Rescind on a Car Purchase

[Tortorella's Rant]

For the record I'm not unhappy about the purchase. I do believe it's not a bad buy. It's a good car: a 2 year old certified pre-owned Honda hatchback - all new tires and everything too. I went a little over my budget but I guess it's nothing to cry about. I spoke to two people I trust, one being a Honda mechanic of 30 years, and both said it's a great deal/car and you probably won't find much better any time soon. I tried to do all the due diligence possible on this decision because it's a big one. 

My concern is that I'm very frugal. I do feel some uneasiness about it about buying this. I don't spoil myself and don't spend a lot of money - especially on a car of all things. So when I see other cars like Hyundai with similar year and mileage going for several thousand dollars less, it's almost like - did I overpay? I could've put the difference in my investment account.

I asked my mechanic about this, the aforementioned Honda expert, and he said you get what you pay for. So while I spent thousands of more dollars on the Honda - if your intention is to drive it until the engine falls out then that is the way to go. Because with Hyundai's for example - these are Korean electronics and steel and the quality over the long run just isn't there. Hondas are known for their reliability and durability for a reason. 

Then I flip flopped on the decision about fourteen times prior to signing on the dotted line - do I go with something cheaper, possibly much cheaper, and hope everything works out or go with the Honda, pay more, and call it a day? I kept reading articles and forum posts about used cars and how much to spend and everyone has an opinion on this subject so it was my fault for doing that. I felt good about the buy, then uneasy, then good, then uneasy, now I'm so-so about it.

[Magikal]

Just now, Tortorella's Rant said:

For the record I'm not unhappy about the purchase. I do believe it's not a bad buy. It's a good car: a 2 year old certified pre-owned Honda hatchback - all new tires and everything too. I went a little over my budget but I guess it's nothing to cry about. I spoke to two people I trust, one being a Honda mechanic of 30 years, and both said it's a great deal/car and you probably won't find much better any time soon. I tried to do all the due diligence possible on this decision because it's a big one. 

My concern is that I'm very frugal. I do feel some uneasiness about it about buying this. I don't spoil myself and don't spend a lot of money - especially on a car of all things. So when I see other cars like Hyundai with similar year and mileage going for several thousand dollars less, it's almost like - did I overpay? I could've put the difference in my investment account.

I asked my mechanic about this, the aforementioned Honda expert, and he said you get what you pay for. So while I spent thousands of more dollars on the Honda - if your intention is to drive it until the engine falls out then that is the way to go. Because with Hyundai's for example - these are Korean electronics and steel and the quality over the long run just isn't there. Hondas are known for their reliability and durability for a reason. 

Then I flip flopped on the decision about fourteen times prior to signing on the dotted line - do I go with something cheaper, possibly much cheaper, and hope everything works out or go with the Honda, pay more, and call it a day? I kept reading articles and forum posts about used cars and how much to spend and everyone has an opinion on this subject so it was my fault for doing that. I felt good about the buy, then uneasy, then good, then uneasy, now I'm so-so about it.

Sounds to me like you suffer from buyer's remorse...just an intensified version of. It's fairly common in auto sales. The fact that you flip flopped as much as you say you did leads me to believe you are one of those client's that is their own worst enemy (no insult intended). I think you might need to step back and reevaluate the situation. It sounds like you got a good car at a fair price and you should be happy with that. The grass is rarely greener on the other side y'know? 

And yes as you said, Hyundai/Kia is straight garbage. Also everyone does have an opinion....and they are like buttholes. They almost always stink.

[Tortorella's Rant]

Just now, Magikal said:

Sounds to me like you suffer from buyer's remorse...just an intensified version of. It's fairly common in auto sales. The fact that you flip flopped as much as you say you did leads me to believe you are one of those client's that is their own worst enemy (no insult intended). I think you might need to step back and reevaluate the situation. It sounds like you got a good car at a fair price and you should be happy with that. The grass is rarely greener on the other side y'know? 

And yes as you said, Hyundai/Kia is straight garbage. Also everyone does have an opinion....and they are like buttholes. They almost always stink.

That's exactly what it is. Remorse, unwilling to spend money. I lost my car of 10 years that cost me nothing to run and I felt sick about having to fork out thousands for a new one. Pretty much everyone does this so I don't know why it bothers me so much. I'm my own worst enemy in that regard, I don't contest that. I don't know why I'm so unwilling and uneasy about spending money on such things. It eats me up and it's not healthy.

[Magikal]

1 minute ago, Tortorella's Rant said:

That's exactly what it is. Remorse, unwilling to spend money. I lost my car of 10 years that cost me nothing to run and I felt sick about having to fork out thousands for a new one. Pretty much everyone does this so I don't know why it bothers me so much. I'm my own worst enemy in that regard, I don't contest that. I don't know why I'm so unwilling and uneasy about spending money on such things. It eats me up and it's not healthy.

Welcome to the world of being human. Our emotions are nuts and take control without considering us at all. It's a hell of a ride though! 

[beni]

2 minutes ago, Magikal said:

Sounds to me like you suffer from buyer's remorse...just an intensified version of. It's fairly common in auto sales. The fact that you flip flopped as much as you say you did leads me to believe you are one of those client's that is their own worst enemy (no insult intended). I think you might need to step back and reevaluate the situation. It sounds like you got a good car at a fair price and you should be happy with that. The grass is rarely greener on the other side y'know? 

And yes as you said, Hyundai/Kia is straight garbage. Also everyone does have an opinion....and they are like buttholes. They almost always stink.

 

60K on our Sante Fe XL and the front end sounds like she's gonna blow.. getting rid of it

 

Never again! 

[Magikal]

1 minute ago, beni said:

 

60K on our Sante Fe XL and the front end sounds like she's gonna blow.. getting rid of it

 

Never again! 

I've got 700 cars to choose from. IJS.....

[aGENT]

10 minutes ago, Tortorella's Rant said:

For the record I'm not unhappy about the purchase. I do believe it's not a bad buy. It's a good car: a 2 year old certified pre-owned Honda hatchback - all new tires and everything too. I went a little over my budget but I guess it's nothing to cry about. I spoke to two people I trust, one being a Honda mechanic of 30 years, and both said it's a great deal/car and you probably won't find much better any time soon. I tried to do all the due diligence possible on this decision because it's a big one. 

My concern is that I'm very frugal. I do feel some uneasiness about it about buying this. I don't spoil myself and don't spend a lot of money - especially on a car of all things. So when I see other cars like Hyundai with similar year and mileage going for several thousand dollars less, it's almost like - did I overpay? I could've put the difference in my investment account.

I asked my mechanic about this, the aforementioned Honda expert, and he said you get what you pay for. So while I spent thousands of more dollars on the Honda - if your intention is to drive it until the engine falls out then that is the way to go. Because with Hyundai's for example - these are Korean electronics and steel and the quality over the long run just isn't there. Hondas are known for their reliability and durability for a reason. 

Then I flip flopped on the decision about fourteen times prior to signing on the dotted line - do I go with something cheaper, possibly much cheaper, and hope everything works out or go with the Honda, pay more, and call it a day? I kept reading articles and forum posts about used cars and how much to spend and everyone has an opinion on this subject so it was my fault for doing that. I felt good about the buy, then uneasy, then good, then uneasy, now I'm so-so about it.

Hopefully not the 1.6L turbo motor 

[Tortorella's Rant]

 

3 minutes ago, Magikal said:

Welcome to the world of being human. Our emotions are nuts and take control without considering us at all. It's a hell of a ride though! 

They extended the power train warranty for me already for free for 5 years which covers the engine.

Do you think the extended warranty is worth purchasing? Maybe it's a mistake asking this because everyone has opinions as just mentioned. I'm inclined to pass on it because I'm already a thousand over what I was "OK" with spending. It's three years 60,000KM which covers anything and everything for about $2,000 with a $50-$100 deductible. Plus, dealerships sell extended warranties with the intention of making money - most people who buy these do so for peace of mind - if they do use them they don't ever get the actual value.

Guess I'm paying mostly for electronic coverage at that point. I look at my previous repair bills and nothing over the three years that would be covered by this  equaled $2,000+ and that was almost a 20 year old car.

[Tortorella's Rant]

4 minutes ago, aGENT said:

Hopefully not the 1.6L turbo motor 

It's the 1.5L turbo DOHC - same as my car had before, I think,. .. except it wasn't turbo

[aGENT]

5 minutes ago, Tortorella's Rant said:

It's the 1.5L turbo DOHC - same as my car had before, I think,. .. except it wasn't turbo

Sorry...yeah 1.5L...

 

https://www.google.com/search?q=honda+1.5l+turbo+oil+dilution&rlz=1C1GCEA_en&oq=nonda+1.5l+turbo+oi&aqs=chrome.1.69i57j0l2.7463j0j7&sourceid=chrome&ie=UTF-8

 

 

[Magikal]

10 minutes ago, Tortorella's Rant said:

 

They extended the power train warranty for me already for free for 5 years which covers the engine.

Do you think the extended warranty is worth purchasing? Maybe it's a mistake asking this because everyone has opinions as just mentioned. I'm inclined to pass on it because I'm already a thousand over what I was "OK" with spending. It's three years 60,000KM which covers anything and everything for about $2,000 with a $50-$100 deductible. Plus, dealerships sell extended warranties with the intention of making money - most people who buy these do so for peace of mind - if they do use them they don't ever get the actual value.

Guess I'm paying mostly for electronic coverage at that point. I look at my previous repair bills and nothing over the three years that would be covered by this  equaled $2,000+ and that was almost a 20 year old car.

1. Warranties always cost less than 1 major repair

2. If it's manufacturer warranty why is there a deductible? Is that a Honda thing?

3.You are asking a guy who makes a living off of warranties etc if you should buy one. My opinion is beyond biased. 

[khay]

3 hours ago, Jimmy McGill said:

this is what people really need to remember too, cars are not vintage wine, they go down in value. You aren't going to see your Nissan Micra at a Barret Jackson auction in 25 years.

Come on man, everyone knows that the value of the car goes down the toilet the moment it exits the lot. But more than half in 2 years with less than 20,000 KM? Especially when the thing they tell you almost every time is how much resale value the car is going to have 3 years later? 

 

 

[khay]

2 hours ago, Magikal said:

Very fair point but do we get that way when technology goes on sale( phones especially)? The guy who bought the S10+ when it first came out (me) surely paid more than anyone buying one now. Does that mean I should be mad, jaded or upset about it? Hell to the no. I made that decision and I paid a premium to get it early. So then why is it socially accepted to act this way about cars? Very much a double standard.

I absolutely can blame the customer and I do. They make up the assumptions that we are evil cigar smoking sharks who would cut our mothers' throats for a $20. When it couldn't be further from the truth 99% of the time. There are bad apples in every industry but the majority of us in the car business just want to provide good service in exchange for a comfortable living for our families. Same as all of you. Again, no one does this kind of crap in other industry, only cars. Oh and in terms of profit margins in cars, most cars hold less than 5% profit before you come in and try to beat up the store for a better deal.

I agree to this. Most dealers that I encountered were normal people: a young kid just starting out his career or even a mother who was trying to make a decent living for the family. They move around quite a bit too and don't seem to have the job security that one would like. And then, there are garbages mixed in here and there that you need to learn to recognise and avoid. The sad thing is, the guys at the top, the manager or the top sales guys always gives off this bad feel, egotistical or sly. I have a feeling that honest salesman may not go too far in this business.

 

[JM_]

2 hours ago, khay said:

Come on man, everyone knows that the value of the car goes down the toilet the moment it exits the lot. But more than half in 2 years with less than 20,000 KM? Especially when the thing they tell you almost every time is how much resale value the car is going to have 3 years later? 

 

 

kids gonna be kids. You don't know until you do, sometimes the hard way. 

[theo5789]

4 hours ago, Jimmy McGill said:

very similar to the appliance business. 

 

Just to further the discussion a bit, I've been very loyal to where I get my service done. Thats actually got me a long way on negotiations and other issues. E.g., I had a transmission go on a Jeep Liberty and the cause was not initially clear and it could have been linked to poor driving habits (which i don't have, turns out after a lot of forensics it was a super rare master cylinder failure issue). Because I had gone to that dealer for years they gave me the benefit of the doubt right away and fixed it no charge. 

 

 

 

4 hours ago, Magikal said:

Yup, that's a regular thing in our world. We reward loyal clients all the time.

I wanted to be loyal to my dealership where I bought my vehicle. However, the cost for a simple oil and filter change was nearly triple of the body shop that I liked near me. I couldn't really justify the price difference. There was an aside that location-wise, the dealership had nothing around and would take hours to get the job done (again for an oil change with a booked appointment, but they booked everyone at the same time and it became first come first serve basically) while the bodyshop was right next to a bunch of amenities that made time go by faster and they were done much quicker anyway than the dealership for service. In my opinion aside from all this, I would've basically paid that extra amount into the service that even if they "rewarded" me, it was simply due to me paying for it (or most of it) up front as it is so I can't really say it's a "reward". I did have a problem recently and my warranty was up like a couple of months prior and they played the warranty card. Now maybe it's because I had stopped servicing the vehicle there, but I don't know if they would've given me the benefit of the doubt otherwise and pushed things through anyway. The problem actually fixed itself (so I'm not complaining), but who knows what they would've charged me although there was going to be a fee just to look at the vehicle had I brought it in.

 

Other dealerships that I've been told do little things like offer a free car wash with service or have annual gifts (small things like a snowbrush or whatever). It's little things, but better than nothing.

 

Anyway, just curious if I'm missing something here where maybe I should have stuck with the dealership for service. It was a Jeep also btw. Perhaps if I wanted to buy a vehicle again from them in the future, it may help me as well, but at the same time, I don't think I'll be purchasing again from there anyway. I like the vehicle, just haven't appreciated the service or felt like they would've rewarded loyalty anyway.

[BrockBoester]

6 hours ago, Standing_Tall#37 said:

It’s created this bubble we’re living on, and it’s about to burst. 

 

 And I was able to come up with $42,000 (for a 4yo vehicle) in a matter of 6 months, anyone should be able to(over 18 months if it takes that long for them) 

 

[Violator]

6 hours ago, Standing_Tall#37 said:

When I make the 10 hour drive south I often wonder that too. To me a 4x2 truck is completely useless, same with a v6. But southerners seem to have them in abundance.  I mean it’s not like they’re loading firewood, or hauling bails with these pavement princess’. Hell, even if the south has more than a few days of snow/year I could understand it.

I have a 4x2 served me pretty well over the years didnt wanna pay extra for insurance or repairs.

[aGENT]

1 hour ago, theo5789 said:

 

I wanted to be loyal to my dealership where I bought my vehicle. However, the cost for a simple oil and filter change was nearly triple of the body shop that I liked near me. I couldn't really justify the price difference. There was an aside that location-wise, the dealership had nothing around and would take hours to get the job done (again for an oil change with a booked appointment, but they booked everyone at the same time and it became first come first serve basically) while the bodyshop was right next to a bunch of amenities that made time go by faster and they were done much quicker anyway than the dealership for service.

Amen to this.

 

On top of them charging more than most other mechanics/lube shops, taking longer to do it and being nowhere near anything remotely 'entertaining' to fill that extra time, they also like to pull what what my (now ex) dealership just did and attempt to charge me for a trumped up $300+ 'annual service' instead of the standard, scheduled (and again, still overpriced) $69.99 oil and filter change (with assorted inspections). 

 

They're hard to like and they've no one but themselves to blame.

[Crabcakes]

6 hours ago, Tortorella's Rant said:

 

They extended the power train warranty for me already for free for 5 years which covers the engine.

Do you think the extended warranty is worth purchasing? Maybe it's a mistake asking this because everyone has opinions as just mentioned. I'm inclined to pass on it because I'm already a thousand over what I was "OK" with spending. It's three years 60,000KM which covers anything and everything for about $2,000 with a $50-$100 deductible. Plus, dealerships sell extended warranties with the intention of making money - most people who buy these do so for peace of mind - if they do use them they don't ever get the actual value.

Guess I'm paying mostly for electronic coverage at that point. I look at my previous repair bills and nothing over the three years that would be covered by this  equaled $2,000+ and that was almost a 20 year old car.

When you're buying an extended warranty, you're buying peace of mind.  From the dealers point of view, they're making more money by up selling on various things like extended warranty's and financing.  For my piece of mind I trust my research.  I only buy certain makes and I know which models and years have issues.  There are some pretty good books in the library like Lemonaid which will help and you won't have to pay a subscription fee for the online version.

 

Wrt to warranty's, keep in mind, when purchasing anything, problems mostly happen in the first year of use due to manufacturing or materials issues or when the item is getting old.  In my opinion, manufacturers warranty's are fine for this reason.  Extended warranty's are going to cost you $500 or so.  Do you need it?  Probably not.  Do you worry a lot?  Maybe it's worth it to you. 

 

I've bought 14 cars for myself and never used dealer financing before.  My last purchase, I used the dealer for financing and although the interest rate was reasonable, they charged me $499 to set up the loan which took about 30 minutes.   I would have had to miss 2 working days if I waited for bank financing so it was worth it to go ahead with the dealer financing but people should be aware of these things going in.   A 0% loan is not free. 

 

 

[Russ]

9 hours ago, Standing_Tall#37 said:

It’s created this bubble we’re living on, and it’s about to burst. 

 

 And I was able to come up with $42,000 (for a 4yo vehicle) in a matter of 6 months, anyone should be able to(over 18 months if it takes that long for them) 

Do you have a home mortgage? Kids? Other dependants?  Damn coming up with $42,000 cash in 6 months is pretty impressive.

 

Hell the interest rates on car financing or less than I make off investments, so why the hell would I not pay 3.49% when investments will make 5%+?  I am ahead 1.5%.

9 hours ago, Standing_Tall#37 said:

When I make the 10 hour drive south I often wonder that too. To me a 4x2 truck is completely useless, same with a v6. But southerners seem to have them in abundance.  I mean it’s not like they’re loading firewood, or hauling bails with these pavement princess’. Hell, even if the south has more than a few days of snow/year I could understand it.

Hey I used to load the crap out of a little ole 4x2 Ranger with firewood.  Now I load a 4x8 trailer and hook it up to my corolla and haul the bugger home with me