GM Money Back Guarantee Comes with $500 Rebate Choice
GM recently made public its 60-day money back guarantee program which allows consumers to return a purchased vehicle after 60 days with no questions asked.
The company was hoping that returns would be few, and thus their sales would increase.
But now a growing number of consumers are willing to forego the trial period altogether for a more attractive option: a $500 cash rebate.
Under its "May the Best Car Win" challenge, GM is offering buyers the $500 rebate if they choose not to take part in the 60-day guarantee program.
But dealers are downplaying the rebate feature in their ads, placing more emphasis instead on the trial period - so that consumers gain an impression of confidence in their vehicles.
For most consumers, the $500 rebate simply makes more sense - especially since the money back guarantee comes with a set of limitations.
For example, the car can only be returned if it has less than 4,000 miles and no more than $200 in damage. Buyers don't get a refund for everything, either. Payments for insurance, registration, or financing are irredeemable.
Since only about 2% of buyers are expected to return the vehicles, our recommendation is to take the $500 rebate in lieu of the money back guarantee.
My Recommendation for Car ShoppersTrueCar No-Haggle, Edmunds Price Promise, and 1-800 Car Show are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
California Residents - Important:There is a new online car buying service called Roadster, available only to California residents, which I highly recommend you try - especially if you hate the stress of haggling with a car salesman. They provide an expert concierge who negotiates the price of the car and delivers it to your home with zero hassle - you never have to interact with a dealership. Here is my in-depth review of Roadster and why I recommend it.
- Gregg Fidan
About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
Latest Weekly Car Buying Tips RSS Feed