Help me buy a car for the first time!

[Steve9347]

So, I've been reluctant to purchase a car, because the wife and I are quite frugal with our cash. That said, it's time. The 99 Cavalier (her car since college) has seen better days, and the 04 Impala (our car since grandma couldn't drive anymore) needs to be moved into a "backup role".

 

Ok, so I've read that incredibly useful "Confessions of a Used Car Salesman" in the past, and will probably re-read tonight. That said, I'm diving into this, and had some ideas I wanted to know if they'd actually work.

 

• The Impala is currently at Jerry Haggerty receiving repairs that will likely excited $1,500. I want to leave there with a car they have on their lot when I pick up the Impala tomorrow night. Would something like "knock the price of that repair off x vehicle and I'll drive home with it today" work?
• I've been taking both of my cars to this dealership anytime something went wrong for the past 5 years - would they care at all about this?
• The vehicle I want to take off the Haggerty Chevrolet lot is a Toyota.
• Financing? I plan to drop about $5k on this bad boy. Would taking Haggerty's rate (2.6% as of a few hours ago according to signs on their lot) be smart? Is this something I should demand be down at 0%? I don't know if that's how things work in the used "previously loved" arena. EDIT: I've realized I can request financing from a lender of my choosing.
• I can't think of anything else.

 

I'm analytic by nature. I hate giving up on a car before it stops running, but we are thinking it's about time a director level person stop showing up to work in a 99 Cavalier. Any input would be truly valued.

Edited August 17, 2014 by Steve9347

[Brian]

I'd you can, I'd wait for year end sales. The car I have now will be paid off in Dec this year after just 3 years. 0% interest.

[Steve9347]

I'd you can, I'd wait for year end sales. The car I have now will be paid off in Dec this year after just 3 years. 0% interest.

Not interested in waiting any longer - just curious about the scenarios above or other tips.

[DrunkBomber]

Is the car you want new or used?

.

Do you mean you are gonna put 5k down or the car costs 5k?

Edited August 17, 2014 by DrunkBomber

[cabiness42]

So, I've been reluctant to purchase a car, because the wife and I are quite frugal with our cash. That said, it's time. The 99 Cavalier (her car since college) has seen better days, and the 04 Impala (our car since grandma couldn't drive anymore) needs to be moved into a "backup role".

 

Ok, so I've read that incredibly useful "Confessions of a Used Car Salesman" in the past, and will probably re-read tonight. That said, I'm diving into this, and had some ideas I wanted to know if they'd actually work.

 

• The Impala is currently at Jerry Haggerty receiving repairs that will likely excited $1,500. I want to leave there with a car they have on their lot when I pick up the Impala tomorrow night. Would something like "knock the price of that repair off x vehicle and I'll drive home with it today" work?
• I've been taking both of my cars to this dealership anytime something went wrong for the past 5 years - would they care at all about this?
• The vehicle I want to take off the Haggerty Chevrolet lot is a Toyota.
• Financing? I plan to drop about $5k on this bad boy. Would taking Haggerty's rate (2.6% as of a few hours ago according to signs on their lot) be smart? Is this something I should demand be down at 0%? I don't know if that's how things work in the used "previously loved" arena. EDIT: I've realized I can request financing from a lender of my choosing.
• I can't think of anything else.

 

I'm analytic by nature. I hate giving up on a car before it stops running, but we are thinking it's about time a director level person stop showing up to work in a 99 Cavalier. Any input would be truly valued.

 

This sounds like it might be too late, but you will get better value if you don't sink that $1,500 into the repairs. What the dealer can get for the car after they fix it is not $1,500 more than they can get for it as is.

 

Other than that, look up the KBB value of the used Toyota you want and make sure their list price isn't higher than that. As long as that is the case, go ahead and take their 2.6% rate.

 

The last 4 vehicles I've bought are Toyotas and I'm never ever buying anything else.

[southsider2k5]

Don't be afraid to use any of those things to get a better price or deal.

 

The biggest thing you have to watch is that they WON'T give you the details of the break down. they will try to negotitate in monthly payment, which allows them to manipulate trade in, interest rate, down payment, and final price.

 

Make them itemize the deal.

 

See what other dealerships will offer you in email for the same pieces of the deal, which gives you other weapons to go in with. You can even check with your own bank about financing. Capital one has an easy system to get an approval and rate on line.

 

Don't feel the pressure to close that minute, or even that same day. That is another technique used very commonly. "oh other people are looking at this car... Your car is going to need more expensive repairs" etc. They will flat lie to your face to close a deal. Just assume anything that isn't a figure is a lie.

[Steve9347]

This sounds like it might be too late, but you will get better value if you don't sink that $1,500 into the repairs. What the dealer can get for the car after they fix it is not $1,500 more than they can get for it as is.

 

Other than that, look up the KBB value of the used Toyota you want and make sure their list price isn't higher than that. As long as that is the case, go ahead and take their 2.6% rate.

 

The last 4 vehicles I've bought are Toyotas and I'm never ever buying anything else.

The car I want to get rid of is not the car getting repairs right now.

[Steve9347]

Is the car you want new or used?

.

Do you mean you are gonna put 5k down or the car costs 5k?

It's a used vehicle. Feel comfortable dropping 5k, car is a out 15k.

[Steve9347]

Don't be afraid to use any of those things to get a better price or deal.

 

The biggest thing you have to watch is that they WON'T give you the details of the break down. they will try to negotitate in monthly payment, which allows them to manipulate trade in, interest rate, down payment, and final price.

 

Make them itemize the deal.

 

See what other dealerships will offer you in email for the same pieces of the deal, which gives you other weapons to go in with. You can even check with your own bank about financing. Capital one has an easy system to get an approval and rate on line.

 

Don't feel the pressure to close that minute, or even that same day. That is another technique used very commonly. "oh other people are looking at this car... Your car is going to need more expensive repairs" etc. They will flat lie to your face to close a deal. Just assume anything that isn't a figure is a lie.

This is all very good information. I do want to leverage the cash I have to drop on the fix of the impala.

[southsider2k5]

This is all very good information. I do want to leverage the cash I have to drop on the fix of the impala.

 

They will probably try to squeeze that 1500 out somewhere else.

[DrunkBomber]

It's a used vehicle. Feel comfortable dropping 5k, car is a out 15k.

First Id talk to your bank and see what kind of rate theyd give you for a 10k autoloan, let them know youd be putting in 5k of your own. Some of the ads you saw around the dealership for 2.2% might be for specific cars or primarily for new cars but it cant hurt to ask. A lot of it is going to come down to how much the dealership is into the car you want for and how long its been on their lot. If you just want to try to get the car quickly I would just talk to a salesman when you go to pick up your car and see what rate you qualify for and what price they would sell the car for, but as ss2k5 said they mostly are just going to try to get you to commit to a payment amount. When you find out what the rate is and if it is more than you hoped/expected see if they will lower the selling price to account for it or look into private financing. They likely wont discount the price of the repairs to your current car since its a completely different department but they might take it into consideration for the price of the new car depending on how much wiggle room they have.

 

They also would probably press you pretty hard for an extended warranty and depending on whether or not you personally prefer buying warranties you might have to account for that in the loan amount.

[iamshack]

Steve, I'll tell you this much...with the availability of pricing on the internet customers have really been able tipi shave the margins off vehicles in the last several years. The way a lot of dealerships make money these days is from financing and service/maintenance.

 

The last few vehicles I've purchased, the dealer made a huge deal out of trying to keep me as a customer and servicing my vehicle at their dealership. I'd make it very clear to them that you have a vehicle in for service right now, and that you've been taking your vehicles there for the last 5 years.

[cabiness42]

The car I want to get rid of is not the car getting repairs right now.

 

Ah OK. One other thing I will say is don't expect a better deal on the Toyota just because you service your cars there. The salesmen don't make money on the service department. Unless they are listing it for more than KBB value, you probably aren't getting the price down any.

[Iwritecode]

I would actually suggest finding a decent mechanic and stop taking your car to the dealership for repairs. There's a reason dealerships make the majority of their profit from service and repairs.

 

I don't know what repair you are getting for $1500 but I'm guessing it would be a whole lot cheaper somewhere else.

[Steve9347]

I don't know what repair you are getting for $1500 but I'm guessing it would be a whole lot cheaper somewhere else.

New heater core + new tie rod end.

[CrimsonWeltall]

If you don't want to wait until the end of the year, at least wait a week until the end of the month. Dem monthly sales quotas.

 

If you don't like the price they're at, walk away. They HATE people leaving the dealership. I've had salesman suddenly "find" rebate offers and other ways to lower the price overnight.

[JPN366]

So, I've been reluctant to purchase a car, because the wife and I are quite frugal with our cash. That said, it's time. The 99 Cavalier (her car since college) has seen better days, and the 04 Impala (our car since grandma couldn't drive anymore) needs to be moved into a "backup role".

 

Ok, so I've read that incredibly useful "Confessions of a Used Car Salesman" in the past, and will probably re-read tonight. That said, I'm diving into this, and had some ideas I wanted to know if they'd actually work.

 

• The Impala is currently at Jerry Haggerty receiving repairs that will likely excited $1,500. I want to leave there with a car they have on their lot when I pick up the Impala tomorrow night. Would something like "knock the price of that repair off x vehicle and I'll drive home with it today" work?
• I've been taking both of my cars to this dealership anytime something went wrong for the past 5 years - would they care at all about this?
• The vehicle I want to take off the Haggerty Chevrolet lot is a Toyota.
• Financing? I plan to drop about $5k on this bad boy. Would taking Haggerty's rate (2.6% as of a few hours ago according to signs on their lot) be smart? Is this something I should demand be down at 0%? I don't know if that's how things work in the used "previously loved" arena. EDIT: I've realized I can request financing from a lender of my choosing.
• I can't think of anything else.

 

I'm analytic by nature. I hate giving up on a car before it stops running, but we are thinking it's about time a director level person stop showing up to work in a 99 Cavalier. Any input would be truly valued.

 

Your underlings will never respect you if your name is Steve and you drive a '99 Cavalier. A Toyota may only garner you a +1 respect level. Now, if you want to truly maximize the complete submission of your minions, I suggest a FIAT.

[Steve9347]

Your underlings will never respect you if your name is Steve and you drive a '99 Cavalier. A Toyota may only garner you a +1 respect level. Now, if you want to truly maximize the complete submission of your minions, I suggest a FIAT.

14 Chevy Cruze with 15k miles for 14.5. I'm pleased.

 

I even got up to walk out and suddenly they met my number.\

 

My wife and I have ridiculous credit scores. It's annoying that they fight you on everything. Yeah, idiots, I'm going to take 2.99% when the wife and I have 850 and 828 credit scores respectively. GMAFB.

Edited August 19, 2014 by Steve9347

[southsider2k5]

Good for you. Congrats.

[Steve9347]

Good for you. Congrats.

Thanks. It's really funny how the experience was exactly as I'd expected.

[JPN366]

14 Chevy Cruze with 15k miles for 14.5. I'm pleased.

 

I even got up to walk out and suddenly they met my number.\

 

My wife and I have ridiculous credit scores. It's annoying that they fight you on everything. Yeah, idiots, I'm going to take 2.99% when the wife and I have 850 and 828 credit scores respectively. GMAFB.

 

850 and 828?! Holy sh**!!

[southsider2k5]

Thanks. It's really funny how the experience was exactly as I'd expected.

 

HOpefully you took a nice hot shower afterwards.

[Jenksismyhero]

14 Chevy Cruze with 15k miles for 14.5. I'm pleased.

 

I even got up to walk out and suddenly they met my number.\

 

My wife and I have ridiculous credit scores. It's annoying that they fight you on everything. Yeah, idiots, I'm going to take 2.99% when the wife and I have 850 and 828 credit scores respectively. GMAFB.

 

My favorite part is after settling on the terms, they come back at you with a lower monthly payment, but different financing terms, making it so that in the long run they make more money. Sadly, they do it because people aren't smart enough to do the math on their own and figure out they're getting hosed.

 

And then car salesman wonder why everyone despises the car buying experience.

[IlliniKrush]

I haven't done it, but I've always heard you just negotiate the overall price, never on a monthly payment. Then figure out the financing later.

[Jenksismyhero]

I haven't done it, but I've always heard you just negotiate the overall price, never on a monthly payment. Then figure out the financing later.

 

That is correct. But once you figure out the price, they'll figure out the monthly payment, and then they'll try to lower it for you (how generous). They sell it like they're doing you a favor, but it's always for a longer term and a higher interest rate, thus you end up paying more for the car.