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little bit of word from the wise needed.

Discussion in 'Off-Topic Discussion' started by mntbiker2008, Jul 22, 2010.

  1. Jul 22, 2010 at 6:09 PM
    #1
    mntbiker2008

    mntbiker2008 [OP] First I derp.. then I herp

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    Aaron
    Cincinnati, OH
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    Im working on buying a new Mazda 3. I need to sell my current car first though before the bank will let me take out another loan (as i am a student). Right now I am still in a loan with my current car $5,800 is what is the pay-off quote on it. I have played my numbers and will actually save money buying the new car (surprisingly).
    I have about $450 on stand by but am thinking about putting this into the current car, still asking for 5,800 that way I basically pay the car down some, get some people interested because of the price, and still get the 400 back to put towards a $500 down payment (they are having 0% this month).
    Does this sound like a good idea? If not, let me know what you would do.

    Also, any advice on negotiating would be great. I got bent over the last/first time i bought a car.


    thanks
     
  2. Jul 22, 2010 at 6:24 PM
    #2
    rme

    rme Well-Known Member

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    #1 I would pay the money down on the car to get the payoff even lower. Remember when you put extra money toward the loan tell the lender you want it to go towards the principle of the loan. You don't know what's going to happen in this economy so I would start trying to get my debt reduced.

    #2 When dealing with car salesman be prepared to buy using your own loan institution, preferrably a bank or credit union. Never a finance company if you can help it. Deal with the dealer on his cost and what you'll pay. IE I'll pay you $700 over dealer cost to purchase the vehicle. If he says no then ask him how much over dealer cost does he want. If he won't tell you that figure then leave and go somewhere else. If necessary go to a different make of vehicle. Your in the driver's seat...get on the phone and call dealers in cities less than a 7 hour drive from you to deal with them. Your saving your money and the dealer in your hometown has to service the vehicle while it's new and under warranty....just my 2 cents though....
     
  3. Jul 22, 2010 at 6:26 PM
    #3
    larryde09

    larryde09 Well-Known Member

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    Rochester, NY
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    K&N Intake, Magnaflow Cat-back Exhaust, Altezza Tail Lights, Pop&Lock Tailgate Lock, Extang Trifecta Tonneau Cover, PIAA foglights with stock switch, DrawTite Hitch, OBX Shift Knob, Hood Protector, Vent Visors, DIY step bars/sliders/running boards, DIY Bed Lights, DIY Running Board/Ground Lights, DIY Tailgate Electrical Box (12V socket, voltage and current gauges), DIY Internal Lighting (coming soon), Aftermarket switches in stock dash blanks, Sony Head Unit, Illuminated 4x4 switch mod
    Try to see what the dealer will offer on a trade. Simpler than waiting to sell the old car, especially if you're trying to take advantage of 0% APR.

    Some Tips:
    1. Do your homework. Go to edmunds and kbb and find out the factory invoice price for the new car. Also, find out what your used car is worth.

    2. Find out what finance rate you can get from a bank and make the dealer meet that rate.

    3. Know what your trade is worth! Note any recent major maintenance because it will help your negotiating a better value.

    4. Never talk in terms of monthly payment, they can doctor the numbers any way possible to meet that number. What you want to do is negotiate for the price of the new car first (starting around the invoice price), then talk trade, then talk financing. Don't get ahead of yourself...don't talk about the trade unless you've negotiated an acceptable price for the new car first.

    5. Don't get so excited about a car that you can't walk away. Don't feel like you'll hurt their feelings, if the deal isn't what you want, get up and walk out. Most of the time they will catch you as you walk out the door and meet your terms. If not, keep walking and go to another dealer.

    Good luck....
     
  4. Jul 22, 2010 at 6:38 PM
    #4
    mntbiker2008

    mntbiker2008 [OP] First I derp.. then I herp

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    thanks. Right now i have a quote that is about 300 under invoice from an online sales team.
    I got a quote last night while I was seeing if I even qualified for the 0% with Chase (who my currently loan is also through) and they said my trade in would only be worth 4,500. Right now KBB suggests my car be at 6,400 private party. I had it at 5,800 had a few callers but they didnt go through. I tried to put it back at 6K and havent gotten anything.
    Thanks a lot for the input. I ended up walking last night and they called me this morning saying they would put me in a Kia for the price I was asking. lol I just laughed and hung up.
    I really just need to get rid of this car and everything will hopefully go smoothly.

    thanks again guys. I forgot how much dealing with salesmen sucks.
     
  5. Jul 22, 2010 at 6:38 PM
    #5
    Drewboto

    Drewboto Well-Known Member

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    Right on! sounds like you've done that a few times. Also, sometimes it doesn't hurt to give them your phone number in some fashion. Many places will let you just walk out the door if you don't like their offer and not try to work with you on a deal. But sometimes, they'll change their mind and call later with a better deal especially if sales are slow from non-stop rain or snow.
     
  6. Jul 22, 2010 at 6:47 PM
    #6
    larryde09

    larryde09 Well-Known Member

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    You bet, we've purchased/traded 5 cars since 2006...it's a long story.

    I've got more tricks up my sleeve, but this post could get mad long. Good point on the phone call too!
     
  7. Jul 23, 2010 at 5:40 AM
    #7
    rme

    rme Well-Known Member

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    $300 under invoice...? What does that mean? Does it mean $300 under what the sticker price is? Always deal with the cost to the dealer. If they won't deal someone within 500 miles of you will...trust..."been there and done that" and the savings on my Lexus was $5,000!
     
  8. Jul 23, 2010 at 5:59 AM
    #8
    larryde09

    larryde09 Well-Known Member

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    No No No...never deal off the sticker!! When I say invoice, I'm referring to the factory price (i.e. what the dealer paid for it), not the "invoice" stated on the sticker. Those numbers are in terms of MSRP and include dealer throwbacks. KBB and endmunds will provide some insight into the factory invoice price, not the fake invoice stated on the sticker.
     
  9. Jul 23, 2010 at 3:05 PM
    #9
    mntbiker2008

    mntbiker2008 [OP] First I derp.. then I herp

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    Yeh I dont really pay too much attention to the sticker price.

    http://www.edmunds.com/new/2010/mazda/mazda3/101148573/prices.html
    ^^ invoice says 16,793.
    I got an internet quote from them for 16,688. ok maybe 100 under. (was trying to go by memory).
    now.... what I dont know... is if they are saying the price they gave me was for the base model or the model I specifically asked for. seems like they would want to make a little more money on the car.
     
  10. Jul 23, 2010 at 4:16 PM
    #10
    larryde09

    larryde09 Well-Known Member

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    K&N Intake, Magnaflow Cat-back Exhaust, Altezza Tail Lights, Pop&Lock Tailgate Lock, Extang Trifecta Tonneau Cover, PIAA foglights with stock switch, DrawTite Hitch, OBX Shift Knob, Hood Protector, Vent Visors, DIY step bars/sliders/running boards, DIY Bed Lights, DIY Running Board/Ground Lights, DIY Tailgate Electrical Box (12V socket, voltage and current gauges), DIY Internal Lighting (coming soon), Aftermarket switches in stock dash blanks, Sony Head Unit, Illuminated 4x4 switch mod
    I'd hope it's for the specific model you asked for. Make sure you test drive it and it has exactly what you want...they might be trying to pull a fast one. Be sure to get teh KBB invoice price too, it may not be the same as edmunds.
     
  11. Jul 23, 2010 at 4:34 PM
    #11
    jspadaro

    jspadaro Well-Known Member

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    Why do you need to sell the mazda? Typically the smartest thing to do is keep the loan until its paid off, amigo.
     
  12. Jul 23, 2010 at 10:16 PM
    #12
    mntbiker2008

    mntbiker2008 [OP] First I derp.. then I herp

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    i checked, they sent me a quote for the model below the model I wanted so the 16,688 is the right price. at least it better be. I will be all over that making sure they give me the car I want for that price since I specifically said that when i inquired about the car. already test drove it a few times. :p even drove by today to make sure it was still there. I will print off kbb as well.

    thanks for all the help! going to the stealership tomorrow to see what I can work out.
    Im selling the santa fe, buying the mazda. I know its the smartest thing to do but right now, with 0% financing and if i can get my payments right, buying the new car will be cheaper in the long run. I will save a good amount on gas (currently only getting about 18 city maybe 21 h/w on a good day. plus I am spending more on repairs each month than i would with a new car's monthly payment.
    trust me, I am very frugal with my money and if I had the choice I would keep the piece o' crap till I paid it off but its just not worth it anymore.
     
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