new car deal - regret

[DeltaBond]

I recently bought a new Toyota Rav4, and I had my reasons for buying new - more than anything, I'll be keeping this vehicle for the long game, and used car prices have gotten so high, I'm not sure all of the used car deals are smart anymore.

My question is this, though, and this is probably a no-go, but is there a way to get out of a purchase agreement?

Be gentle, it took a lot of courage to even admit to MYSELf that I'm not happy about the deal I made, much less talk about it to others who have the freedom to call me an idiot, lol.

[solon]

Sadly, no. There's no way to unwind the purchase.

Your best bet at this point is to sell the car. You'll lose a little money, but you'll lose less now than if you sell later.

[DeltaBond]

Yeah, that's what I'm thinking, but overall, what I'd lose on the car I'd have to pay anyway if I kept it.  It wasn't a terrible deal, just a general deal, but the whole thing made me feel so gross, lol.  I just don't really understand why car dealerships work so hard to take so much from people, when they are already making a lot off the cars normally.  I had to really fight for just a normal deal, and now I have to take the car to that dealership in order to keep this lifetime warranty stuff.  Not the worst thing in the world, I realize, but I'm as frugal as a lot of people on these boards, and I'm just having to swallow a decision I didn't expect to make in the first place.

[shawndoggy]

car dealers DON'T actually make a lot on new cars.  Margins are very thin because the internet and everybody knows what everyone else is selling for.  To the extent they do make an unreasonable about of money it's because of (a) people who don't do their due diligence to know what the best price should be, (b) selling financing that the dealer gets a kicker on, and (c) selling service contracts and warranties.

[joonifloofeefloo]

My only car regret is that bloody warranty, which they simply find ways to disregard anyway. Sigh. In my case, the period is complete and I’ve won’t go near the dealership again. Not a penny more to them. Sucks that such big moneymakers have no interest in great customer care.

DeltaBond, I’m really sorry you’re experiencing this regret. It’s tough to swallow, for sure. I know.

[sokoloff]

If you haven’t picked up the car yet, you probably can get out of it. Refuse to sign the financing paperwork, don’t pickup the car, tell the dealership that you aren’t going to go through with the deal and would like your deposit back.

If you picked up and drove the car, well, you now have a used car and it would be unreasonable to think the dealer would take it back and refund the original money.

[red_pill]

Without knowing where you are or what stage of purchase you are at (did you even pick up the car yet?) it is difficult to give good advice.  But, research your local consumer protection laws - many of them prescribe return periods and whatnot.

And - of course - you could just ask...worst case is they say no.  But in the era of online reviews companies are very mindful of customer service and will typically do a lot to keep you happy.   Tell them you are reconsidering going with a higher end Tacoma instead ;)

The other option is to trust your original decision and ride out the buyer's remorse.  What is it about the purchase that is causing you concern?  That you paid too much or that you can't afford it?

[lizzzi]

I'm just wondering why you're regretting your decision so much. Isn't the Rave 4 a good, reliable car with plenty of room in it--a car you'll probably have forever? A lot of people drive them, and I've only heard good things about them. I would just keep it, take care of it, enjoy it, and take advantage of the...well...the advantages. We're all frugal here, but sometimes you just have to spend money. At least you didn't buy a Cadillac or a MacLaren or some such thing.

[bugbaby]

If it makes you feel any better, you're not alone. I bought a 2014 Subaru 2 yrs ago - they pressured and scared me into buying $3k of worthless warranties AND a $900 remote starter.

The kbb value is now $12k less than I paid. At this point my goal is just to drive it to the ground.

Sent from my KIW-L24 using Tapatalk

[DeltaBond]

To answer some things... I've had the car a few weeks, but sadly, I keep running through the scenario in my mind of the whole ordeal, and granted, I didn't get a terrible deal, but I have my own personal bar set too high on how good of a deal I can get.  And yeah, I got a maintenance package, which seemed like a good idea, since I have to get the maintenance done there anyway to keep the lifetime warranty on all the stuff they have a lifetime warranty on.  It's a pretty good warranty that is great for people who ARE planning to keep the car forever.

Nothing wrong with the car, I think I just got super spoiled on not having car payments for so long, lol.  I just don't know why they TRY to swindle.  They didn't succeed with me, but with any other type of product, that makes me walk away and never be a customer... but how can you do that with a car make, ya know?

It's just general sticker shock, that's all, and you all made me feel better, lol.  Just had a case of "The Feels".  Most people pay way more for cars and don't even try to get a lower cost.

[joonifloofeefloo]

Yeah, buyers remorse. Very common with new vehicles, home ownership, etc.

I think I'll get over my scam car warranty in about 14 years. I look forward to that.

[DeltaBond]

Yeah, buyers remorse. Very common with new vehicles, home ownership, etc.

I think I'll get over my scam car warranty in about 14 years. I look forward to that.

I feel ya.

[red_pill]

To answer some things... I've had the car a few weeks, but sadly, I keep running through the scenario in my mind of the whole ordeal, and granted, I didn't get a terrible deal, but I have my own personal bar set too high on how good of a deal I can get.  And yeah, I got a maintenance package, which seemed like a good idea, since I have to get the maintenance done there anyway to keep the lifetime warranty on all the stuff they have a lifetime warranty on.  It's a pretty good warranty that is great for people who ARE planning to keep the car forever.

Nothing wrong with the car, I think I just got super spoiled on not having car payments for so long, lol.  I just don't know why they TRY to swindle.  They didn't succeed with me, but with any other type of product, that makes me walk away and never be a customer... but how can you do that with a car make, ya know?

It's just general sticker shock, that's all, and you all made me feel better, lol.  Just had a case of "The Feels".  Most people pay way more for cars and don't even try to get a lower cost.

I'm not sure you escaped as unscathed from the sales pitches  as you may think....What is this "lifetime warranty" thing you are talking about?   Did you buy an extended warranty?  I bought one of those on my last car and will never do it again.  Lots about it online on how they aren't as good of a deal as they seem.   The maintenance packages also are usually a bit of a scam - sure the price of the package is "cheaper" than if you priced it all out individually but the thing is the package probably includes a bunch of service you don't even need - useless inspections etc for stuff that doesn't need inspecting even according to the manufacturer guidelines.   Finally, the extended warranty probably allows you to take your car to ANY licenced mechanic as long as you keep records .

Now, the good news - there is typically a 30 day cancellation period for these types of things.  That's because they are known to be usually the subject of high pressure sales tactics so legislation was created to protect consumers.  READ YOUR DOCUMENTS - the cancellation provision should be right on there. YMMV where you live tho. 

If you cancel both an extended warranty and maintenance package then you should get a few thousand bucks backs.  Hopefully that eases your pain. And it is a pain I know all too well from personal experience!

[Dave1442397]

I agree with the poster above - cancel the extended warranty and maintenance package asap. There is no upside to that for you.

As far as getting your maintenance done at that particular dealer, it's not a requirement in order to keep your manufacturer warranty in place. See this FTC article - https://www.consumer.ftc.gov/articles/0138-auto-warranties-routine-maintenance

I've never taken cars to dealers for anything other than warranty work that they're doing for free.

[Debts_of_Despair]

It's a reasonable, pratical car that will easily last 15 years.  Agree about trying to get rid of the warranty and maintenance package.  You know that every new Toyota comes with two years of free maintenance, right?

[DeltaBond]

Yeah, I guess the maintenance is after that runs out.  I checked on that early on.... well, early after I left with the car, lol

[DeltaBond]

and how would I get rid of the maintenance package after buying the car?

[red_pill]

and how would I get rid of the maintenance package after buying the car?

Read the documents - I bet you can just call them and cancel it and get a refund within 30 days or whatever.  Probably depends on the laws in your area.

[DeltaBond]

Ok, did some research, the 2 year thing is only for the fluids of oil changes for 2 years OR 25000 miles.  What I got is for way more than that, for 85000 miles.  Ok, this wasn't a bad deal, I guess I need to just stop whining and try to be cheap elsewhere.  Now if you'll excuse me, I have beans on the stove, lol

[iwanttobelive2]

Some places have 3-4 day grace period on car buys.

[Debts_of_Despair]

Ok, did some research, the 2 year thing is only for the fluids of oil changes for 2 years OR 25000 miles.  What I got is for way more than that, for 85000 miles.  Ok, this wasn't a bad deal, I guess I need to just stop whining and try to be cheap elsewhere.  Now if you'll excuse me, I have beans on the stove, lol

What other scheduled maintenance is there before 85k mi?

[RWD]

Some places have 3-4 day grace period on car buys.

If you know of one of those places Steve Lehto would love to hear about it. Short answer is unless you specifically signed paperwork detailing the ability to return the car the option doesn't exist.