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Buying a Used Car - Bought it
Posted on 11/30/17 at 2:11 pm
Posted on 11/30/17 at 2:11 pm
I've never done this before, and could use all the advice I can get. I have a $10k check from the insurance company for my totaled car (I posted about my accident back in September). I was looking at an Infiniti Q50. 2017, mid level model, 9k miles, listed for $27.9k. A new one would be between $35k and $40k.
I called the dealership about an hour ago and told them I would be interested in coming out tomorrow and doing a test drive. The guy told me that he has an incentive to sell 10 more cars today (end of month) and would be happy to work out a better deal with me if I can come today. I'm concerned he's trying to get me in the door and fill me with a false sense of urgency, so I am trying to stay cautious. My plan is to go check it out, and if I like it then to offer him $25k. I would go as high as $25.7k today if we end up playing the back and forth. But if it goes beyond that, I plan to walk away.
I have never done this and would really appreciate some advice. Would this be the right way to do it or should I try things differently.
Eta: paid 29.1k bottom line and feel great about it
I called the dealership about an hour ago and told them I would be interested in coming out tomorrow and doing a test drive. The guy told me that he has an incentive to sell 10 more cars today (end of month) and would be happy to work out a better deal with me if I can come today. I'm concerned he's trying to get me in the door and fill me with a false sense of urgency, so I am trying to stay cautious. My plan is to go check it out, and if I like it then to offer him $25k. I would go as high as $25.7k today if we end up playing the back and forth. But if it goes beyond that, I plan to walk away.
I have never done this and would really appreciate some advice. Would this be the right way to do it or should I try things differently.
Eta: paid 29.1k bottom line and feel great about it
This post was edited on 11/30/17 at 11:35 pm
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Posted on 11/30/17 at 2:30 pm to AggieDub14
Stay focused on total price, not monthly.
Do not buy the warranty.
Only you know what you're willing to pay, and do not go a penny above that.
Obviously watch the interest rate and don't let them frick you. He gets paid on the financing.
I can't stress this enough- be willing to walk out without a car. If he can sense you are in urgent need of a car, he will try to break one off in your arse.
Do not buy the warranty.
Only you know what you're willing to pay, and do not go a penny above that.
Obviously watch the interest rate and don't let them frick you. He gets paid on the financing.
I can't stress this enough- be willing to walk out without a car. If he can sense you are in urgent need of a car, he will try to break one off in your arse.
Posted on 11/30/17 at 2:31 pm to AggieDub14
some good tips
Also, did I mention be prepared to walk away?
Also, did I mention be prepared to walk away?
This post was edited on 11/30/17 at 2:32 pm
Posted on 11/30/17 at 2:32 pm to AggieDub14
You are wise to think they are trying to just get you in the door, because they are.
Do your research by finding out what the car is worth. KBB, looking up comps on autotrader, etc. Use that research to base your "I won't go any higher" number. If you do pick a "I won't go any higher" number, then stick to it. If they won't meet it, then walk out (be sure to give them your number). They will call you back within a day or two; if they don't, start looking for another car.
Sidenote: my previous car was an Infiniti G37(predecessor to the Q50). Infiniti/Nissan make great cars. If you buy it, I hope it works out!
Do your research by finding out what the car is worth. KBB, looking up comps on autotrader, etc. Use that research to base your "I won't go any higher" number. If you do pick a "I won't go any higher" number, then stick to it. If they won't meet it, then walk out (be sure to give them your number). They will call you back within a day or two; if they don't, start looking for another car.
Sidenote: my previous car was an Infiniti G37(predecessor to the Q50). Infiniti/Nissan make great cars. If you buy it, I hope it works out!
Posted on 11/30/17 at 2:35 pm to AggieDub14
His incentive is probably just his monthly quota, or the dealership's quota. Being the last day of the month, I don't doubt it. I'd offer $24k just to see what they do.
Posted on 11/30/17 at 2:36 pm to cas4t
I'm going to finance through the credit union at work. Already got a 1.99% interest rate that will drop to 1.74% if I change my checking account over.
Not getting any kind of dealership warranty or maintenance.
Not getting any kind of dealership warranty or maintenance.
Posted on 11/30/17 at 2:36 pm to The Spleen
That's a great point.
The best time to hit the dealer up is the end of the month. Usually no deals to be had early in the month.
Low ball his arse and stick to it for as long as you can. You never know.
The best time to hit the dealer up is the end of the month. Usually no deals to be had early in the month.
Low ball his arse and stick to it for as long as you can. You never know.
Posted on 11/30/17 at 2:37 pm to The Spleen
quote:
I'd offer $24k just to see what they do
Good plan sir.
Posted on 11/30/17 at 2:38 pm to AggieDub14
Don't tell him you already have financing! That's how he's paid. You're basically paying in cash, in his eyes. Just go through all of it like normal and don't mention you already have financing until the end. And don't budge.
Posted on 11/30/17 at 2:39 pm to cas4t
Ah good to know. I hadn't heard this yet. Thank you.
Posted on 11/30/17 at 2:42 pm to cas4t
quote:
Don't tell him you already have financing!
Absolutely. Be evasive when he asks.
And when I say offer $24k, make sure that is the bottom line price will the BS they add, other than sales tax. $24k on the top line can end up $28k real quick with these slimy fricks.
Posted on 11/30/17 at 2:42 pm to AggieDub14
yea, he doesn't make a dime on selling a car. His pay is 100% on the financing, which is why the interest rate is so important, and why they will try to get you to focus more on the monthly payment instead of total price of the car.
also, don't finance for 60 months if you don't have to. That's another way they get the monthly payment down so low.
also, don't finance for 60 months if you don't have to. That's another way they get the monthly payment down so low.
Posted on 11/30/17 at 2:44 pm to cas4t
quote:
yea, he doesn't make a dime on selling a car.
Well that depends on the dealership. They don't make as much as they used to, and make most of it with financing in-house, warranties, and other BS.
Posted on 11/30/17 at 2:44 pm to The Spleen
It sucks that we are still stuck in this barbaric, antiquated way of buying vehicles. I'm car shopping now and honestly, I look online, call and offer a price over the phone (contingent on a test drive) and if they won't agree to that, I won't even walk in the dealership.
Posted on 11/30/17 at 2:45 pm to The Spleen
good point. But in my experience, they'd rather ditch you and find another sucker than deal with someone with alternative financing or cash.
Posted on 11/30/17 at 2:47 pm to cas4t
36 months. Gonna get this thing paid off quickly.
Posted on 11/30/17 at 2:47 pm to cas4t
I'll drive a car until the wheels fall off because I hate the process so bad. Last 2 I bought, that's exactly what I did. I had financing already arranged, called and said I could have a check to them that day at this bottom line price.
Also OP, they will stall the frick out of you. Impatient people make rash decisions. If you're there for 3 hours, by that 3rd hour you're just ready to leave. That's when they really screw you with all the add-ons.
Also OP, they will stall the frick out of you. Impatient people make rash decisions. If you're there for 3 hours, by that 3rd hour you're just ready to leave. That's when they really screw you with all the add-ons.
Posted on 11/30/17 at 2:52 pm to The Spleen
If I notice them doing that, I will tell them I have something to get to and that we need to move along or I will have to leave without a car.
Posted on 11/30/17 at 3:00 pm to AggieDub14
quote:
listed for $27.9k
Was this what the initially listed it for? if so, they probably paid right around $20k or less
Posted on 11/30/17 at 3:02 pm to cas4t
quote:
yea, he doesn't make a dime on selling a car.
not with used cars, FWIW
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