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Discussion Starter · #1 ·
I have a 2020 Black Edition purchased in December 2019. It has 13,000 miles on it now. I got an email from the car dealer I got it from offering to buy it back and upgrade me to "a newer Honda Pilot keeping your payments about the same".

I know used car prices are through the roof now, but I'm trying to understand the catch here. As an example, let's say I have 30 payments left of $200 each (total of $6,000 left). Is Honda saying that they'd give me a new Pilot (I guess it would be a 2021 Black Edition, which I know it's literally the same car except without the tear and wear of the one I have) while keeping those 30 payments of $200 (total of $6,000)? Seeing how I already have the top trim I'm not sure what else they could try to sell me as an excuse for the "upgrade"...

Has anyone done this before?
 

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I'm curious about this as well. I've received the same offer before but never went for it. I think that meant you're keeping the same monthly payment the same, I don't think the number of payments or terms left in your current car carries over. I think that's the catch, but I'm not sure.
 

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Yeah they want you to come trade in your car and you start over with a new loan with the same MONTHLY payment, but for sure a higher NUMBER of remaining payments. It's pretty tempting until you add up the total of all the payments you've already made... in which case you'll probably realize the smart choice is to keep what you got. The dealer is fishing for used cars and hoping to move new ones at the same time. It maybe worth it if you got a lemon... but outside of that, probably best to throw it in the trash.
 

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Understand that these dealers are making an offer to make money, not to simply trade your old car with a new car. They do not have the same value. You will pay more, new loan, they sell a new a car and commission on the loan. This has been the same tactic for the last few years.

Calculate how much you have to pay more and determine if it’s worth it for you for newer Pilot.

I have a 2016 Touring AWD and they called me for a “great offer” by trading mine for 25k. My pilot is all paid for, runs perfect, looks new, and 56k miles and has a service plan contract until 2023. Not worth it to be 20+k in loans just to have a newer year.

Also, if you look at the market, there are soooo many Pilots available in dealer lots and Carvana for sale, it’s crazy.
 
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Mainly this is driven by used car prices keep going up and very low new car inventory. Many used cars are appreciating on a weekly basis.I would hate to be a dealer who loads up on used cars at the top of the bubble.
 

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Car dealers have been sending these letters for decades. They know it's easier to sell to a repeat customer than to start all over with someone off the street, and they'd love to make more $$$ off of you.

Pretty much anyone they've sold a car to in the past 10 years got the same letter.
 

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I laugh when I get letters saying stuff, "We need your 2006 Tacoma!" But I also get angry and feel disrespected. They indirectly treat you like an idiot. Yea, ok...you need my 15 year old vehicle with 225k miles. Anything to make a buck.
 

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If the dealer is offering to buy back near the total cost of the original loan for your 2020 when you purchased, I'd go for it. Assuming moving to the 2021 isn't such a huge cost difference when figuring the new final total loan. I sold my 2015 CRV for exactly what I paid out the door (to those online use car services), so this was a no brainer to sell and upgrade to a 2021 Pilot.
 

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I concur with everyone above. This is a mass sales tactic. Every person the dealer ever sold a new car to received the same “special offer”. Don’t fall for it.


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I use to trade in 3 year old cars and trucks. You never win. You negotiated to cut your loss. If you have a vehicle financed for 4 years +, you really loose. You loose what you've paid in so far plus the price difference after TTL. If you bought an extended warranty you really loose. They will add the loss (difference) into the new contract, financing that in with the price of the vehicle. To fall for the "Will get you the same payment" or negotiating on what you can afford to pay per month will always put you in a bad position for your next car deal, owing more than your vehicle is worth. I agree with post #4. At 19k miles, and guessing you still owe a considerable amount this vehicle, and further enslaving yourself for additional years, I'd advise not.
 

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I laugh when I get letters saying stuff, "We need your 2006 Tacoma!" But I also get angry and feel disrespected. They indirectly treat you like an idiot. Yea, ok...you need my 15 year old vehicle with 225k miles. Anything to make a buck.
I get it for my 93 Mitsubishi! Like yeah, ok! Be right there! Lol

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Recently I have heard of people getting paid more than they paid for a 1 or 2 year old vehicle. Most of them have an extra vehicle so they took the cash and are waiting until the inventory is back up to go purchase again. My dad is debating doing this with his '20 Sierra for a Maverick.

If you have the time and any interest in it, go see what the numbers are. Numbers don't lie. Some dealers are dealing with extremely low stock and are paying premiums to get "like-new" used cars on the lot.
 

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Discussion Starter · #14 ·
Thank you everyone, that's what I figured. The only reason why I was hesitant was due to all the people reporting getting for their car almost more money that what they paid at the time, so not sure if this email could be related to that or more something that happens all the time like everyone said.
 

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Thank you everyone, that's what I figured. The only reason why I was hesitant was due to all the people reporting getting for their car almost more money that what they paid at the time, so not sure if this email could be related to that or more something that happens all the time like everyone said.
My opinion - if you've got the time, why not go see what they say? If it's a waste of time it's a waste of time, but sometimes these things happen.

Example - coworker had a '19 GTI with 20k miles on it. No intention of trading it. The salesman he bought it from called him out of the blue and told him they had someone looking for his exact car in that color. He ended up getting $2k over what he paid for it 2 years and 20k miles later. He did get a used Tiguan from the dealer as a trade but by all accounts he got a fair deal on it. So he made out ahead since they were considering getting an SUV anyway.
 

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A couple years back the Dodge dealer and Toyota Dealer had promotions with "Spin and Win", "Limited # ticket match" etc. The really wanted my almost 10 year old 150k Sonata and would match the payments. I said sure, $0 payment for last 6 years so you will give me a new Charger for free? I'll take it right now. Didn't happen.

Go and check the details. If you want a newer year OR you have had issues that concern you about yours for longer term, it might be a good opportunity. If not, just some time lost.
 

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If I had an extra car I wouldn’t hesitate to sell it and sit on the money waiting for prices to come down. It will happen.
 

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If I had an extra car I wouldn’t hesitate to sell it and sit on the money waiting for prices to come down. It will happen.
Mine is on lease so I would lose the down payment and 39 months of payments. I have my daughters CRV to use instead since she can't have a car at school first year if we wanted to get rid of Pilot. I'll buy it out and then go from there.
 

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Mine is on lease so I would lose the down payment and 39 months of payments. I have my daughters CRV to use instead since she can't have a car at school first year if we wanted to get rid of Pilot. I'll buy it out and then go from there.
That sounds like an opportunity...buy the car at the end of the lease term and then sell for profit!
 

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That sounds like an opportunity...buy the car at the end of the lease term and then sell for profit!
You don't even have to buy it. I sold a leased car for profit prior to lease end. After we agreed on price, the buyer paid off the loan and wrote me a check for the difference.
 
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