I bought a 2015 suv from a major car dealership in my area (ma). And found out after all their talking they didn’t take anything off the overpriced car! They listed it way over the Kelley blue book value for fair market range. The top price was 20k for fair market and the dealer sold it 25k! Is this legal? I bought it Thursday can I return it?
Well, you could always contact the Federal Department of Mandatory Discounts, except for the tiny matter that it doesn’t actually exist.
Somebody else took it upon himself to set the original poster straight, or at least less bent:
Yes…EVERYTHING WAS DONE LEGALLY. You could have tried and negotiated a lower price(they can refuse to sell it for that price too, which also is legal) … but you didn’t.
Yes, you can return it. Be fully aware that they are buying back the vehicle from you and are only going to offer you 18,000. Take the hit, or keep the car. Your choice. THAT IS ALSO LEGAL.
KBB is a suggested value (if you are a sharp negotiator). Car Lots have “professional” negotiators … so way past “sharp”. This is their living, what they do everyday, multiple times per day. You buy a car like ONCE every few years? You lose the edge for negotiating.
They can ask a sky high price for it and hope they get a “biter”. You bit the hook, and they reeled you in.(much like fishing)
You bringing the car back … they don’t have to buy it from you … for the same price. They want to be paid for their work of pushing a pen and paper around … so you lose. (They NEVER LOSE.)
All their talking (talk is cheap) managed to make you lose focus on the actual deal and you signed for it; buying at the advertised price. THAT is your fault.
Having the KBB knowledge did not HELP YOU one bit. Hope that when you resell the vehicle, that THAT buyer does not use KBB guidelines and Out negotiates you. (as you will be asking more than the vehicle is worth — because you are making room for negotiations.) If they see they get the price lower, they are more apt to buy and be happy … while you still get more than the actual KBB value for it so you are also happy.
That is why stuff is overpriced in the first place.
Seemingly random capitalization as in the original.
From what I’ve seen, the nation is chockablock with people who believe that results from Kelley — or the EPA-derived numbers at fueleconomy.gov — are somehow legally binding. In that case, I invoke the shade of W. C. Fields: “It’s morally wrong to allow a sucker to keep his money.”