GM's New "60-Day Buy Back" Program

September 14, 2009 7:03:48 PM PDT
General Motors is launching an unprecedented offer. Beginning Monday GM will allow its customers who buy a new car or truck to return it for a refund within thirty to sixty days. The automaker is trying to win back customers who may be shying away from GM after the company filed for bankruptcy earlier this year. Peter McKay and his wife Martha are in the market for a new car. They're looking for something fuel efficient ... but big enough to hold peter's six foot four frame. And they need something inexpensive. When they heard about GM's new buy back incentive, they came running.

McKay said, "It's gonna cost a little bit, but at least I'm not gonna get a car I'm not happy with and after 60 days I should know whether I'm happy with it or not."

GM encourages potential buyers of Buicks, GMC's, Chevys and Cadillacs to take a car for a spin. If they like it, buy it. But then, if they find they don't like it after a month or two ... they can bring it back ... no questions asked.

Fresno State Marketing Professor Dr. Bill Rice says GM's new program will probably bring a lot of potential customers through the doors.

Rice said, "Anything that I can put inside your mind to convince you that you have value with the deal that I'm offering you that's what they're trying to do."

Rice says only 20 to 30 percent of car buyers actually do their homework before shopping. 70 to 80 percent of them buy cars out of emotion or because of the value factor.

Brett Hedrick of Hedrick's Chevrolet in Clovis says he doubts few GM car buyers will ever return the car. Hedrick said, "I don't think people want to got through the hassle. But realistically I think it says a lot cuz you've gotta understand that we really do make a fantastic car. "

There are still some questions to be answered in this program. For instance, if you decided to bring the new car back, do you get your trade-in back? But like the "Cash for Clunkers" program, these questions will probably all be worked out too.

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