You might remember that I test drove a Ford Escape Hybrid last year. In the end, I didn’t buy it because it didn’t work out financially for me. The difference between the trade-in value of my Jeep and what I still owed on it was too great, gas prices weren’t high enough, and — this is the big killer — they wouldn’t go any lower than 5.9% on the APR over six years. They offered me 5.9% over seven years to try to bring the monthly payment down, but that’s the best they could do. I’ve bought three cars in my life, and I’ve never paid more than 3.9%. (I think the other two cars were at 0% or 0.9%.) With my great credit rating, I didn’t think 3.9% would be unreasonable.
So I walked away, but I stayed on the dealership’s e-mail list.
This weekend, I received an e-mail from them. They were blowing out their 2006 stock to make room for the 2007s. They offered 0% APR financing for six years on all cars, Hybrids included.
Idiots. If they had offered me 3.9% last year, I would have bought a car from them. 0% this year gets them nothing, even with the tax credit/refund. (The trade-in value on my car has dropped too far, and gas prices are much lower. It works out even worse financially for me now.)
No wonder Ford is in such trouble.
Their loss. I’ll stick with my Jeep, thanks.
(Unless, of course, there’s a Ford dealership in Northern, NJ somewhere looking for free publicity on a mildly-read blog and wants to cut me a deal: augie (at) variousandsundry (dot) com is a working e-mail address now. ;-)