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2020 Jeep Cherokee purchase 1/25/21

gaflyer2gaflyer2 Member Posts: 46
edited January 2021 in Jeep
Just brought home a new 2020 Jeep Cherokee Latitude Plus

Base Price: $27,595
Package 2BD (Alpine sound + Sunroof): $995
Destination charge: $1,495

Total MSRP: $30,085

On top of the MSRP they had their dealership BS package that was about $1,900 which included a bunch of nonsense that we know dealers like to add on. I told them from the start I wasn't paying a penny for it and it was "removed" included nitrogen in tires and a few other minor items which I still got to keep of course.

Total rebates - $5,000

I did provide a Chrysler affiliate rewards number as well.

Price paid for the vehicle $21,995. That's a $3,090 dealer discount plus the $5,000 in rebates.

I traded in a 2020 GMC Terrain SLE FWD with 2,700 miles (had it for 6 months) and received $20,500 for it.

KBB trade-in value for "very good" condition is $17,091-$18,672
Edmunds trade-in value for "clean" is $19,358

Carvana offered $20,900 for the vehicle but trading it in saved me about $1,500 in taxes (get a tax credit) so it made more sense to trade in the vehicle.

Financed with Chrysler at 5.9% interest. I have a FICO over 700 so I know this was marked up. It's ok, wait 3 months and my credit union will refinance it at 3.49%. The cost of having a marked up interest for 3 months is about $150. Had to give them something.

All in all happy with the deal. Any thoughts?

Btw: The GMC Terrain SLE was purchased brand new 6 months ago at a price of $20,200 (massive rebates) so no negative equity despite not putting any money down and only having it 6 months.

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    MichaellMichaell Moderator Posts: 245,178
    gaflyer2 said:

    Just brought home a new 2020 Jeep Cherokee Latitude Plus

    Base Price: $27,595
    Package 2BD (Alpine sound + Sunroof): $995
    Destination charge: $1,495

    Total MSRP: $30,085

    On top of the MSRP they had their dealership BS package that was about $1,900 which included a bunch of nonsense that we know dealers like to add on. I told them from the start I wasn't paying a penny for it and it was "removed" included nitrogen in tires and a few other minor items which I still got to keep of course.

    Total rebates - $5,000

    I did provide a Chrysler affiliate rewards number as well.

    Price paid for the vehicle $21,995. That's a $3,090 dealer discount plus the $5,000 in rebates.

    I traded in a 2020 GMC Terrain SLE FWD with 2,700 miles (had it for 6 months) and received $20,500 for it.

    KBB trade-in value for "very good" condition is $17,091-$18,672
    Edmunds trade-in value for "clean" is $19,358

    Carvana offered $20,900 for the vehicle but trading it in saved me about $1,500 in taxes (get a tax credit) so it made more sense to trade in the vehicle.

    Financed with Chrysler at 5.9% interest. I have a FICO over 700 so I know this was marked up. It's ok, wait 3 months and my credit union will refinance it at 3.49%. The cost of having a marked up interest for 3 months is about $150. Had to give them something.

    All in all happy with the deal. Any thoughts?

    Btw: The GMC Terrain SLE was purchased brand new 6 months ago at a price of $20,200 (massive rebates) so no negative equity despite not putting any money down and only having it 6 months.

    Congrats!

    Thanks for the report.

    What was wrong with the Terrain that you swapped out of it after 6 months?

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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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    gaflyer2gaflyer2 Member Posts: 46
    Michaell said:



    What was wrong with the Terrain that you swapped out of it after 6 months?

    It's just not a very nice vehicle. It was a base model with absolutely 0 options and the tiny 1.5 liter engine drove me nuts. I wasn't crazy about it to begin with but since it was over 30% off MSRP when I bought it I figured i'd give it a try knowing I could get out of it without any negative equity. This Cherokee has 2 important upgrades that I value: leather seats and premium sound. Couldn't help but pull the trigger.
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