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You are in the Prices Paid - Buying & Leasing Experiences
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Ford Escape Hybrid, Hybrid Cars, SUV
#103 of 712 Potential 2008 Ford Escape Hybrid 2WD Purchase
Apr 19, 2007 (1:31 am)
I'm debating purchasing the 2008 Ford Escape Hybrid 2WD.
Originally, I thought I'd get a better deal on a 2007 model because of all the extra incentives. The vehicle has a base MSRP of $25,655.00 and a base invoice of $24,198.00. Accounting for dealer holdback (3% off total MSRP), Blue Oval holdback (additional 1.25% off total invoice), and current factory-to-dealer rebate of $500.00, I've come up with a dealer cost of $22,625.88. Add in the destination charge and subtract the $3000.00 in customer rebates, and I'm down to $20,290.88 for the base model. Anyway, after adding in all the options I want (Premium Package, Safety Package, and Moonroof) and my local tax rate, I've come up with a total w/options cost of $25,987.30. That's $7,397.40 off MSRP & $5,031.48 off invoice). Take out another $2600 for the tax credit, and I'm down to $23,387.30. Then, of course, I have to add in *some* profit for the dealer.
Now, here's the issue... Going through all that rigamarole with the 08 model has given me a total cost of $25,698.23 (after the $3000 tax credit and, again, I have to add in profit), which is $2310.93 more than the 07, and only $4336.67 off MSRP and $1,873.23 off invoice... That really seems crazy to me, based on previous vehicles I've purchased (course, they've always been marked up more than the Escape).
Anyway, I've read--from Ford--that the 08 is slated to have an 11% better residual value than the 07 model... If that's the case, it might be worth it just to go for the 08. That, coupled with all the new features, may be my best choice. Of course, the drastic markdown in the 08 will certainly have a negative effect on the prior models' resale value, anyway.
It should also be noted that I used this same formula with both the 07 and 08 Mariners. Oddly enough, both of them came in at just over $200 more than the 08 Escape... So the 08 Mariner is on my mind too. *sigh*
Any thoughts before I purchase?
Apr 19, 2007 (5:57 am)
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#105 of 712 Re: Potential 2008 Ford Escape Hybrid 2WD Purchase [adamdonaghey]
Apr 19, 2007 (10:22 am)
I'm in the same boat, but in so cal. all the 07's are fairly loaded. I'm assuming that when more 07's are gone, the big rebate will shift to the 08. I'm also looking hard at a Prius.
#106 of 712 Re: Potential 2008 Ford Escape Hybrid 2WD Purchase [treagan]
Apr 19, 2007 (10:58 am)
lol, wouldn't it be something if you waited until all the 07's were gone... there *was* a rebate shift to the 08... BUT... 60,000 had sold and the IRS lowered the credit? I hate thinking about all of this...
#107 of 712 Re: Potential 2008 Ford Escape Hybrid 2WD Purchase [adamdonaghey]
Apr 19, 2007 (11:48 am)
I don't even think I will qualify for the credit because of AMT, but even when they hit the 60000 mark (which I've been told is not real close), there is ?3 or?6 more months until the credit cuts in half.
#108 of 712 Just bought the 2008 Ford Escape Hybrid for Earth Day!
Apr 21, 2007 (9:48 pm)
Very happy with my experience... Had two dealers in a bid frenzy and ended up getting the vehicle for $907.48 off... invoice. That's right, invoice. That's $2750.48 off sticker. I basically figured the cost of the vehicle (including holdback) and added 3% profit for the dealer. I did not include any dealer prep fees, nor the Ford Advertising Dealer Fund (of which dealers have to pay $360 per vehicle). In this case, the dealer *really* did make only a few hundred bucks... Bottom line, is despite the fact that these are brand new, harder to come by, and *really* not marked up by much (dealers really don't make much money on these hybrids), you can still get a great deal. That, coupled with the $3000 federal credit and the fact that I paid cash, just bought me an investment. I highly recommend picking one of these up if you can!
I'll just sit back and wait for the 60MPG F150s slated to come out next!
#109 of 712 End of the month is a good time!
Apr 29, 2007 (8:10 am)
OK, so I saw a dealer who offers cars on ebay as well, and contacted them about a FEH that was listed at $31K, but the description was base model. He told me it was fully loaded, and I said I wasn't interested in the nav package because it's just too expensive of an add on, and after I told him which packages we were looking for (moonroof, audiophile, hybrid premium) he said he could get one "out the door" (meaning with TT&L) for $29,300, not including my $500 college grad rebate. So, we decided to go down and test drive the one they DID have (the fully-loaded one) since we hadn't actually driven a FEH yet.
Got down around 3, drove it and decided we really liked the ride, so we were prepared to see if he could get the one he mentioned they could get (less nav package) in ice blue, or (our preference) "if there's one like that in the green, we can wait longer."
He went back to the manger's area for awhile, and we watched TV, and came back asking if we liked the one we drove. I said yes, and he said how about that for $30,500, out the door). I asked if that included the college discount, and he said nope, take that off, and it's $30K. Interested?
So, we said yes, and also got the $500 factory-to-dealer rebate that's out now. Then all the financing paperwork began (in spite of me having gone through FMC's credit application a few days ago, in preparation). Declined all the options except GAP insurance (which made a difference of about $2/mo financed). About 2 hours later, we drove away with a kiwi green FWD that has the premium package, navigation, chrome, moonroof and stepbars (only thing I woulda totally skipped, but eh), for $29,290 or about $1,100 over invoice.
The salesman mentioned to us that we picked a good time to shop (end of the month), which is something that a car salesman friend of mine confirmed -- they have monthly quotas, so feel more pressure at the end of the month. He also mentioned that they have a limit of how many hybrids they'll have on the lot at any given time. Now, I'm not sure who imposes this limit, but I'm thinking in this case it's the dealership's manager, because this was slightly out in the country south of Houston (at Ron Carter in Alvin), where trucks are a much bigger draw. But, worked in our favor, because end of the month, and faced with seeing if another dealer would swap out their inventory == let's sell the one here.
So, all in all, a pretty smooth and surprising experience.
#110 of 712 Re: End of the month is a good time! [shaendra]
Apr 29, 2007 (2:32 pm)
You got a fairly average deal there... I won't go into the numbers exactly (you can see what I'm capable of in my previous post). Two issues that should be addressed for future buyers did come up, however:
1) GAP coverage. I wouldn't suggest buying GAP coverage from the actual dealer. If you feel you must have that insurance, purchase it from your insurance carrier. It's typically far less and since you generally purchase six month premiums, you can always get rid of it, as needed.
2) End of the month myth... It's always the right time to buy a vehicle. The fact of the matter is, a salesman always wants to move a vehicle (despite what he/she may say) and a salesman is always willing to negotiate a good deal. The only factors that will change the amount a dealer is willing to negotiate are consumer rebates and factory-to-dealer incentives. If you're willing to wait for a rebate or an incentive, you will obviously get a better deal.
#111 of 712 Re: End of the month is a good time! [adamdonaghey]
Apr 29, 2007 (2:58 pm)
Probably right on both counts The end of the month didn't make any difference to us... timing was coincidental, in this case, so it was a non-factor for our purchase. Waiting for rebates is probably something we could have done better on, but who knows when those will come? We had a sudden need for a replacement (one of our two up and died, doh!)
GAP coverage was all of about $345, so I'm not sweating it at all.
I feel fine with the deal we got.
Thanks for pointing these out, though! Always good for folks to hear about different angles, going in.
Apr 29, 2007 (5:37 pm)
Bought my new 07 a month ago tomorrow......Went with the 07, because I wanted Red....has silver trim. Paid 8 cents under 25,000 out the door. Options.....AC 110 Power Outlet, Appearance Package, Safety Package. $665 destination & Delivery. MSRP $27,790. I love it. First tank was 33.34 mpg, 2nd tank 35.2 mpg, and last tank was 35.94 mpg. I thought I'd average around 32 or so, since most of my driving is freeway to work and back. I'm thrilled and love the color.