Paging Will Cover: I'm in the market for a new car - Page 3 - TigerDroppings.com

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The Eric
LSU Fan
Louisiana
Member since Sep 2008
13427 posts

re: Paging Will Cover: I'm in the market for a new car


I plan on buying a new F150 Supercab soon...

I'd love all the bells and whistles but my Wife doesn't wan to spend any more than 40...

At that price I should be able to get alot of stuff based off MSRP alone, However I'm curious if there is a general price point at which I can get the most "toys" for the lowest price...

Like i said, the budget is 40, but I would love to get out of there for less with everything i want.


I assume I should keep my mouth shut about my budget of 40 as they will definitely push the limit and try to get to that 40 mark ASAP or even slightly over in the 42-43 range.

Tips?


ETA: this will be my first new car purchase, and was curious why its better to be pre-financed?



This post was edited on 5/2 at 10:43 am


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Will Cover
Gonzaga Fan
Nashville, TN
Member since Mar 2007
23893 posts

re: Paging Will Cover: I'm in the market for a new car


quote:

Will Cover we met a few years ago in the Albertsons highland/airline hwy parking lot - I had a Infiniti g35 that I was looking to sale and you were interested. I recently purchased a used 09 Chevy z71 4x4 and wanted to thank you for your car buying advice.


I remember you! Glad to know that I was able to help!







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Will Cover
Gonzaga Fan
Nashville, TN
Member since Mar 2007
23893 posts

re: Paging Will Cover: I'm in the market for a new car


quote:

I saw in another thread you ended up buying a new pathfinder recently... Would you mind sharing the details of the transaction? (Trim level, price etc). W


Nissan Pathfinder Platinum Premium 2 wheel drive, fully loaded with NAV, heated and cooled seats, front and rear cameras, blah blah blah.

Has all the bells and whistles, even some that aren't standard: Lighted door sills, rubber mats, under cargo storage, etc.

Paid $40,350 out the door. Most dealers are asking $43 - $44 + TTL for this vehicle. Even got a $500.00 gift card from Edmunds (they were running a customer incentive), even though I negotiated on my own.



This post was edited on 5/2 at 11:04 am


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CQQ
LSU Fan
LC
Member since Feb 2006
10587 posts

re: Paging Will Cover: I'm in the market for a new car


If I were to get pre-approved for an auto loan through Chase, what is the next step when I go to the dealership?

Does Chase say you are approved for x amount, say $40,000? You take that to the dealership and they turn in the final price to Chase for the loan to begin?






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kennypowers816
LSU Fan
Houston
Member since Jan 2010
1413 posts

re: Paging Will Cover: I'm in the market for a new car


quote:

Does Chase say you are approved for x amount, say $40,000? You take that to the dealership and they turn in the final price to Chase for the loan to begin?


I've only done it once, but yes, that's basically what happens. But I wouldn't take the amount to the dealer and tell them that's how much you have. I would just tell them you have financing taken care of and negotiate the price from there. This is what I did...

I test drove a few cars, researched online and shopped around a little in person over the span of a few weeks. Once I knew what I wanted, I figured out exactly how much I needed to finance based on my down payment (you could presumably do this by estimating fairly close to what you could expect on a trade-in), and based on the price I was willing/expected to pay on the car.

When I knew how much I needed, I added a little bit to it for a buffer and then went to Chase looking for that amount. They pre-approved me for that amount and told me they would cut a check directly to the dealership for the exact amount once I found the car. I had approx 30 days to find the car.

I called a bunch of dealerships all over the south and found the car somewhere out of town for 10% less. When they asked about financing, I told them I already had it taken care of and that I would basically be paying in cash in the form of 2 checks (1 from myself and 1 from a bank). Got the dealer to write up the paperwork and send it to me and the banker. I did the paperwork I needed to for the bank, they cut the check, I took a ride to the dealership, hand delivered the bank's check and my check and drove the car home.

TL;DR - had only $10K, wanted $25K car, got approved at chase for $15K, found the car for $22K, Chase cut a check for $12K and I picked up the car.






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NBR_Exile
LSU Fan
Houston
Member since Jul 2012
76 posts

re: Paging Will Cover: I'm in the market for a new car


How do I find the "dealer cost" referenced in Will Cover's method. I checked out all the links and other sources (Edmunds). I can only find invoice price. What should I be looking for?





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The Bruce
LSU Fan
Member since Dec 2013
115 posts

re: Paging Will Cover: I'm in the market for a new car


What about X plan pricing? Should this be discussed up front or after you've reached a near bottom price in negotiations?





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Hammond Tiger Fan
Arizona State Fan
Hammond
Member since Oct 2007
11588 posts

re: Paging Will Cover: I'm in the market for a new car


I know I got beat on my last car I purchased in December, but I put myself in that position. I got in an accident and totaled (sp?) my car. It was an old car so I only had liability on it. I spent about 2 months looking for a good deal. I placed offers on a few and tried to follow Will Cover's advice, walked away when the salesman wouldn't come down on the price, and none of them ever called me back.

I rented a car for two of those weeks I was without a car (stopped doing that b/c it was expensive as hell and the remainder of the time I hitched a ride with a fellow co-worker.

My wife was pressuring me to get a car b/c it was hard on her with only having one vehicle. I found a 2012 Toyota Camry SE with 30,000 miles for $16,800. The value of it at the time was around $17,600. After test driving the car I went in there and said if y'all can do $16,000 I'll buy the car right now. I'm pretty sure I could've gotten some other stuff thrown in or even gotten them down another $1,000 or so if I wasn't in a rush to get something.






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LSU Delirium
LSU Fan
Member since Aug 2013
13 posts

re: Paging Will Cover: I'm in the market for a new car


Does this advice work with dealerships and used cars?

I thought I have read somewhere else they are sometimes less likely to negotiate on used cars.






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The Bruce
LSU Fan
Member since Dec 2013
115 posts

re: Paging Will Cover: I'm in the market for a new car


Used the rules to buy a new truck over the weekend. Got 6.5k off msrp as well as throw in a free spray in bed liner. Also had them scratch $450 in "fees". Happy with the deal.







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Will Cover
Gonzaga Fan
Nashville, TN
Member since Mar 2007
23893 posts

re: Paging Will Cover: I'm in the market for a new car


Glad you could reference my suggestions.

Enjoy your new truck!






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dms4720
LA-Lafayette Fan
Lafayette, LA
Member since Mar 2009
67 posts

re: Paging Will Cover: I'm in the market for a new car


whats the best way to get dealer price or invoice price, or the codes that you guys referenced earlier prior to going to the dealership to start negotiations?





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