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Assume you got 4% CD for 3 years and could keep your $40,000 in the CD. Then Simple Interest you earned over 3 years = $4800.
But, Tax on this simple interest (at high incremental tax dollars of 30%) = - $1440.
But, Cost of 0.9% APR loan at Simple Interest for 3 yrs = - $1080
But, Financing cost= - $450 (charged by loan originator for paperwork)
But, Forgone cash incentive from dealer due to financing = - $1000
Hence, Total money saved due to financing (over paying by cash) = $4800 - $1440 - $1080 - $450 - $1000
= $830 !!
$830 is still positive savings, but you would carry a big loan on your credit report and say you go to the market to buy a home, you would get poorer interest rate due to the big loan that you already need to service from your earnings. So in the end, you end up gaining nothing monetarily.
Hence, if you can pay cash, then in today's economy it is better to avoid the debt.
Acura MDX Base = $32,640 + Tax + Title. (No financing) ( total is 20.2 % off MSRP)
Love the car. Was initially in the market for a used Acura or Lexus, but at these prices, its a no-brainer to buy a new car since with all incentives the first year depreciation is already accounted for. Thanks to all the people on the forum. I calculated my numbers using this forum and then negotiated over the phone and email. Ate almost $1100 into the dealer holdback. I doubt if he made more than a hundred dollars on me. Picked up the car from the dealer in one hour. Could not believe that car buying could be so hassle free.
Acura MDX 2008 Sterling Grey/Taupe
Tech/Entertainment Package
$38,802
Accessories - running board, side moldings
Total Price Out the Door - $42427.45
Is this a good deal? Located in Southern California.....
You make some critical mistakes in your assumptions:
1. A number of FDIC-insured banks are offering 3-year CDs at 4.7%.
2. You use simple interest for the CD. However, a 3-year $40,00 CD at 4.7% compounded annually would yield approximately $5,900. (This is conservative -- WaMu is offering 3-year CDs at 4.89% APR, which would yield even more.)
3. Similarly, you use simple interest for the auto loan. However, assuming the loan is amortized over 36 mos., the purchaser will be paying off principle as well. A fully-amortized $40,000 loan at .9% will incur only $557 in interest payments.
So, now we have:
Interest Income of $5,900
- Less Tax at 30% = $1,770
- Less Interest payments on loan = $557
- Less Bank fees = $450
- Less Foregone dealer cash = $1000
TOTAL SAVINGS =$2,123
I think that's a significant savings, but we can each make our own judgments on that.
Probably not the best deal but I think it is good enough. The dealer was Acura Marin CA.
What do you guys think.
Looking at a 06 MDX touring w/RES. 50k miles, off of lease.
Dealer asking $29k.
Opinions? What should I offer?
Rumor from dealers on here and dealers in area is that Honda may up financing from 0.9 to 2.9. Would like to take advantage.
Thanks!
Yesterday, I visited Acura of Bellevue (Washington state) and they offered a 2008 MDX Tech PTG with partial roof rack (rails only) for $39500, and this price was for cash-out purchase only. Salesman indicated that there was no room for negotiation.
Right after the visit to the Bellevue dealership, I emailed Acura of Seattle and Lynnwood Acura to see if they could better the Bellevue dealer price. The Seattle dealer simply told me to come to the dealership to talk. The Lynnwood dealer called and offered to meet the Bellevue price and throw in the rack crossbars (Bellevue charged more than $300 for the crossbars).
At 7:30pm tonight, I visited the Lynnwood dealer with a friend of mine who purchased a 2007 MDX Tech/Entertainment there a year ago. A sales guy with a British/Scottish accent greeted us and we struck up conversation. I told him that yesterday I had spoken with the Internet sales manager of the dealership and informed him of what I had been offered. I asked him to come down to $39000. He wants me to fill out the loan app while he checked inventory and price. The dealership didn't have the MDX in the color that I wanted, but I told him that waiting a few days for the dealer to get the car was fine with me. He goes inside to some office and I happily fill out the loan app. After a few minutes, the guy comes back and says there's no way they can do $39500 on a financed purchase and gives me an ugly very unwelcoming look that basically told me that he wanted me to leave :confuse: :mad: . He made no counter offer. Whatever conversation we had, if you can call it that, was very brief and rude in tone. I said thanks but no thanks and got up to leave. As I was leaving, I overheard him to remark to his coworker "I rather negotiate with terrorists" (his exact quote). Wow, where did that come from? Never did I even remotely insult the guy in any way, and nor did we even attempt to negotiate. I wanted to confront the guy then and there, but I simply left without saying another word.
My friend and I decided we couldn't end the night like this. We drove down to Acura of Seattle and arrived 8:30pm. A man greeted us (I think the sales manager) and I told him what I wanted: a silver MDX Tech PTG with roof rack for $39500. He runs and gets a salesman who showed me an MDX Tech PTG in the color I wanted. There was no haggling over the price, and the dealership simply accepted my offer. I did try to get the dealer to come down $500 but that failed. I then added the towing package and running board. The buying experience was extremely pleasant and I was out the door with signed papers in hand by 9:30pm. I'm picking up the MDX in the morning once the accessories are installed.
I felt good about the price. Bellevue only offered $39500 for a cash out purchase. Lynnwood refused even to consider the price. Seattle gave me the Bellevue price even with financing and so I figured I saved a $1000 there. In addition, Seattle also gave me the crossbars at no additional charge, so chalk up another $350.
In any case, I was extremely flabbergasted and offended by the sales guy at Lynnwood Acura -- enough so that I registered for an account at edmunds.com to make this rant post. Acura of Seattle, with its bigger lot and more inventory and a courteous sales staff, has definitely secured a repeat customer for future Acura purchases.
Here is a tip: Please dont mention this board, to any dealer, by name, as it will spoil our game. They dont seem to know about this board yet, so they were baffled when I knew exactly how much the MDXs going for. They wanted to know where I found out from. Like I am going to tell them.
Bought a 2008 MDX Tech Pkg w/PTG (30 miles on it. Steel Blue, Taupe - They had all the color choices I wanted). (Invoice on the car - $40,963, MSRP - $45,005)
Price of the Car - $36000 ( roughly $5K below invoce, 9K below MSRP)
Doc Fee - $100
Reg+Title - $95
Accessories - $848 (Roof Rack (Rails+CrossBar), Running Boards, Wheel Locks, All Season Floor Mats. - Dealer cost on this accessories is $1254 so about $400 savings on it from dealer cost. Other dealer wanted about $1800 for the same accessories).
Free Items - 2 Free Oil Changes, Pink Acura Hat for my wife (deal closer)
MA Sales Tax - $1842.40 (@ 5%)
OTD total Price - $38885.40
Another dealer was lower in Car price @ $35800 but they didnt have the interior, with PTG, I wanted, though they had the color. Their accessories price for the was way higher. So I would have paid more overall about $300 more for the other deal. Overall I could have worked them both to get maybe few hundred dollars more but I ran out of time, and patience.
Couple of things to keep in mind. They make most of their money in accessories. So try to get as less accessories from the dealer as possible. If you do, try to haggle them on it. Not sure what the invoive on them but you can find dealer cost on them. Let me know if you need them. It is worth getting Roof Rack, Running Boards, Body Side Modling, Wheel Locks as they all require some installation. (I am not a big fan for Body Side modling, especially at $400 range, dont think it is worth it). Other things like Cargo Mat, Cargo net and blah and blah, you can find them cheaper in the net.
(If anyone interested I can hook you up wih my sales guy as a thanks though he warned me that he might be off by few hundred dollars off, after the August sales pressue if over. If you are buying today or tomorrow you might get the same deal. BTW you get better prices in this order - Desparate Sales guy with low volume, Internet Sales Manager, Sales Manager with volume, General Manager).
There are other dealers (one called me this morning - Aug 30) try to "sell" me the car for $38,000 with no accessories. When I told him the price I got, he got angry that I worked him. Acura should provide a way to do satisfaction surveys on all the sales guys you dealt with, not just the one you bought it from. The guy I bought it from obviouly was persistent, tenacious, good communication, and very nice to deal with, polite and very respectful. (maybe survey coming up?)
Good luck to you all.
Also, normally, I would get them in writing before I show up at the dealership. Doesnt have to be a purchase contract itself but even and email with the agreed prices is good enough. You have proof to take it up with someone higher the food chain. Bottom line is they are car salesmen, what do you expect?.
1. 2008 Acura most common model out there in the lot is Tech Pkg so you will be able to get the best deal on this. Second best would be the base model, you might it for around $32500-$32600 ($4600 below invoice). Ent package has very low inventory so you may not get the best deal on it. This was the reason why I didnt go for it. We have a portable one anyways.
2. Dont be desparate and pick the color before even you started negotiating on the price. Tell them you are ok with list of choices you like (I am ok with light colors,etc). After YOU WILL USE THIS AS A NEGOTIATION POINT, NOT THEM. After the final price quote, if they didnt have the color/ interios you want then you can say well you need to take off $100 as you dont have my color, blah
3. Always get it in writing before you show up at the dealership
4. Try to avoid the first hungry salesmen who jumps on you as soon as you walk to the dealership. Bad idea, if you havent already negotiated the price.
5. Try to keep your trade away from this. Trade requries you to have 2 legs of negotiation. I know I am not that good so I keep them separate.
Including all factors, if you're not fearful of the mileage constraint, leasing is the way to go at $645/m 15k miles - that seems like a decent deal for what you're getting. 50% residual is still pretty good especially since many OEM companies are stopping their lease programs all together. Banks simply don't want the risk of residual estimates so they're not backing leases. I believe Ford and Chrysler have both stopped their programs and it won't be long before others follow suit.
Our purchase price was $700 below invoice which isn't as good as I probably could have gotten and when we added the accessories listed above, we purchased them at the web site price which Acura dealers have the option of increasing if they sell direct to the customer. I also negotiated the top coverage extended warranty at dealer cost to be purchased at my discretion at any time in the future provided the coverage can be applied based on ownership time and mileage. The quoted price for that was $2440 I believe but I've seen extended warranties for less on a web site this forum has posted which can save over $500. If / when it's time to purchase, I'll review all the fine print.
You won't regret your lease or purchase - even at the $850 ish payment we have, we are delighted by the vehicle all around. That says a lot because we're very particular about features (gadgets, gizmos, quality, ease of use, etc.) Systems are pretty intuitive over all and don't take long to learn. Tutorials that come with the vehicle and are available on the owner's web site are excellent too!
Enjoy your experience!
Sure would appreciate the dealers name and location.
MSRP: 44100
Cap Cost: 36200
Drive off: 960
Residual: 54% (3yr/30000)
MF: .00245
Monthly: $503 ($544 with CA tax of 8.25%)
Is this a good deal or not? I am looking to make a decision by tomorrow. Thanks in advance.
I was wondering if you were still qualified with their .9% or 2.9% finance.
First Post, longtime lurker . I've been looking for a MDX for quite a while now but haven't come across the right deal yet. I've come across this and was would like to know what everyone thinks about it. A 2007 Black Fully Loaded Acura MDX SPORT Technology/Entertainment Package W/ 59225 Miles. Comes with everything except the towing package. Checked the Carfax report and everything is clean. Asking Price is $28,995 but obviously would haggle for less ($2k-$3k). All opinions, suggestions, tips etc. are greatly appreciated. Thanks for your time
I am not sure about the other guy, I thought they were playing games plus there overall price (there doc fee was 295 + 86 which made prices equal to mine doc fee 95 + 100). Plus I got the accessories are dealer cost which the other guy was not willing to do. (Technically better than dealer price when I add them up).
We are not allowed to post names in the forum. Give me your email and I will send it to you.
I was in the process to buy either an RDX, or a used MDX (I dont beleive in buying a brand new car and squander $40K only to watch the values depreciate like crazy). This is my first car with less than 100 miles on it (I normally prefer a CPO). With the amount of discounts on the car, I couldnt resist. Beleive me, I was not going to buy it until I heard the offers that came in, after that I couldnt resist. RDX is a fine car as well, but you wont get the same discounts on it, you would be lucky if you got invoice on it. After all said and done 2008 MDX is going for only slightly more than 2008 RDX.
Could you send me your dealership information to me? turtlebc@gmail.com
I am really interested in purchasing one today. I was at a local dealership to test drive the RDX yesterday and they won't budge dropping the price.
You may not be able to get a deal on RDX as they are more fuel efficient SUVs. No manufacturer cash backs either. You would be lucky if you get invoice. I was looking for it, I changed my mind when I heard the deal on MDX.
#2. the fact that you're even considering buying a Used 41K sport (without entertainment) means you still need to read the board b/c 41K is what you can probably get for a new sport without much negotiation.
#3. you can also ask autobrag dot com for recent wholesale prices on the sport.
You can contact me: 4macraes at gmail dot com.
Cheers,
Marinite
I like your car, I am in MA, can you give me the sale guy number? I want to get same deal.
Many thanks
Thank you....
Email me at abhmal@gmail.com if you are interested in buying and I shall give you details of the dealer. If I can get 2-3 people to buy with me we can get a even better deal (volume discount)
Thanks
AM
Picked up a Grey 08 base for $33024 on a 3 year lease.
$436/month (pretax) 3 year 12K - $1200 out of pocket ($325 went to cap cost reduction)
Got it at Power Acura in Torrance . Santa Monica offered $433/month on same terms or $455 (including tax) for 10K year lease.
Drove away within one hour.
I started the day pricing Highlander's and09 Pilot EXl;s - Honda was at $412 so we went with the MDX
2008 Acura MDX w/Tech w/Ent
MSRP - $46655 ($45,895 + Dest charge - $760)
Invoice - $42460 ($41,700 + Dest charge - $760)
(Keep in mind they adjusted the Dest charge mid year. It used to be $715 and they increased it to $760 for the vehicles that are delivered after April-May)
Dealer Holdback: $918 (Honda thumb rule is 3% dealer holdback, even less on luxury cars - close to 2 to 2.5%)
Dealer Cost - $38042 ($42460 - $3500 (rebate) - $918 (holdback))
So you are getting a quote exactly at the dealer cost. No wonder they are not interested in dropping the price any more as they will start to lose money.
I'm waiting to see if Acura increases the rebate currently @ $3,500 (September 3, 2008 incentives reset) and if so I can get a lower price. I'm gambling (since rebates might go away) but have a tough time believing that the rebates will go away in this market for 2008 models. Chicago dealers have approximately 200 (based on website inventory) 2008 Acura MDX in stock apart from 2009 Acura MDX. They are only going to get agressive with 2008 models.
I am close to pulling the trigger on an Acura MDX myself. I have been reading these forums for a long time and have been doing my homework on pricing. Your deal is the best I have seen in the Boston area. I am familiar with the dealers in Mass. If possible could you email me the dealerships you were working with at conradmaher@gmail.com
If I can get a deal close to yours I would hasten the purchase decision
Thanks
mct100@hotmail.com
Thanks.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Anyone think they are GONE forever ?
Or am I just looking duing the update to incentives for Sept?
Cheers
Can you send me your dealer name and number? Thanks
davidcn4us@ureach.com
Many Thanks
Please sent me your dealers name and info as well
wen__hsu@hotmail.com
thanks
The person you described is definitely NOT the person we dealt with. I guess there is a bad apple in every bunch. Oh, and a co-worker of mine bought from another salesperson than we did a few months ago and had a pleasant experience as well.