Buying a car in this economy (2 Viewers)

[guidomerkinsrules]

1. Negotiate trade in and final price first.
2. Tell the dealer you’ll finance IF they give you an additional deal.
3. Finance the car and pay if off after the 1st payment. Usually the dealer gets paid and you only take a minimal finance charge.

Interesting- will definitely look into

 

[Sailorsaint]

here's a hypothetical to you car loving finance gurus
let's say you had enough money to buy a used car outright (for arguments sake, let's say around $15k)

you hold on to that info until the end right? you don't let a dealership know you want to pay it all right away correct?
how/when do you say you want to pay the full amount/not finance?

just for fun let's also say you've got about $4k left on a car on it's last leg/wheel
that gets sorted early on correct?

Don't let them keep you there for hours either. Don't let them hold your trade in hostage. The big thing they will do is leave you sitting there while they talk to their manager and you can't just walk out because your car is in the back being inspected/looked at.

 

[Nisey55]

Yeah you insist on negotiating the price of the car, out the door (make sure they give you the out the door price, which includes all the fees and misc that end up on the bill of sale). They’ll ask you how you’re paying, just say you have your own options and you want to get the price done before you decide.

That last part seems to suggest you have a trade-in but not really sure what you mean.

It freaks out the salesperson when you are more concerned about the reliability and the price of the vehicle than the monthly payments and the WIFI capabilities.

 

[superchuck500]

Interesting- will definitely look into

I’m not sure but I don’t think they will be as aggressive with the financing on a used car - typically those deals are on new cars and the manufacturer’s credit/bank side is the lender. So in order to get 48 or 60 months worth of interest out of you, they can knock off a slice from the price to make their deal more attractive.

I’d be wary of used car financing offers - make sure you run all of the numbers to see if it makes sense to use that strategy.

 

[efil4stnias]

Don't let them keep you there for hours either. Don't let them hold your trade in hostage. The big thing they will do is leave you sitting there while they talk to their manager and you can't just walk out because your car is in the back being inspected/looked at.

 

[guidomerkinsrules]

I’d be wary of used car financing offers - make sure you run all of the numbers to see if it makes sense to use that strategy.

I appreciate that y’all address me as if I’m functional in this regards

You’re the wind beneath my wings

 

[saintmdterps]

I appreciate that y’all address me as if I’m functional in this regards

You’re the wind beneath my wings

Would you like several of us to physically accompany you to the dealership and assist with your car purchase? Then we can be the literal wind beneath your wings. What could possibly go wrong???

 

[zeetes]

Would you like several of us to physically accompany you to the dealership and assist with your car purchase? Then we can be the literal wind beneath your wings. What could possibly go wrong???

i volunteer. i'll be on my best behaviour.

 

[Saint_Ward]

here's a hypothetical to you car loving finance gurus
let's say you had enough money to buy a used car outright (for arguments sake, let's say around $15k)

you hold on to that info until the end right? you don't let a dealership know you want to pay it all right away correct?
how/when do you say you want to pay the full amount/not finance?

just for fun let's also say you've got about $4k left on a car on it's last leg/wheel
that gets sorted early on correct?

Yeah you insist on negotiating the price of the car, out the door (make sure they give you the out the door price, which includes all the fees and misc that end up on the bill of sale). They’ll ask you how you’re paying, just say you have your own options and you want to get the price done before you decide.

That last part seems to suggest you have a trade-in but not really sure what you mean.

Guido, everything Chuck said. One addition. It sounds like you still owe $4,000 on your current car that you want to trade in. When you say it is on its last legs, what does that mean? This is how a lot of folks get in trouble.. if you owe more than the car is worth, you'll roll in that negative equity with the new to you purchase.

When I last bought a car for myself with a trade in, it was 2013. The car I traded in was burning oil, but it was paid of. They gave me like $500 for it. I didn't even care.

However, now that I'm older and smarter, I'd 100% get actual cash sale offers on my car (online) to have in my hands to see if the dealership can beat it. Otherwise, I'd just sell it to them. But, if it's worth less than you owe, it might be smarter to dump a bit more into the car to keep it running until paid of.

 

[Saint_Ward]

1. Negotiate trade in and final price first.
2. Tell the dealer you’ll finance IF they give you an additional deal.
3. Finance the car and pay if off after the 1st payment. Usually the dealer gets paid and you only take a minimal finance charge.

Make sure there isn't an early pay off fee, if you go this route. but with used cars, this is usually less lucrative of an option.

 

[Saint_Ward]

I'm not exactly in the market for a car now. But, at some point, I may need to get one for the kids to get to community college and/or work. Right now, my wife isn't working, so between here and the occasional Uber, they're covered and it's a lot cheaper.

I'm more likely to buy a cheap used car for the kids, but if I did decide to get a new one and 'hand down' my current Mazda... I couldn't see myself paying over $40-45k for anything, and I sure would only shop options that have a low APR deal. I will absolutely not pay those high interest rates.

What kills me is that I could probably get qualified for double that, but there's no way I'd do that.

 

[DaveXA]

i volunteer. i'll be on my best behaviour.

Oh sure. I'll be there to keep you in line. Here, have a drink!

 

[Rickboy]

Make sure there isn't an early pay off fee, if you go this route. but with used cars, this is usually less lucrative of an option.

Very good point. I totally forgot about that since I've mainly lived in states where that's illegal. I remember when I bought Miyako a Miata, back in 1996. A Virginia dealer almost slipped that by me. Fortunately calling it out was enough to get it removed from the sales contract.

 

[guidomerkinsrules]

Mazda 3
Mazda CX-3
VW Jetta
Nissan Kicks
Subaru Forrester

^your thoughts?
I've had subarus before and liked them

Hondas and Toyotas seem to get snatched up fast (or held on to)

any domestics in the Crossover range to consider?

 

[Sailorsaint]

Mazda 3
Mazda CX-3
VW Jetta
Nissan Kicks
Subaru Forrester

^your thoughts?
I've had subarus before and liked them

Hondas and Toyotas seem to get snatched up fast (or held on to)

any domestics in the Crossover range to consider?

All good options. My Ford Escape saved my life once, and if able, I would buy another in a heartbeat.