Cybertruck owners won't be able to sell their car

[BrandonLatzig]

35 minutes ago, Mark Kaine said:

hmm, im unfamiliar with that case.

Given how the law firm had to literally put an ad out for it, I think everyone was

[YellowJersey]

Oof, liquidated damages clauses are always a can of worms. I wouldn't put too much stock in elmo being able to rely on it in court, as it seems like a penalty clause (a big nono in contract law) rather than a genuine pre-estimate of damages.

 

[dalekphalm]

On 11/12/2023 at 3:58 PM, Lurking said:

I would question how 3 years was determined. Did enough people sign paperwork and put down a non-refundable deposit for the next 3 years of production? Or is that just what Toyota assumes? Next year a wonder Honda could be released or there is a recession and 90% of those prospective RAV4 buyers disappear. 

 

I can't believe someone is signing paperwork for in 3 years. I mean, there will be a new RAV4 model and new prices and trim levels etc 

I recently purchased a brand new Toyota Corolla Hybrid on order, so let me tell you about the experience.

 

First, I paid a 100% refundable deposit (It was $500 CAD). For Toyota, this is standard practice. Some sketchy dealers will have a non-refundable deposit, but it's not the norm and the manufacturers do not like it when dealers do this.

 

The actual wait time was about a year. During that time, we were informed that the production model we ordered (2022) was not being manufactured anymore, so we got moved to the 2023 model. This included a higher price (about $800 more), and there were some minor differences (features were largely the same, or were newer versions of the same), with the big difference being the paint colour we ordered was no longer available on the basic trim model - you had to get the upgraded trim model to get that specific paint now. We had the option to change to the higher trim if we wanted, at the higher price of that trim. We refused.

 

The car finally arrived about a year after we placed the order. At this point, we finalized the sales contract, signed the paperwork, arranged financing, etc. We had the option of backing out of the deal until the moment we signed the paperwork, which was a few days before we were scheduled to pick it up.

 

And the RAV4 Hybrid and Prime models are in shorter supply and higher demand than the Corolla Hybrid, so I can absolutely believe a 3-year wait list.

 

As noted, that wait list is almost certainly determined by simple estimates based on orders. Yes, not every single person who preorders the car will actually buy it, but in the case of something like a RAV4 Hybrid, most dealers will flip that car same day or within the week if the original buyer who ordered it backs out.

 

And no, you're not getting delivered a 3-year old model. At a certain point they stop manufacturing the current year and switch the lines over to the next year, and you just get added to that list. When that happens, you have another chance to back out of the deal and cancel the order, since you haven't signed a purchase contract yet.

 

Now, some dealers will actually sign a purchase contract with you at order time, but they typically don't want to because if the production line changes over, they can usually get more money out of you with the newer model.