Buying cars is not an excited task, specially used ones. However, after being a customer of this company for more than 15 years, buying 3 cars from them, and continually used the place for repairs, I felt this was the place to buy another used/new car.
I bought a Honda Civic 2002 about 2 years ago from David McDavid Honda. I went back to the dealership last week to try to exchange the car for a newer version (done this in the past for two cars, very happy). I found out the Honda (which is one of the best retainers of the original price) has now about $6,000 on negative equity.
Why? Well, I found out that the car has an extended warranty for $2000 (I guess I can get some of that money back), it also has "insurance" for one month for about $1,200 (I don't have any records in 30 years of driving, so I could get my own insurance for a lot less), and also it was set at a 15% interest (not that I have the perfect credit, but a quick search for a car loan came back with an approved 7.19%, so I was double the interest).
Result? If I sell the car today (in perfect mechanic and body shape, with 63,000), I will owe abot $6000. So, you have not choice to keep it! That is wha I was told by the dealership. He basically said: good luck and come back later, and let me go (hard to believe, I left the dealership without a new car).
Yes, it was my fault for not reading the small print on the contract, but thinking that I was their customer for more than 15 years, I thought I was going to be treated very good. Wrong! Think twice next time and read the small print.
Just for curiosity, I went to Toyota of Irving and I got $1600 more money for my Honda on the first try than what David McDavid (original seller and Honda re-seller dealership) was offering to me ($5400 for trade-in, Kelly Blue Book says to expect around $8,000 at least, so I asked them why so low: explanation: Kelly Blue Book is out of date, the numbers are not real).
Conclusions, I will not buy a Honda from David McDavid, I won't even go back to the dealership for repairs on my Honda (even though I had a "extended warranty" for my car, why extended warranty? Those cars don't break, not until they have a lot of miles!).
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