With the demise of Pontiac as a brand by GM by the end of 2010, now is the worst time to buy a used Pontiac that you’re ever going to find, except in one case. It's also not a great time to buy a new Pontiac, either, but I'll leave that discussion to fellow guide Aaron Gold at cars.about.com. Tony and Michele Hamer also weigh in on the topic at their classic cars site.
When a Used Pontiac Makes No Sense
Don’t buy a certified pre-owned Pontiac from a dealership. Once the Pontiac brand goes away, where are you going to get it serviced? GM hasn’t explained yet what happens when to certified pre-owned warranties once a brand is closed. (Saturn, Saab and Hummer are on the sales block, too.)
There’s a possibility GM will pay other dealers in its network to do the work. This could be a solution, but it could be horribly impractical depending on the proximity of other GM dealerships. Dealers hate warranty work because manufacturers pay pre-negotiated flat rates that are less than what a dealership could make from a private customer.
Another reason not to purchase a certified pre-owned Pontiac is there’s no guarantee GM will honor any warranties once it goes through bankruptcy (which is looking more and more likely). Bankruptcy cancels agreements between company and consumer from what I understand.
Your used Pontiac is going to have no resale value. Once Pontiac’s demise is announced the value of its vehicles (new and used) are going to plummet. Good luck getting anywhere near the value of your used Pontiac when it comes time to sell.
No responsible financial institution will lend you money for a used Pontiac. The dealer network is going to disappear. The cars are going to be more difficult to get fixed under warranty. Resale values are going to be weak. Good luck getting anybody but a sub-prime lender to back your loan. Count on paying a ridiculously high interest rate even if you have good credit.
Pontiac hasn’t sold a good car in years. Let me qualify that somewhat. A lot of people seem to be raving about the Pontiac G8. So, in a couple years a used G8 might be a good value, but otherwise I can’t think back to a Pontiac in the last 10 years that I would want to own. None of the G-series appeal to me. Don’t get me started on the Solstice. It was an over-hyped vehicle from the start that seemed worth less than its $19,995 price tag and it had a convertible top that was simply infuriating to use. The Pontiac GTO was appropriately nicknamed the Goat. The Pontiac Aztek has been the punch line to endless numbers of jokes.
About the only Pontiac I could stomach in the last decade was the Grand Prix. I thought it was a nice throwback to when American sedans had decent performance and distinctive looks.
By the way, Consumer Reports largely agrees with me. Out of its 36-member “Worst of the Worst Used Cars,” three are Pontiacs: Pontiac Aztek; Pontiac G6 (V6); and, Pontiac Montana. So, don’t take my word from it. Those guys at Consumer Reports know a thing or two about cars.
Your friends are going to laugh at you. Let’s face it. Buy a used Pontiac now and, unless you can produce a bill of sale showing you saved 30% or more, your friends are going to question your judgment. They’ll whisper behind your back, “Did you hear he a bought a used Pontiac? And he seemed like such a nice person.”
When a Used Pontiac Makes Sense
A Pontiac makes sense if you plan to run it into the ground. Then you don’t have to worry about resale value. Take the Grand Prix I mentioned above. It’s going to serve you well as solid Point A to Point B transportation. It can seat five adults comfortably and its trunk is spacious.
I should mention there is one Pontiac that Consumer Reports recommends: the Pontiac Vibe. It’s basically a kissing sister of the Toyota Matrix. The Vibe never made my heart go pitter patter but it is a good practical used car that you should be able to run into the ground.
However, even if you’re not concerned about resale value, you will need to be concerned about maintenance. Frankly, any GM trained technician will be able to work on a used Pontiac.
You can save a lot of money buying a Pontiac right now. Both dealers and private sellers are going to have inventory they want to clear. They know they’re going to have to swallow hard and take any reasonable offer.
This is especially true for dealers closing their Pontiac stores. Either they or GM is going to offer fantastic deals on new and used Pontiacs to clear the lots. Just keep in mind, though, that you’re buying a vehicle that may or may not have a sustainable warranty behind it when the dealership closes or GM goes bankrupt.
Private used Pontiac sellers are going to be seeing already reduced values. So, be leery when dealing with them. Make sure any pre-purchase inspection is especially thorough. People losing money on their used cars rarely impart a lot of tender loving care on them.
