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Message
Buying a new car
Posted on 9/15/24 at 7:05 pm
Posted on 9/15/24 at 7:05 pm
If a new car price and used car price are very close together, is buying the used always the correct play? Assume financing both . Suppose the new car dealer has very good financing deal.
Mine was more than likely totalled in interstate collision last week. Still haven't apprehended the guy. I got the tag number but the police have come up empty. I'm going to talk to the police some more about that.
Mine was more than likely totalled in interstate collision last week. Still haven't apprehended the guy. I got the tag number but the police have come up empty. I'm going to talk to the police some more about that.
11
Posted on 9/15/24 at 7:15 pm to Jmcc64
I’m confused, the cars are about the same price but buying used is considered better?
Posted on 9/15/24 at 8:04 pm to TheWalrus
I hate the thought of making payments. It's been discussed here recently. No real discount for cash? Or am I misremembering?
Posted on 9/15/24 at 8:08 pm to Jmcc64
The dealership hates cash buyers because they make money on the finance side. Personally, if you have cash to buy the vehicle, just go through with the financing to hopefully get a little more off the vehicle transaction then pay it off before the first months payment.
Posted on 9/15/24 at 8:16 pm to Jmcc64
The correct play, is the best deal. Do not get lost in new vs. old.
Look at the out the door price and then the cost of ownership. If the used car is $5000 cheaper, but higher interest rate, do the math. If you want to possible trade it in down the road, that can also be considered. Newer will have less depreciation.
My last 2 cars I bought, both this Summer, were used. They were both 2023s and each over $15,000 less than new.
Used should not be close enough to new, unless you are looking at Toyota or maybe Honda.
Look at the out the door price and then the cost of ownership. If the used car is $5000 cheaper, but higher interest rate, do the math. If you want to possible trade it in down the road, that can also be considered. Newer will have less depreciation.
My last 2 cars I bought, both this Summer, were used. They were both 2023s and each over $15,000 less than new.
Used should not be close enough to new, unless you are looking at Toyota or maybe Honda.
Posted on 9/15/24 at 9:15 pm to Jmcc64
The difference between new and used is not as much now as it once was.
Posted on 9/15/24 at 9:26 pm to DarthRebel
quote:
My last 2 cars I bought, both this Summer, were used. They were both 2023s and each over $15,000 less than new.
What the hell did you buy?
I haven’t seen deprecation like that in at least 10 years.
Posted on 9/15/24 at 9:32 pm to notiger1997
quote:
What the hell did you buy? I haven’t seen deprecation like that in at least 10 years.
Some luxury cars are still like that. Now they also cost 100k plus so the percentage lost isn’t super high.
Also, electric cars lose a lot of value fast.
Posted on 9/15/24 at 10:42 pm to notiger1997
quote:
What the hell did you buy?
I haven’t seen deprecation like that in at least 10 years.
Two cars that were way overpriced new
Both were MSRP under $100K and both American brands. GMC and Jeep.
The Jeep had only 423 miles on it, and was $16,000 under MSRP. There were better deals, but this one had some hard to find options. GMC was same, around $16,000 with some hard to find options we were looking for, had 18,000 miles.
Posted on 9/15/24 at 10:50 pm to WhiskeyThrottle
quote:
dealership hates cash buyers because they make money on the finance side. Personally, if you have cash to buy the vehicle, just go through with the financing to hopefully get a little more off the vehicle transaction then pay it off before the first months payment.
Is this the move nowadays? Asking for future reference. I was always told cash was king but I guess that isn’t from the dealership perspective. I guess the dealer just wants a sale, and if you finance they would make even more? So that would make sense i guess. Just never had clarity on that.
Posted on 9/15/24 at 11:00 pm to kung fu kenny
quote:
Is this the move nowadays? Asking for future reference. I was always told cash was king but I guess that isn’t from the dealership perspective. I guess the dealer just wants a sale, and if you finance they would make even more? So that would make sense i guess. Just never had clarity on that.
They get juice from the financing. It depends on the car and current market, but some dealers will give you better out the door price if you use "their" lenders.
You will see in fine print on some advertising, sale price published is based off in-house financing.
Posted on 9/16/24 at 6:00 am to Jmcc64
quote:
If a new car price and used car price are very close together, is buying the used always the correct play?
No
Posted on 9/16/24 at 7:06 am to kung fu kenny
I bought my truck at the end of December. The finance guy (the guy there to frick you the hardest) wanted me to sign for a rate that was like .15% higher than what he was offering. He said "it's only $5 a month" or whatever it was. And I said, ok, if it's only $5 a month why don't you come down on the price of the truck or your finance rate. He shut up and matched the rate I had gotten approval for.
And to answer your question, yes, that is how it is now. I get tired of dealing with the finance guy quick. I'd love nothing more than to screw every one of them over. And from my understanding, if you pay off the note before the first payment, the finance incentive back to the dealer is cancelled. So let him think he won by financing, then pay it off and make him lose in the end.
And to answer your question, yes, that is how it is now. I get tired of dealing with the finance guy quick. I'd love nothing more than to screw every one of them over. And from my understanding, if you pay off the note before the first payment, the finance incentive back to the dealer is cancelled. So let him think he won by financing, then pay it off and make him lose in the end.
This post was edited on 9/16/24 at 7:10 am
Posted on 9/16/24 at 8:14 am to WhiskeyThrottle
Is GAP insurance worth it?
Posted on 9/16/24 at 8:47 am to Jmcc64
quote:
If a new car price and used car price are very close together, is buying the used always the correct play?
New one will always be worth more, so I believe you have that backwards.
Posted on 9/16/24 at 8:50 am to kywildcatfanone
Dealerships don’t make that much money off new cars.
They make good money off of selling extended warranties, financing, service department, and especially selling used cars.
They make good money off of selling extended warranties, financing, service department, and especially selling used cars.
Posted on 9/16/24 at 10:25 am to Jmcc64
The only time I would consider buying a "lightly used" vs "new" that are relatively the same price is if the "used" car has a certified warranty. Sometimes the certified warranty is far superior to the standard manufactures warranty.
Posted on 9/16/24 at 10:56 am to DarthRebel
quote:
It depends on the car and current market, but some dealers will give you better out the door price if you use "their" lenders.
The last two times I've bought a car, I was pre-approved through a credit union and walked in there with at least 1-2 points lower than anything the dealership could give me.
Definitely take a look into credit union financing options. They tend to have better rates than banks or dealerships.
Posted on 9/16/24 at 11:49 am to CharlieTiger
quote:
Definitely take a look into credit union financing options. They tend to have better rates than banks or dealerships.
We went had a tale of two outcomes. We went into both purchases with financing with USAA all lined up. One dealer actually beat USAAs rate, so went with dealer.
They other one said they could not beat the rate, but offered to take $700 more dollars off if we used their lender. Told them to give me TCO for their financing, and with the $700 off I would have still paid a little over $1000 more by not going with the cheaper rate. The games they play
.
Posted on 9/16/24 at 12:01 pm to Jmcc64
I am looking at new crvs crossing 40k this market is cooked
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