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Discussion Starter · #1 ·
Hi all.

I’ve got a buyback request pending for my 2020 Premier, which I’m expecting to go through sometime between mid-February and the end of March.

While I wait, I’m trying to go over my numbers to come up with a close approximation of what this future buyback offer will be and compare it to what I can sell/trade my Bolt in for today.

Long story short, if anyone’s been through the buyback process—particularly in Florida—I’d appreciate if you could review my numbers below and let me know if anything looks wonky:

MSRP: $44,350
Dealer fees: $760
Sales Tax: $2,390

Total: $47,500

Less incentives: $12,398

Amount paid for car: $35,102

Usage deduction: $7020 (based on 24K miles—24000/120000 x $35102 according to Florida Lemon Law)

Buyback amount: $28,102

Although I have little doubt the buyback will put more money in my pocket than a sale/trade, it might not matter because I can’t be without transportation for any length of time. With very limited availability of replacement vehicles, crazy markups on the few that are available, and very limited time to agree to the buyback and hand in the car, I figure that any extra money I make in a buyback compared to a trade will be eaten up scrambling for a new ride. (Heck, even the price to rent a car is through the roof.)

In short, I’m beginning to have doubts that the buyback is worth the wait, especially since I have the opportunity to buy a new EV in the next week or so, and I’m sure there is zero chance it will be around in 5-8 weeks when the buyback comes through.

Thanks very much!
 

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Hi all.

I’ve got a buyback request pending for my 2020 Premier, which I’m expecting to go through sometime between mid-February and the end of March.

While I wait, I’m trying to go over my numbers to come up with a close approximation of what this future buyback offer will be and compare it to what I can sell/trade my Bolt in for today.

Long story short, if anyone’s been through the buyback process—particularly in Florida—I’d appreciate if you could review my numbers below and let me know if anything looks wonky:

MSRP: $44,350
Dealer fees: $760
Sales Tax: $2,390

Total: $47,500

Less incentives: $12,398

Amount paid for car: $35,102

Usage deduction: $7020 (based on 24K miles—24000/120000 x $35102 according to Florida Lemon Law)

Buyback amount: $28,102

Although I have little doubt the buyback will put more money in my pocket than a sale/trade, it might not matter because I can’t be without transportation for any length of time. With very limited availability of replacement vehicles, crazy markups on the few that are available, and very limited time to agree to the buyback and hand in the car, I figure that any extra money I make in a buyback compared to a trade will be eaten up scrambling for a new ride. (Heck, even the price to rent a car is through the roof.)

In short, I’m beginning to have doubts that the buyback is worth the wait, especially since I have the opportunity to buy a new EV in the next week or so, and I’m sure there is zero chance it will be around in 5-8 weeks when the buyback comes through.

Thanks very much!

Did you try to get a trade-in quote from whoever you're buying this new EV from? $28K for a 2020 Premier sounds like a steal... (go on carguru.com and do a search in your area) meaning if you offer it up at that price, someone here, maybe even me, will snatch it up. :)
 

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Discussion Starter · #3 · (Edited)
Did you try to get a trade-in quote from whoever you're buying this new EV from? $28K for a 2020 Premier sounds like a steal... (go on carguru.com and do a search in your area) meaning if you offer it up at that price, someone here, maybe even me, will snatch it up.
Predictably, the dealer's offer a few thousand less than estimated buyback, though when you factor in the sales tax benefit of a trade-in it shrinks the difference somewhat. I've gotten quotes from all the usual suspects-- Carvana, CarMax, CarGurus, Vroom, plus one or two local places -- some were less than the dealer, some a bit more (all within a $5K range).

Selling to one of the online places make me nervous-- I'd be concerned that you sell them a car based on the quote they give you, then they lower their payment based on some contrived issue-- at which point you can't protest because they've already taken the car away. Plus, I hear they can take a while to pay-- I'd be trying to thread a needle here, so any unstable variables would be a problem.

But if you (or anyone else) has serious interest in my Bolt and live in FL, PM me; perhaps we can work something out. Maybe I'll post it in the forum too...
 

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2021 Nightfall Gray Bolt LT
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Looks to me that your best bet is to trade it to the dealer when buying your new car. Sometimes you need to pay for the convenience (no time without a car, no hassle of waiting for a check, no worries about a lower offer and less sales tax to be paid).


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The quote I got from Vroom was a little higher than the buyback offer for a 2020 Premier with 9k miles at the time. I'm betting that higher mileage would make a Vroom or other reseller offer more likely to be better.
 

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Predictably, the dealer's offer a few thousand less than estimated buyback, though when you factor in the sales tax benefit of a trade-in it shrinks the difference somewhat. I've gotten quotes from all the usual suspects-- Carvana, CarMax, CarGurus, Vroom, plus one or two local places -- some were less than the dealer, some a bit more (all within a $5K range).

Selling to one of the online places make me nervous-- I'd be concerned that you sell them a car based on the quote they give you, then they lower their payment based on some contrived issue-- at which point you can't protest because they've already taken the car away. Plus, I hear they can take a while to pay-- I'd be trying to thread a needle here, so any unstable variables would be a problem.

But if you (or anyone else) has serious interest in my Bolt and live in FL, PM me; perhaps we can work something out. Maybe I'll post it in the forum too...
Is a trade repurchase already off the table? (Not that it addresses lack of inventory).
 

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Discussion Starter · #7 ·
The quote I got from Vroom was a little higher than the buyback offer for a 2020 Premier with 9k miles at the time. I'm betting that higher mileage would make a Vroom or other reseller offer more likely to be better.
All the quotes I got for my car Vroom was the highest (though not by very much). But what makes me nervous about Vroom is that the fine print contains language to the effect that Vroom reserves the right to adjust the quoted price-- not just if the seller misrepresented the car in some way-- but based on actual or expected (emphasis mine) market conditions. So you don't really know what you're actually getting from Vroom until days after you've given up your car, and that's a risk I'm not willing to take. There are quite a few anecdotes on Reddit and other places of people that sold a car to Vroom for X and then got X minus some amount.
 

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Discussion Starter · #8 ·
Is a trade repurchase already off the table? (Not that it addresses lack of inventory).
As far as I'm concerned, nothing is off the table. I've been in process for a buyback since September, for a swap as of a couple of days ago and am still actively considering trading it in or selling it privately under the right circumstances (though selling privately is problematic since I have a loan). It all depends on timing and financial details considering I can't be without a car.

Worst case scenario I will get my new battery.
 
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