The whole situation drove me batty for a few days. There was obviously a lot of stuff going on behind the scenes that I did not know about. It took several phone calls for me to sort out what little I did and the whole time I had a car sitting on the showroom floor tied up with a deposit while the husband and wife fought it out.
Then they tell me they are not buying the car because I did not pay enough attention to his wife. :mad: The husband never even introduced her and basicly ignored her the whole time they were there. I at least talked to her and answered her questions. :sick:
No, it isn't funny. You're looking for irony where it doesn't exist. Women are often treated differently at the dealership and we are discussing that fact here.
"Then they tell me they are not buying the car because I did not pay enough attention to his wife. The husband never even introduced her and basicly ignored her the whole time they were there. I at least talked to her and answered her questions. "
In a situation like that (if I were a car salesman) where multiple people approached me, I would offer my hand out to each person, and introduce myself. I would say, "I'm BritishRover, and you are?". You could then say something like, "Who will be the primary driver of the vehicle you are shopping for?".
At least this way, you find out everyone's name, as well as who the vehicle is for. I would imagine the person doing most of the talking is not neccessarily the one that is actually buying the vehicle. The way I would look at it is that the dealership is like your house, and you are the host. As a good host, you would want to introduce yourself, and know the name of anyone you were going to let come in.
I would think an experienced salesperson could tell by someones body language whether they want to be approached or not. If the customer is turning and looking towards the dealership doors every few minutes, then I suspect they want some assistance.
Generally if I am in the market, I like to look for about 5-10 minutes before being approached. If a salesman doesn't come out, then I'll go get one. But, leaving a customer out on the lot for 15-20 minutes by themselves, is poor customer service in my book... and may be a reflection of the dealerships poor service all around.
In the abstract, I agree with you. But in real life it's telling that if I stroll into a dealership with my husband, a salesman is at our sides pretty quick!
I've just gotten used to it. Vague and uninformative information, on the other hand -- I'll do business elsewhere.
In the instance I mentioned, I did ask the salesperson for a drive -- on a cold blustery day, I waited while he tried to find a key to one of the 20 cars on the lot . . .
I think the problem is some salesmen just don't seem to see women as serious buyers and so they're not as interested in spending time with them as customers. That's a mistake in this day and age.
I think you have this all wrong. The salespeople were paying attention to your husband because they knew that men are dumb and will fall for every trick in the book. Women are too smart for this.
If you need proof, just ask my wife.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
gentlemen...oldfarmer has joined the dark side. He has been brain washed and lobotomisized by his taskmasters whip. As penance for this blasphemy on his own gender, he is required to watch the Spike(not Spice) Channel nonstop for the next 3 weeks... with his wifes permission of course.
I have a question for you ladies. "How many of you ladies had female salesperson for your deal?"
As a early 20's woman; I'm just wondering because I have hand full of salespeople stories from personal experiences.
First ever; I found a Honda Civic in my price range online. I went to the dealership with my older sister. This salesman approached to us and pressure us test driving the car. My sister said "We're just looking and we'll bring back Dad if it's something she likes." He wouldn't take the hint and wouldn't leave us alone. Kept following us around until my sister and I agreed to leave. No sale.
Second; I saw the local VW dealer was selling used Beetles for 11,000. So I went there alone. A 20 something, good looking salesman came to me and convince me to test drive one. He asked for my license and I gave it to him. Went on the test drive kept asking me financial questions about my credit and if I will have co-signer. Came back to the lot and did trade in process; he stated my car had 145,000 miles not 107,000. I said "I'll talk with my Dad and see what he thinks." Left the lot and got half way home realizing he still had my driver's license. Went back and first thing that came out of the salesman mouth was "You came back for the Bug?" I smiled back and said "No; I'm just here to get my license back." He gave it back and I quickly walked away.
Third; I wanted to use my last years tax return on brand new Scion. Saw the local Toyota/Scion dealer had two xB's for sale. So I walked up to the one I liked and walked around the car for several minutes waiting for salesperson. No one came so I walked away while saying out loud "I guess they don't want my business."
Fourth; My Dad told me "Since you want a Scion; lets check out Carmax (in Kenosha, Wis.) I know they sell new Toyotas and Scions below the sticker price. And they will buy your car off of you" So we went and were pair up with a female sales consultant. And I went with the xA this time. She went on the test drive with us and never asked me personal questions like the second salesman I dealt with. When we decided to buy it; she told me I have three applying options. One; apply alone. Second; apply with Dad as cosigner. Third; apply alone and if denied. Apply again with Dad. We went with applying alone. Turns out; Toyota Financial accepted my application but wanted 325.00 a month at 60 months. Unfortunately, I was working minimal wage job working with Dogs and that was too much. So I asked if there was possibility of the loan being 72 months at higher APR. They asked TFS and accepted my offer. The sales consultant turned out to be very helpful and friendly. She personally praised me for doing the whole car deal alone without my Dad at the side and thought it was great. I guess she has to deal with a lot of parents when the son or daughter buys a car. She made the car buying experience unique and painless.
Fifth; Got better job wanted something more power. Decided on buying ‘07 Scion tC. I developed wonderful “Business & Client” relationship with my sales consultant throughout the whole six months. We always ran into each other at the dealership when I ordered Scion accessory parts and oil changes. One of the times; I said to her “I decided I want to get a tC. I’m getting bonus’ from work and I want to use it for a down payment.” So the time came around; I fell in love with my tC. They offered to buy the xA at top dollar and I accepted. I went with Toyota Financial again since they offered to put my negative equity onto the new loan for 8.5% APR and Carmax went out of their way to get me that offer. Since Carmax told TFS that another bank offered the same down payment amount at higher APR and I was willing to accept that offer. TFS gave me same down payment amount requirement at lower APR and put negative equity onto the loan.
I am proud Carmax costumer and if they keep up the good work on sales and service...they will continue having my business.
I am a little hesitant to bring up the issue of women salespeople because I'm sure there are lousy women in sales just as there are bad salesmen. But I did have a very good used sales experience dealing with a woman at a Toyota dealership. I had met her previously looking for a car for my son, and she was very helpful and not pushy. My son chose to buy elsewhere, mainly because he's a Buick fan, but when I next looked for a car for my daughter I remembered this woman and sought her out. She found the perfect used car for a college woman, attractively priced and needing no work whatsoever. She seemed to grasp well what qualities I was looking for in a car and didn't try to push me into something I didn't want. She also never once asked where my husband was or what he might think.
No matter what profession there will be terrible and great.
I work as forklift operator in 500,000+ sq ft warehouse. I started with no experience and was the only female operator. I remember making all types of mistakes but not once I caused a serious accident. My managers at the time were giving me bad reviews to front office cause I was female and they believe warehouses isn't place for women. I transfer to company's other warehouse...turns out I'm ranked one of the best cardboard box picker in the whole company.
Reason why I bought this up; cause I personally know how it's like to work in male dominant environment. So I feel more connected when car buying from a woman cause they understand your needs more. My sales girl; she knew I wanted more power, get rid of the xA image (because most people around here who buy Scion xAs are older people), and fun car to drive. But I must say; she did gave me the ultimate salesperson sales pitch "It's more of your speed" and (I thought this was funny) she gave me sad puppy face when I stated I couldn't afford the xA with the 60 months loan.
being a female that was once in a male dominated profession (car sales) i remember a woman coming into the showroom one day, and i was the only salesperson available, so i went over to greet her. she gave me a once over and said "so, since a woman walked into the showroom alone, they figured they'd send out a female salesperson..."
i ignored that comment and just did my job. she was one of those people that was never happy with anything or anyone, regardless of what you did. glad she left when we didn't have what she wanted!
In sales we have a lot of training. We also do a lot of statistics. I'm pretty sure that i remeber that woman make 90% of household decisions. so with that statistic and knowing the influence my wife has over me( mainly because I like to sleep in my own bed at night)Thats why I try to treat eveyone as the buyer. Because if someone brought somebody with them to go car shopping they must at least appreciate that persons opinion. So you have to get everyone involved. But sometimes you can't like when the husband doesn't introduce his wife. Sometimes there is only so much you can do with that.
Some Cultures don't let the wife have any say in any matter at all.
But all in all I guess I'm thinking you have to treat everyone right!
you don't see many woman in the car business but the one's you do see ussually end up doing pretty well. Customers ussualy let there guard down when they are working with women. Woman can relate to each other. And if she is a attractive sales woman men will ussualy lay down for her. a lot of times paying more the vehicle.
I had a very nice saleswoman when I bought my MPV, though I wouldn't say she was attractive. She was a greenpea sharing the deal with a more experienced saleswoman, who had taken our original call. I think though it's the personality that let's the customer lower their guard.
What do you mean men will usually lay down for an attractive women? I have asked this question prior, without much response. What has been your personal experience? My family doctor once told me the drug sales reps that come in to his office are usually highly attractive young females. So, I would say it certainly helps... but a lay down?
In my experience I have worked ith some attractive females on the sales floor. All I'm saying is when they would flirt a little and say they needed more money on a car for what ever reason a guy will ussualy lay down and not negotiate any further. Not saying it happens all the time. But it happens more than you think.
Think of it as if you went to a restaruant or bar, if you have a hot waitress do you tip more than if she was not hot.
I do have to keep in mind with a name like Jipster you might not tip at all... you might just Jip them. LOL
I think most men tip according to the "hotness" meter in association with service... women too to some extent. I can see it getting 3-5 more bucks at a nice restaruant...say like Hooters, or maybe $300-$400 at a car dealership. A laydown of thousands of dollars??? I'd like to see the saleslady. You got a camera phone with web browser?
Though it pains me to part with money... the Jipster is a very good tipster.
I'm not saying you would pay thousands more, just some guys would pay a thousand more. Get a dozen of those a month and she is doing better than average.
Have you ever considered that many women are better negotiators because many women learn to seek consensus rather than having to "win" in each and every negotiation? Too many male salesmen (and customers) make it an ego game and try to win at all costs. And a lot of times, that does NOT result in a sale.
Gotta wonder whether it is, in general, a style / way-of-thinking difference. Last time I bought a car I had a female salesperson with whom I immediately felt comfortable. We closed the negotiations within 5 minutes of my having completed a test drive.
MODERATOR /ADMINISTRATOR Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name. 2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h) Review your vehicle
There was a very funny TV episode of 'According to Jim' where Jim Belushi's wife sends him out to buy a replacement for their minivan. He runs into an attractive saleswoman who flatters his ego and sends him home with a red Mustang. It was a hoot to watch him try to explain how his wife was going to transport 8 little girl scouts in a convertible.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Its not so much that men will just pay $1000's more to a female sales person. But, and not to sound chauvinistic but from what I have seen they will give female sales people a free pass on product knowledge. The expectations are not as high as say when a man is showing the business owner a F-250 and he tells him the wet weight of his trailer is 11800#, will be towing with a 5th wheel, most of the weight is front end and wants to know what the max amps are the tow command system will put out.
I guess allot of you have not seen that because there are not allot of heavy duty truck buyers or sales people in this forum. I also never venture out of this forum.
is the topic. Hmmm, and I was just commenting that what I appreciated about the woman salesperson was her product knowledge, while the Nissan guy I just dealt with knew nothing about the Versa (at least, he didn't tell me anything about it). I would expect that women in sales would have to know MORE about the vehicles to counter the bias that women don't know much about cars. But can we get back to what are the issues women face in buying cars, not whether you tip hot waitresses?
as a female at my dealership that i worked at, i was #1 in Nissan product knowledge...of course, the fact that I am a Nissan fan helped my cause as well i would read every car magazine i could get my hands on during my down time...
sometimes i miss sales, but not enough to go back!
Does anyone have a story on how they get treated in the service department?
I ask because our local Honda dealer had a classic case of a service manager who had real problems. I'd go in and all would be well. A friend of mine's daughter went in for what should have been relatively painless service and was terribly upset with her treatment. Was treated like she knew nothing and he was doing her a favor just by being there.
I mention this to my wife who mentions she can believe that and we start taking a few notes when we go in. Sure enough she'd get treated like a dunce unless I was there. She got to the point where if she had to pick the car up she'd have him call me rather than deal with him.
The good news is he isn't there anymore. The bad news is the dealership merely moved him from Honda to Ford.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
id just hazard a guess that the 72 month option was probably closer to 295-300, seeing as they were probably calculating the payment with interest. im pretty sure most if not all banks charge interest.
72 months is a LONG time, you better be sure you like the car... and the car likes you...
You won't be able to trade in (with reasonable trade-in value) for the next 6 years.
I would start setting $100 a month for maintenance and possible repairs now. You don't want to be caugh off guard by the $300 30,000 mile service, and $600 100,000 mile service. Plus, oil, filter, fluid changes on the regular basis, as well as tires and brakes (wear and tear items)
I would start setting $100 a month for maintenance and possible repairs now.
I see this advice given to allot of people here. Which in theory is a great idea. But, do ya think that if the consumer had $100 a month of disposable income they would have financed for 72 months to save $50 or so dollars in the first place?
If a person does have the disposable income then I recommend financing the Service Contract for the extra $20-$30 a month and send an Extra $100 a month on the principal. Doing a quick amortization on this particular loan it would save $1406 in finance charges and pay the 72 month loan off in 50 months. Not the definitive answer just another way to look at it.
I see this advice given to allot of people here. Which in theory is a great idea. But, do ya think that if the consumer had $100 a month of disposable income they would have financed for 72 months to save $50 or so dollars in the first place?
If a person does have the disposable income then I recommend financing the Service Contract for the extra $20-$30 a month and send an Extra $100 a month on the principal. Doing a quick amortization on this particular loan it would save $1406 in finance charges and pay the 72 month loan off in 50 months. Not the definitive answer just another way to look at it.
Setting money aside is a great financial advice regardless what the cause is. This here, is just a goal. Let her start saving money for a cause, maintenance. Maybe it will stick and she will start setting some money aside regularly, without a cause.
$25 a week is not a huge amount to set aside. That's about 5 lunches out, or 2 movie tickets... But, it adds up to $1300 a year, plus about $65 in interest. This can get addictive. Having money set aside, and earn interest on that is a much better game than borrowing to pay for the service contract, which may or may not cover many items, and definatley does not cover wear and tear items, such as tires, brakes, bluids, battery, light bulbs...
It is a great feeling knowing that if an emergency struck, you are not going to be broke. Generally, people should have 6 months worth of paychecks in savings, and whatever elese they save on top of that in other investments. This way, if they were to lose their job, or if something were to happen to them, they are not going to be at stranger's mercy.
I agree with what you say about personal finance completely.
However, many financial problems deal with the inability to distinguish between "want" an "need". You MIGHT need a car to get to and from work. However, you don't need a $20-25k vehicle to make the journey.
People who can afford $600 for transportation a month CANNOT afford a vehicle with a $400 payment. $250 or $300 MAYBE.
A few years back, I was trying to help a friend who wanted to avoid filing for bankruptcy. My first recommendation was to sell the car that he could not afford. He got all hot and indignant that he needed a reliable car. I had to remind him that my $3k car was reliable and got me to work everyday. "Well, I wouldn't be caught dead in that !@#$."
Just to clarify, this $600 includes car payment, insurance, maintenance + repairs, and gas (but not depreciation?) Thanks,
Absolutely.
When I was a broke kid out of college, living in a ghetto, and scraping my pennies together, I used to write down EVERY penny that I spent.
I drove a Chevrolet Chevette with a payment of $128 per month. On average, vehicle expenses set me back about $300 a month (incl. $1.20/gal gas, oil changes, taxes, insurance, repairs and the like).
Last year, I cahllenged the 15 year olds in my life (all five of them) to tell me the total cost of operating a 2007 Chevrolet Cobalt. I was pretty impressed that they were able to get within $30-50 of my estimate ... and without assistance of their parents.
My number is ball park. Another ball park number that I use is that in general, you should not buy a car that exceeds half of your annual income.
Don't let that cheap skate get away with one of those silly Mothers Day cards or a brunch or a necklace or a pair of running shoes or...tell him what you really want A CAR with a fold down top.
Have a nice day,
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Comments
Then they tell me they are not buying the car because I did not pay enough attention to his wife. :mad: The husband never even introduced her and basicly ignored her the whole time they were there. I at least talked to her and answered her questions. :sick:
No, it isn't funny. You're looking for irony where it doesn't exist. Women are often treated differently at the dealership and we are discussing that fact here.
tidester, host
SUVs and Smart Shopper
In a situation like that (if I were a car salesman) where multiple people approached me, I would offer my hand out to each person, and introduce myself. I would say, "I'm BritishRover, and you are?". You could then say something like, "Who will be the primary driver of the vehicle you are shopping for?".
At least this way, you find out everyone's name, as well as who the vehicle is for. I would imagine the person doing most of the talking is not neccessarily the one that is actually buying the vehicle. The way I would look at it is that the dealership is like your house, and you are the host. As a good host, you would want to introduce yourself, and know the name of anyone you were going to let come in.
Generally if I am in the market, I like to look for about 5-10 minutes before being approached. If a salesman doesn't come out, then I'll go get one. But, leaving a customer out on the lot for 15-20 minutes by themselves, is poor customer service in my book... and may be a reflection of the dealerships poor service all around.
I've just gotten used to it. Vague and uninformative information, on the other hand -- I'll do business elsewhere.
In the instance I mentioned, I did ask the salesperson for a drive -- on a cold blustery day, I waited while he tried to find a key to one of the 20 cars on the lot . . .
I think the problem is some salesmen just don't seem to see women as serious buyers and so they're not as interested in spending time with them as customers. That's a mistake in this day and age.
'24 Chevy Blazer EV 2LT
I think you have this all wrong. The salespeople were paying attention to your husband because they knew that men are dumb and will fall for every trick in the book. Women are too smart for this.
If you need proof, just ask my wife.
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Pat
(not the host here)
You're suggesting he's been watching too much of The View? It can't be too bad; Denny Crane watches it!
tidester, host
SUVs and Smart Shopper
Exactly. That and the fact Rosie is leaving (
As a early 20's woman; I'm just wondering because I have hand full of salespeople stories from personal experiences.
First ever; I found a Honda Civic in my price range online. I went to the dealership with my older sister. This salesman approached to us and pressure us test driving the car. My sister said "We're just looking and we'll bring back Dad if it's something she likes." He wouldn't take the hint and wouldn't leave us alone. Kept following us around until my sister and I agreed to leave. No sale.
Second; I saw the local VW dealer was selling used Beetles for 11,000. So I went there alone. A 20 something, good looking salesman came to me and convince me to test drive one. He asked for my license and I gave it to him. Went on the test drive kept asking me financial questions about my credit and if I will have co-signer. Came back to the lot and did trade in process; he stated my car had 145,000 miles not 107,000. I said "I'll talk with my Dad and see what he thinks." Left the lot and got half way home realizing he still had my driver's license. Went back and first thing that came out of the salesman mouth was "You came back for the Bug?" I smiled back and said "No; I'm just here to get my license back." He gave it back and I quickly walked away.
Third; I wanted to use my last years tax return on brand new Scion. Saw the local Toyota/Scion dealer had two xB's for sale. So I walked up to the one I liked and walked around the car for several minutes waiting for salesperson. No one came so I walked away while saying out loud "I guess they don't want my business."
Fourth; My Dad told me "Since you want a Scion; lets check out Carmax (in Kenosha, Wis.) I know they sell new Toyotas and Scions below the sticker price. And they will buy your car off of you" So we went and were pair up with a female sales consultant. And I went with the xA this time. She went on the test drive with us and never asked me personal questions like the second salesman I dealt with. When we decided to buy it; she told me I have three applying options. One; apply alone. Second; apply with Dad as cosigner. Third; apply alone and if denied. Apply again with Dad. We went with applying alone. Turns out; Toyota Financial accepted my application but wanted 325.00 a month at 60 months. Unfortunately, I was working minimal wage job working with Dogs and that was too much. So I asked if there was possibility of the loan being 72 months at higher APR. They asked TFS and accepted my offer. The sales consultant turned out to be very helpful and friendly. She personally praised me for doing the whole car deal alone without my Dad at the side and thought it was great. I guess she has to deal with a lot of parents when the son or daughter buys a car. She made the car buying experience unique and painless.
Fifth; Got better job wanted something more power. Decided on buying ‘07 Scion tC. I developed wonderful “Business & Client” relationship with my sales consultant throughout the whole six months. We always ran into each other at the dealership when I ordered Scion accessory parts and oil changes. One of the times; I said to her “I decided I want to get a tC. I’m getting bonus’ from work and I want to use it for a down payment.” So the time came around; I fell in love with my tC. They offered to buy the xA at top dollar and I accepted. I went with Toyota Financial again since they offered to put my negative equity onto the new loan for 8.5% APR and Carmax went out of their way to get me that offer. Since Carmax told TFS that another bank offered the same down payment amount at higher APR and I was willing to accept that offer. TFS gave me same down payment amount requirement at lower APR and put negative equity onto the loan.
I am proud Carmax costumer and if they keep up the good work on sales and service...they will continue having my business.
'24 Chevy Blazer EV 2LT
I work as forklift operator in 500,000+ sq ft warehouse. I started with no experience and was the only female operator. I remember making all types of mistakes but not once I caused a serious accident. My managers at the time were giving me bad reviews to front office cause I was female and they believe warehouses isn't place for women. I transfer to company's other warehouse...turns out I'm ranked one of the best cardboard box picker in the whole company.
Reason why I bought this up; cause I personally know how it's like to work in male dominant environment. So I feel more connected when car buying from a woman cause they understand your needs more. My sales girl; she knew I wanted more power, get rid of the xA image (because most people around here who buy Scion xAs are older people), and fun car to drive. But I must say; she did gave me the ultimate salesperson sales pitch "It's more of your speed" and (I thought this was funny) she gave me sad puppy face when I stated I couldn't afford the xA with the 60 months loan.
i ignored that comment and just did my job. she was one of those people that was never happy with anything or anyone, regardless of what you did. glad she left when we didn't have what she wanted!
you just can't win sometimes!
-thene
Some Cultures don't let the wife have any say in any matter at all.
But all in all I guess I'm thinking you have to treat everyone right!
What do you mean men will usually lay down for an attractive women? I have asked this question prior, without much response. What has been your personal experience? My family doctor once told me the drug sales reps that come in to his office are usually highly attractive young females. So, I would say it certainly helps... but a lay down?
Think of it as if you went to a restaruant or bar, if you have a hot waitress do you tip more than if she was not hot.
I do have to keep in mind with a name like Jipster you might not tip at all... you might just Jip them. LOL
Though it pains me to part with money... the Jipster is a very good tipster.
Would $3-5 be per round or for a $50 tab?
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2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
On a $50 tab I would tip the standard $7.50... then throw in an extra $2-5 for service beyond the call of duty.
They don't call you the Jipster by tipping $3-5 per round.
I guess allot of you have not seen that because there are not allot of heavy duty truck buyers or sales people in this forum. I also never venture out of this forum.
'24 Chevy Blazer EV 2LT
sometimes i miss sales, but not enough to go back!
-thene
So, it certainly can be an issue for a woman who runs into a handsome/smooth talking salesman.
I ask because our local Honda dealer had a classic case of a service manager who had real problems. I'd go in and all would be well. A friend of mine's daughter went in for what should have been relatively painless service and was terribly upset with her treatment. Was treated like she knew nothing and he was doing her a favor just by being there.
I mention this to my wife who mentions she can believe that and we start taking a few notes when we go in. Sure enough she'd get treated like a dunce unless I was there. She got to the point where if she had to pick the car up she'd have him call me rather than deal with him.
The good news is he isn't there anymore. The bad news is the dealership merely moved him from Honda to Ford.
Did you know how many miles were on the car?
Toyota Financial accepted my application but wanted 325.00 a month at 60 months.
Ouch, $19,500 for a $12,000 car!!! What was the payment for 72 month term, $277?
8.2% @ 72= $287.72...Total payoff- $20,715.84
The mileage for my old, old car was 101,000-ish if I can remember correctly.
But you guys were freak out about my current loan, lol
You won't be able to trade in (with reasonable trade-in value) for the next 6 years.
I would start setting $100 a month for maintenance and possible repairs now. You don't want to be caugh off guard by the $300 30,000 mile service, and $600 100,000 mile service. Plus, oil, filter, fluid changes on the regular basis, as well as tires and brakes (wear and tear items)
I see this advice given to allot of people here. Which in theory is a great idea. But, do ya think that if the consumer had $100 a month of disposable income they would have financed for 72 months to save $50 or so dollars in the first place?
If a person does have the disposable income then I recommend financing the Service Contract for the extra $20-$30 a month and send an Extra $100 a month on the principal. Doing a quick amortization on this particular loan it would save $1406 in finance charges and pay the 72 month loan off in 50 months. Not the definitive answer just another way to look at it.
If a person does have the disposable income then I recommend financing the Service Contract for the extra $20-$30 a month and send an Extra $100 a month on the principal. Doing a quick amortization on this particular loan it would save $1406 in finance charges and pay the 72 month loan off in 50 months. Not the definitive answer just another way to look at it.
Setting money aside is a great financial advice regardless what the cause is. This here, is just a goal. Let her start saving money for a cause, maintenance. Maybe it will stick and she will start setting some money aside regularly, without a cause.
$25 a week is not a huge amount to set aside. That's about 5 lunches out, or 2 movie tickets... But, it adds up to $1300 a year, plus about $65 in interest. This can get addictive. Having money set aside, and earn interest on that is a much better game than borrowing to pay for the service contract, which may or may not cover many items, and definatley does not cover wear and tear items, such as tires, brakes, bluids, battery, light bulbs...
It is a great feeling knowing that if an emergency struck, you are not going to be broke. Generally, people should have 6 months worth of paychecks in savings, and whatever elese they save on top of that in other investments. This way, if they were to lose their job, or if something were to happen to them, they are not going to be at stranger's mercy.
However, many financial problems deal with the inability to distinguish between "want" an "need". You MIGHT need a car to get to and from work. However, you don't need a $20-25k vehicle to make the journey.
People who can afford $600 for transportation a month CANNOT afford a vehicle with a $400 payment. $250 or $300 MAYBE.
A few years back, I was trying to help a friend who wanted to avoid filing for bankruptcy. My first recommendation was to sell the car that he could not afford. He got all hot and indignant that he needed a reliable car. I had to remind him that my $3k car was reliable and got me to work everyday. "Well, I wouldn't be caught dead in that !@#$."
...and this and other bad decisions for a poor man is why he was in the financial situation that he was.
That shiny new sheet metal on wheels has claimed a lot of people. :surprise:
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Just to clarify, this $600 includes car payment, insurance, maintenance + repairs, and gas (but not depreciation?) Thanks,
BTW, I agree with this statement wholeheartedly, if my assumption above is correct.
Absolutely.
When I was a broke kid out of college, living in a ghetto, and scraping my pennies together, I used to write down EVERY penny that I spent.
I drove a Chevrolet Chevette with a payment of $128 per month. On average, vehicle expenses set me back about $300 a month (incl. $1.20/gal gas, oil changes, taxes, insurance, repairs and the like).
Last year, I cahllenged the 15 year olds in my life (all five of them) to tell me the total cost of operating a 2007 Chevrolet Cobalt. I was pretty impressed that they were able to get within $30-50 of my estimate ... and without assistance of their parents.
My number is ball park. Another ball park number that I use is that in general, you should not buy a car that exceeds half of your annual income.
Oh darn...going by this I didn't realize just how much I was cheating myself.
Well...I didn't plan on car shopping tonight but you talked me into it.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
My friend is building his second 7000 sq ft garage.
You never told us your friend had dealerships. :surprise:
I think we should take this discussion to one of the other boards we frequent; we're waaaaay off topic here.
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl
Don't let that cheap skate get away with one of those silly Mothers Day cards or a brunch or a necklace or a pair of running shoes or...tell him what you really want A CAR with a fold down top.
Have a nice day,
jmonroe
'15 Genesis V8 with Ultimate Package and '18 Legacy Limited 6 cyl