolina
and
http://wiki.answers.com/Q/Can_you_r...wo_weeks_for_the_same_problem_without_penalty (I know this one looks like it doesn't apply, but the first response actually does indicate that a car can't be returned just because the buyer had second thoughts. However, see if the rest of that response ]or any other one] might apply to your situation.)

 

[BC]

I thought that there was nothing I could do, but this reinforces it.

 

[johnsontrio]

Very similar scenario...I ordered a Windstar when we were leasing and thought I'd get the cheaper model, how bad could it be?. Car came, I picked up it, hated it from the second I got in it. The seats were too soft and they hurt my back and the color I ordered was ugly with the black bumpers and trim that I didn't realize came with that model .

Called my salesperson the next day and told her I hated that car and wanted something else. Also called Ford Credit since the lease was through them. They told me as long as the paperwork hadn't been processed by the Secretary of State or Ford credit, I could return the car and pick out another.

Dealer called me back and they seemed to be between a rock and a hard place because Ford Credit had already told me that there was an option for me as long as the paper work hadn't been finalized. While I think they would have liked to tell me too bad, so sad, they told me as long as I picked out something on their lot that same day, it would be possible to return it.

I returned that van with 95 miles on it and got the nicer model and everything was fine. I wish I had seen your post earlier because maybe you could have called to see if the paperwork had been processed. Hope something works out for you.

 

[ontariomonkey]

Wow, that is a stinky situation. How 'come you don't like it so much? I betcha if you give it time, you will get over it. Especially since it would cost so much to do anything about it.

 

[Lisa loves Pooh]

Well, the value is just going to continue to drop. But a titled vehicle is a used vehicle. So if that paperwork has been submitted, that may be why they are being less than generous on the trade in.

If you are *that* unhappy with it, I may try to post it in the classifieds this week and see if you get any takers and then you wouldn't be out as much money.

All vehicle values plummet like a rock after driving off of a lot even if they "hold" their value. Plus--they are figuring in what they will make off of it as a prior titled used vehicle. They can sell it close to new price, but they lose all of their wiggle room and manufacturer's incentives and *stuff*.

 

[LindaR]

I used to sell cars a LONG time ago. You have buyers remorse.......and quite frankly, they are not going to care! Happens all the time! The reason for the large dollar amount is that they KNOW they've got you between a rock and a hard place!
You are every salesperson's dream! A customer who did not do research, know what they wanted, or know how to negotiate.
Why on earth would you sign documents for a vehicle you did not like? If you are to be the primary driver (husband drives a different vehicle), then you should be the primary decision-maker.
Either drive it, or learn a very expensive lesson (by trading) and move on!

 

[tar heel]

It stinks, but once a vehicle is titled it is no longer "new" no matter how few miles it has on it. Ironically, the converse is also true. The car the dealer's wife drove around and put 5,000 miles on is "new" b/c it hasn't been titled.

 

[BC]

however, I have been looking at cars for a year and quite honestly I wanted to buy a used 2008 or 2009 Highlander Limited because the warranty on the used vehicle was 100,000 miles vs 36,000 on a new one. I was driving my husband's SUV (my car was a 1995 Chevy on it's last leg) and he wanted his truck back. I had seen the CRV a while back and liked it OK (I thought), so we went Wednesday to the Honda dealer and saw this one and then we went over to the Toyota dealer to make a final decision. Well, believe it or not the Toyota dealer did not have even one Highlander on the lot for me to compare to the Honda. She said they should get some in next week. We came home and the Honda dealer had called us back to make an "offer" that at the time seemed pretty good. My husband said he was tired of looking and this was a good deal ($8,000 less than the Highlander) and we better take it before it got gone. I guess I was just spent with the whole car buying experience and went along with the decision. I have wanted a Highlander for 2 years and could just kick myself for not sticking to my guns. Ultimately this is my fault and I am having to pay the price (literally!)

 

[manning]

Just because they are listed at that price doesn't mean people are paying it, so keep that in mind.

New cars lose value driving off the lot, that has always been the case.

You don't even have to drive it off the lot.