2016 CX-5: Is my math right? Looking to make a deal

mjk280

I live in Pennsylvania

Model: 2016 Mazda CX-5 Sport AWD
Options: Rear Camera Package
Invoice price given by dealer: $24970 (originally $25070. I removed $100 rear bumper paint protection).

$24970 - $244 dealer holdback - $880 destination - $500 estimated dealer incentive = $23346 estimated actual dealer cost

$23346 x 1.04 price plus 4% dealer profit + $880 readded destination fee = $24926 offered to dealer. Does not include rebates, trade-in or down payment.

Now for my personal cost of the vehicle:

$24926 - $500 manufacturer rebate - $1000 preferred customer rebate = $23426

$23426 - $2000 down payment - $3750 trade = $17676 final cost before finance/fees

$17676 x 1.029 price plus example finance rate = $18188.60 total financed cost

$18188.60 + $1273.32 sales tax + $156.15 quoted license/title fees = $19618.07 final total cost ($134 'service fee' on quote from dealer is ignored here)

$19618.07 / 60 months = $326.97 per month

Did I go wrong somewhere? I don't want to get laughed out of the shop but I don't think this is far off. Thanks

kyfdx

mjk280 said:

I live in Pennsylvania

Model: 2016 Mazda CX-5 Sport AWD
Options: Rear Camera Package
Invoice price given by dealer: $24970 (originally $25070. I removed $100 rear bumper paint protection).

$24970 - $244 dealer holdback - $880 destination - $500 estimated dealer incentive = $23346 estimated actual dealer cost

$23346 x 1.04 price plus 4% dealer profit + $880 readded destination fee = $24926 offered to dealer. Does not include rebates, trade-in or down payment.

Now for my personal cost of the vehicle:

$24926 - $500 manufacturer rebate - $1000 preferred customer rebate = $23426

$23426 - $2000 down payment - $3750 trade = $17676 final cost before finance/fees

$17676 x 1.029 price plus example finance rate = $18188.60 total financed cost

$18188.60 + $1273.32 sales tax + $156.15 quoted license/title fees = $19618.07 final total cost ($134 'service fee' on quote from dealer is ignored here)

$19618.07 / 60 months = $326.97 per month

Did I go wrong somewhere? I don't want to get laughed out of the shop but I don't think this is far off. Thanks

I can't really comment on your selling price calculations, because I don't know the market for this car..

But, your finance rate isn't calculated correctly. If it's 2.9% APR for 60 months, the total finance charge isn't 2.9% of the amount financed.. 2.9% is an annual rate...

Take your financed price ($17676) and add your other costs (tax, license $1429)..
Your financed amount is $19,105.

$19105 at 2.9% APR for 60 months is $342.44/mo. The total interest is $1441.40