Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
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It is probably not a very popular model or maybe it's an oddball color? And, the manual transmission may make it very difficult to sell.
If none of these things bother you and it's the car for you, you will probably get a great deal on it.
yes there would be.
But your figure would make sense if you were talking about a V.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
I did all my research on the web, and haggling over email.
I just bought a 2007 Corolla LE for $750 under invoice, due to $750 toyota cash rebate.
Here's what I would recommend as Buying Tips.
1. Get the invoice price from edmunds.com. Know exactly what model you want, and email the Edmunds.com invoice TMV price emailed to your temporary email account.
2. Emailed several dealers asking for their best price, I copied them on the invoice price report from Edmunds.
3. I also got a loan preapproval from Lockheed Federal Credit union for 5.75% on a 60-month new car loan. Otherwise if you do not have a loan, some dealer finance guys will do a hard sell and try to sell you junk clear coating, and undercoating, yechh.
4. I got the best response from Dublin Toyota (in dublin, california). The internet sales contact gave me a quote for $15,995 after the $750 rebate. I verified the invoice pricing compared to the prices on edmunds.com.
This was for a Corolla LE with AT, and the following addons.
(AW) Alloy wheels
(BE) Driver & pass side & side curtain airbags
(AB) Anti-lock brakes
(VV) Audio value package-6cd changer, cruise control
(CF) Carpet Floor Mats
5. So I emailed him asking for verification of the total price, including fees, and tax, and registration.
Also I asked to make sure the car is in stock today. I wanted to make sure it's not a bait-and-switch.
He emailed me back with the total Out the door numbers.
btw, I was also contacting Walnut Creek Toyota via email, and their sales person didn't even give me numbers that added up. So I only proceeded with Dublin Toyota.
6. I faxed him the credit union preapproval letter to show I am serious and I did not need dealer financing. I told him I wanted to make a quick sale, and not waste my time and his time.
I figured if they were jerking me around, I'll just leave the dealership and go to some other toyota dealer.
I was pleasantly surprised to get great, professional service from Dublin toyota. Everything went down smoothly and with out a hitch.
I have more details on my blog. Since Edumunds carspace forum does not allow posting of too much details like dealer contact. Read more at http://buycorolla.blogspot.com
What were the addon amounts? Fees? Tax. Registration? final price?
2014 Malibu 2LT, 2015 Cruze 2LT,
For Reference, MSRP $18,660.00
Internet price $16,745.00
rebate <$750.00>
price after rebate $15,995.00
taxes (about 8.25% calif sales tax) $1,470.00
dmv, doc & tire fees $236.75
TOTAL (including tax, and fees above) $17,701.75
--------------------------------------------------------
This is for
2007 Toyota Corolla LE (1822)
Automatic transmission
Options: FE AW BE AB VV CF
MSRP: $18,660.00
(AW) Alloy wheels
(BE) Driver & pass side & side curtain airbags
(AB) Anti-lock brakes
(VV) Audio value package-6cd changer, cruise control
(CF) Carpet Floor Mats
BTW, the 2007 corolla LE comes with lots of features standard, such as front airbags, aircon, power windows, power locks, keyless entry. Check out the toyota site for full details.
Sounds like you did good with this purchase. Congratulations!
I just want to counter your point #3. I believe most dealerships arrange for a Finance Rep to meet with the customer when the final papers are signed and money is distributed -- regardless of whether the customer finances through the dealer.
At a given dealership, the customer is equally as likely to hear a sales pitch for services and warranties from the Finance Rep, regardless of how he pays for that car. If a dealership wants to sell a warranty or service package, they won't discriminate! Everyone gets an opportunity to listen to the sales pitch.
I suspect they avoided the sales pitches on you because you warned them ahead of time. I suspect it had nothing to do with the loan.
By the way, I haven't shopped recently, but 5.75% seems like an excellent interest rate! However, in most other cases, I recommend a customer give the dealership a chance to beat their bank or credit union. A good professional dealership will be willing to discuss interest rates with you prior to the purchase, if you enquire with their Finance Office. Dealers often receive some really good loan programs. They may not pass you the lowest rate, but if you show your bank is offering loans at an interest rate of XYZ, they will beat it if they can.
You are in charge here, not anyone else.
But since you are still asking about it, let's hear what YOU think, ok?
Use Kelley BlueBook online and accurately figure the trade-in values for your used cars for their condition and mileage. What is the least you'll accept for each trade?
What is the MSRP on each new car and what is the most you'll offer for each new car?
List them all here. Two trade-in values and two MSRPs. Then list your four prices, ok?
Then you'll get more responses. Fair enough?
No excuses now. Tell us book trade values and MSRPs and your four dollar amounts and tell us how YOU came up with your four prices.
If you have not done that already, at least for yourself, you are not ready to go to the dealership.
Go on Monday and negotiate the deal on car 1, close the deal and drive new car #1 home. Before leaving tell your sales rep "hey It was a great expierience and I need another car, what would be a good time to come back tomorrow.
Go back the next day and repeat process of car 1.
Car buying is not hard. 1000's of people do it everyday from every walk of life.
20 minutes of research prior to going to get your new car will make you an informed buyer and ready to strike a good deal.
I run into allot of people who (to use a sports analogy) over train for the event. They study, research, and ask so many questions of so many people that by the time game day gets here they are suffering from information over load, and go on the PUP list, player unable to perform.
Those are the folks that when they leave more confused when they got there we say they were to smart to buy a car.
It happens quite often, and usually when the sales person follows up even 3 months later they are still trying to figure out what the heck they are doing.
Of course you got great service from the dealer. You paid the exact price they wanted without any negotiation.
That is a good strategy if you only want the deal to go smoothly. Simply ask the dealer for their price and pay it.
However, if you want to save money and get a low price, it can be a little tougher, and the dealer may not be as happy.
They will tell you to expect the worst from a car dealership and sometimes, this can happen.
My advise would be to ask family, friends and co-workers for a referral. Ask them to reccommend a specific store and a specific salesperson.
Then, bring someone with you as a "first baseman" to assist you. Don't bring some know it all with an attitude. Bring a level headed person who buys new cars pretty often.
It really doesn't have to be difficult.
I don’t know what the Nissan is worth (I’m sure it’s worth something) but that Geo is worthless. If Hyundai’s are bad as trades, if you show up at the dealer with that Geo they’re going to charge you to park it on their lot while you’re negotiating.
If I were you I wouldn't trade either car. Sell them outright yourself, at least the Nissan. I’ve already commented on the Geo so you can’t lose on that thing.
I’ve said this countless times before you got here and I’m sure the regulars are tired of hearing it but since I haven’t talked to you yet I’ll say it again; “keep this car buying thing simple trades only complicate the process.”
Haven't really considered Hyundai....not sure if I want to move away from a "brand" name...maybe that's not the right atttitude?
You buy what you want, that’s why manufactures make all the cars they do; to give the buyers a choice. Some are better than others but again that’s your call.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Still, a lot of people don't want that risk and hassle. Actually, those aren't bad cars and with under 100,000 miles, there is a market for it.
In the states that allow a sales tax credit on trade ins, sometimes, on a higher value car, it doesn't make a lot of sense to sell it on your own. Private party buyers are cheapskates too and they aren't about to pay what the "retail" values show.
I would also think that if I wanted to sell 2 cars and buy 2 cars, I would want to know what the 2 cars being sold are worth and the 2 cars being purchased are worth. It sounds like in this case, however, we are still working on what the 2 cars being purchased actually are.
The price range of the Geo makes it an easy, cash and carry sale. The Nissan probably isn't going to go for too much either, certainly not on a trade.
So, if you are realistic, you will make out better on retailing them yourself.
Just as a WAG, they may offer you $500 for the Geo, and you could probably sell it in a day for $1,500 (assuming it is reasonably clean).
The Sentra, not really sure, but it wouldn't surprise me if they offered you around 3K, and you could sell it yourself for 5K. Maybe adjust both up and down for trim level and condition, but you get the idea.
Clean, reasonably priced used cars are hard to find, but these are both probably not something the dealer will keep to sell (well, maybe the Nissan, depending where you trade it). So, they are going to offer a very low trade to you.
IMO, do some checking (local paper, craigslist, etc.) to get a feel what the asking prices are on something like these cars. Then ask for a trade in value, but be ready to turn it down.
You can also stop at a local used car lot to see what they would give you as a cash sale.
Finally, the sales tax credit is a nich thing to get, but on a 3K trade it is only worth $210 (in NJ, 7% tax rate), so it isn't going to make back too much of your money.
Anyway, I am starting to look for a car for my son (getting his license now), and both of these would be intriquing to me, and plenty of other people that need cheap transportation.
And finally, if they are ratty so that buyers won't want them from you, the dealer won't either! The difference is, the dealer isn't going to overpay if they are super clean, and a guy off the street will.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I agree with you here that it is a bit of a hassle to sell yourself but my experience is I’ve always done better (hundreds of dollars better) when I’ve sold it myself compared to what a dealer would give me for it. I shouldn’t have to tell you that the average family sedan that is 5/6/7 years old, even though they have low miles for their age, like mine have had, aren’t very valuable to dealers. They usually end up at BHPH lots after you send them to the auction.
Private party buyers are cheapskates too and they aren't about to pay what the "retail" values show.
I agree with you here too (geez, that’s twice in one post, that ain’t never happened before) but even though you run into a “cheapskate” every now and then, when the car is priced right, I’ve never shot for the moon and tried to get “retail” (if I did I’d be doing what you do in your biz).
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
would also think that if I wanted to sell 2 cars and buy 2 cars, I would want to know what the 2 cars being sold are worth and the 2 cars being purchased are worth. It sounds like in this case, however, we are still working on what the 2 cars being purchased actually are.
Exactly, and about 20 minutes of research per deal will accomplish just that for him.
SO TRUE!
Salespeople nearly always consider themselves the "experts" because they are out there trying to sell everyday. What the best ones are "expert" at is extracting more money from customers than what the dealership actually thinks the new cars are worth. Almost always, that amount is also more than the customers wanted to pay.
Here is an example of a customer with EXCELLENT negotiating skills (from a salesperson's point of view):
customer: What is the VERY least you'll sell this car for?
salesguy: Well the price is right on the window, but let me go talk to my manager, I'll fight for you to get the best price for you. (note here that the window price includes some dealer profit packs, e.g. window tint, pinstriping, scotchguard, paint sealant, etc.)
customer: Hey, great! But you'd better tell him to sharpen his pencil; I'm not going to overpay for this car, ok?
salesguy: I gotcha. Look, I'm on your side here. I'm really going to put the pressure on him. Don't give up on me, this may take a while.
customer: Now you're talking! Let's roll!
salesguy: (goes for coffee and a donut on his way to the sales manager, now back with customer) Well, it wasn't pretty, but I got him to come off his price by 7%. I bet he's already regretting it. If you want this car, you'd better sign for it now, before he changes his mind.
customer: Do you think he might go a little lower?
salesguy: Not in our lifetimes, hahaha.
customer: Okey dokey then; lets wrap it up! Hey, do you think you guys could throw in a bottle of touch-up paint for free?
salesguy: Well, parts is a separate department, so I'm not sure. How about if I can get you a bottle at OUR COST?
customer: Really? You can do that? Gee, you're swell!
Man am I glad I don't sell cars where the discount can be measured in whole percentage points and that is still considered a good deal for the SALESPERSON.
Pot meet Kettle
Just offer the dealer what you want to pay.
Forget the coupon. It is really just an advertisement, a gimmick.
-Moo
That reminds me of the time I was negotiating for an Acura. I offered a price and the salesman says, "let me check with the manager but I don't think he will sell the car at this price". The salesman is gone for about 10 minutes so I finally get up to see where he is. He's watching CNN in the service dept's waiting room. He sees me and says, "oh the manager is busy, I'll be right back". He comes back to his desk a minute later and says, "the manager accepts, we have a deal, congratulations."
Later on during delivery, he confessed that he was the senior sales person and did not need manager approval to make deals and the manager was on vacation anyway. We had a good laugh and I ended up buying another car from him two years later.
Most of us like sales people who lie and try to deceive us and keep us waiting for 10 minutes while they watch TV.
Why should they pay retail if that's the going rate from a local new car dealer? If I were a a buyer, I'd trust a dealer before an individual that I don't know. At least the dealer should care about his reputation.
Some of the people I run into seem to think they can ask full retail book as a private party and get it.
Maybe sometimes they can but that is pretty doubtful.
They will tell me..." I see them going for 12,000!"
Well, uh...they see people ASKING 12,000. Who knows what they ended up getting in the end if the car even sold.
look at the private party BlueBook price, not the retail one
Also there is a misconception that lots of used cars come from auctions. We might buy one car from auctions a month. We sell a cars there but rarely do we buy them. We buy cars direct wholesale from other dealers we have contacts with or from trade ins.
I don't think it's a misconception. Who do you think is buying the cars that your dealership sells?
My guess is that most used cars on any particular dealer's lot come through the auctions (maybe not your lot, though). It is the most efficient way to get used cars to the dealers that are most likely to sell that model.
After all, when you take a trade-in, you have to take that car... When you go to the auction, you can pick the car you want to put on the lot.
Just my take..
kyfdx
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BHPH?
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
I would say it's reasonable to assume new-car dealers will also buy from each other at wholesale, even for nonluxury makes, as british rover states.
Those getting below invoice had a trade involved which they forgot to mention.
I am looking for a user car and came across a 2002 Mitsubishi gallant at 70K miles for around 5700$.. The downsides with the car are the interiors have lot of cigarette butt holes (on the cloth surface.. cant see the foam though), and its first owner was a rental company. Its already had 3 owners. Not sure if i should go with this deal. In general, whats the take with smokers cars(for non smokers) and rental company ones.
So you have a below average car that has been beat on for the first part of its life in a rental fleet and then gone through a couple more owners who thrashed the interior, I would say pass, personally.
Do you mean "poor" condition trade-in price? Or "fair" condition? Or good condition?
I don't see anything in there about "low" trade-in.
And since only dealers are allowed at the ones you are talking about, that means dealers ARE buying a lot of used cars at auctions, in fact, close to EVERY one!
I'm not saying YOUR dealership buys all of them, but dealers do.
OK, the two trade ins; if I can get $750-$1000 for the GEO (don't laugh too hard) and the Sentra $4500-$5000, I got of these both from KBB.com. In regards to the new cars the Civic LX between $15,617 to $16,261 from Consumer Reports and Edmunds.com. The CR-V LX $19,038 (2WD LX) to $20,109 (4WD LX)both of those prices came from Consumer Reports. I know the prices for the new vehicles are pretty low so I am willing to go up in price by 4% - 6%. I think this is fair....am I being realistic?
When I've purchased used cars from a dealer they always make a point of telling me which cars were "traded in by nice old Mr. Smith who's been buying from us for 30 years".
I have never had a salesman say "we got this car from the auction". It would seem that the dealers feel that a trade from a "real" owner imparts more value.
Wouldn't it follow that such a car would demand a higher trade in price than an auction purchase?
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Please don't take this the wrong way but I laughing so hard I'm not going to be able to finish this post.
Good luck and let us know how it goes.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
The amount of cars we buy depends on our inventory and new car/truck sales. If sales our good then we don't need as many from the auction because we are getting trade ins. if sales are slow or we are doing allot of straight sales then we need to keep our inventory up through the auction.
IMO the auction is the worst source to get new cars. Would much rather buy them from a wholesaler, private party, or trade for them. The reason being is that the cars that come from the auction are higher then a cats back.
You step into an arena with 100+ other dealers wanting the same cars you do and the price is driven up. Then what you end up with is a car you truly do not know the history on that you have paid clean book for. Then you bring them back to your store and spend another $400 to $700 in reconditioning.
I would much rather have a car on the lot that we sold new and serviced in our service department. Then you have something to talk about. A one owner and we have the service records in our shop. What would you like to know about the car Mr. Customer?
In our trade area (not saying all areas just ours) KBB trade in value is pretty dang close. We encourage people to check there trade out on KBB prior to coming in so they will have a general idea of where they stand before they get here. It isn't 100% but I would make a guess and say 85% of the time it is within $500 one way or the other.