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re: In the market for a 3rd row vehicle.
Posted on 5/28/24 at 8:26 am to BawtHouse
Posted on 5/28/24 at 8:26 am to BawtHouse
quote:
So, your argument is to pay multiple years worth of interest on a closed term loan after two to three months? Do you understand how financing works with cars?
You aren't understanding what he's saying at all.
What he's saying is that you almost always get a better deal on the purchase price by financing the vehicle. Most vehicle loans don't have a prepayment penalty, so take the cash you apparently have on hand and pay it off the loan after a couple months (most dealers like for the loan to be open for a month or two to count for them, not the buyer's problem but that's where the month or two comes from). Then you've paid essentially no interest and gotten a better deal on the purchase price because you "financed."
1
Posted on 5/28/24 at 8:35 am to lynxcat
quote:
Nice deal! California makes sense…I had read that was the one part of the country that actually has ample supply. They are selling immediately when they hit the lot here
At the time I was shopping, that's how it was for the grand highlander. A large dealer near me only had one GH on the lot, which was a base model, and a handful coming in which were all reserved and everything selling at MSRP. Their sister Lexus dealer next door had a plethora of TX on the lot and were happily discounting them.
Posted on 5/28/24 at 8:46 am to lynxcat
quote:
These posts just show the extremes of the MTB. Most people have no interest in driving a 20 year old vehicle. Safety standards and basic vehicle amenities have made leaps during that time period. Good for you for being proud of your paid off, old vehicles but shaming someone for buying a new car is dumb.
Got one life to live. As long as we can afford it, I’m not going to spend it riding around in a shite box. Now I’m not going to be dropping 90k on loaded out Yukon XL’s, but there’s plenty in that 60k range that are dependable, luxurious, and just right for our little family.Posted on 5/28/24 at 9:54 am to HermanBoone
We are expecting number 4 in a few months so the wife upgraded to a Grand Highlander. So far she loves it. It has plenty of room behind the third row for storage compared to the regular highlander but she likes that it still feels like driving a midsize suv.
Cons: They don’t stay on the lot for long and they won’t budge on price
Cons: They don’t stay on the lot for long and they won’t budge on price
This post was edited on 5/28/24 at 9:56 am
Posted on 5/28/24 at 10:26 am to LNCHBOX
quote:
most dealers like for the loan to be open for a month or two to count for them, not the buyer's problem but that's where the month or two comes from
When we bought the wife's Tahoe, they told us most of the rebates are structured for you to maintain the financing with them for 3 payments because they get their commission on all the upsells (apparently financing through their lender is an upsell) after the 2nd payment.
Posted on 5/28/24 at 10:34 am to Weekend Warrior79
quote:
When we bought the wife's Tahoe, they told us most of the rebates are structured for you to maintain the financing with them for 3 payments because they get their commission on all the upsells (apparently financing through their lender is an upsell) after the 2nd payment.
Had a friend who ran into something similar a year or two ago when he financed a car. Forgot what it was, but the financing company would not even give him a payoff amount until after he made a 2nd or 3rd regular payment on the note, then he was able to pay the whole thing off. He financed only because he was able to get a low OTD price than him saying I want to pay in cash today. It was like $1k less financed than cash OTD. So it hurt him to have to pay some interest for a few months but still saved a bunch of money getting the vehicle for $1k less.
Posted on 5/28/24 at 10:37 am to HermanBoone
quote:
Update: went to a dealership and found a 2025 Honda Pilot Elite my wife really liked so we went just to see what they’d give us for our trade in.
Negotiated for hours using Will Cover method. Got $5,000 off MSRP and right at invoice price, $3,000 more for our trade than they originally offered, and manager completely wiped off the $2700 in extra fees and junk they like to throw in (nitrogen in tires, floor mats, ceramic protection, etc.) that they swear can’t be taken off. All this after I packed up our daughters diaper bag and we started walking out. That was the key.
Someone questioned the numbers earlier …4.9% for 72 months, $580 a month after all said and done. Wasn’t expecting to buy today but all in all I feel like we got a great deal on the Elite and couldn’t pass it up. My truck is paid off so I’m okay with the note especially on a brand new, 3rd row vehicle.
Posting all this to say that everybody should read the Will Cover method, do research before you buy, and most of all be willing to walk.
I think you'll like the Pilot.
The middle seat in 2nd row able to be removed and stored under floor in trunk space is a really cool feature if you want to put 3 across or have 2 in 2nd row then easy access to 3rd row.
Posted on 5/28/24 at 11:14 am to HermanBoone
My wife's friend has a Honda Odyssey. Wish we had gotten one over our Telluride. Can't stand this thing.
Posted on 5/28/24 at 11:39 am to HermanBoone
Minivan don’t overthink it.
Nobody cares what you drive. Our 2019 Honda Odyssey Elite has been a dream.
Sliding doors are a game changer for loading in children.
We went from a Highlander to Minivan when we had our third. Zero regrets.
You are in the Mini Van stage of life. It is what it is. You’ll learn quickly once this third kid is here whatever dignity you thought you had left is long gone.
Edit: I saw the wife is the hold up. Mine used to be. I eventually sold her. She is fully team minivan.
Again. You have three kids. It’s time to be practical. These damn instagram influencers out here with their $1200 car payments on Tahoes have all these women afraid to drive a minivan
Nobody cares what you drive. Our 2019 Honda Odyssey Elite has been a dream.
Sliding doors are a game changer for loading in children.
We went from a Highlander to Minivan when we had our third. Zero regrets.
You are in the Mini Van stage of life. It is what it is. You’ll learn quickly once this third kid is here whatever dignity you thought you had left is long gone.
Edit: I saw the wife is the hold up. Mine used to be. I eventually sold her. She is fully team minivan.
Again. You have three kids. It’s time to be practical. These damn instagram influencers out here with their $1200 car payments on Tahoes have all these women afraid to drive a minivan
This post was edited on 5/28/24 at 11:43 am
Posted on 5/28/24 at 12:04 pm to lynxcat
quote:
These posts just show the extremes of the MTB. Most people have no interest in driving a 20 year old vehicle. Safety standards and basic vehicle amenities have made leaps during that time period. Good for you for being proud of your paid off, old vehicles but shaming someone for buying a new car is dumb.
I'm not saying not to buy a new(er) vehicle. But the budget felt way off, in my humble opinion. And we're on the Money Talk board. Is it so insane to think that a $50,000 vehicle with a household income of $150,000 is not the smartest financial decision?
I'd never consider a vehicle at that sort of price, and I'll continue to encourage folks to avoid it as well. There are better options that have adequate safety features and amenities without spending $50k. But lots of folks feel the need to extend to purchase the latest and greatest infotainment screen on wheels. Being saddled with that sort of note on a depreciating asset just seems so counterproductive to what we talk about here.
Anyway, I'm happy for the OP and his new ride! Best of luck on the addition coming soon! Be warned - three kids is a WILD ride.
Posted on 5/28/24 at 12:34 pm to LSURep864
me and my wife were anti-minivan. We had an Explorer for a weekend at the time we were looking for a new car and it just felt huge compared to what we were used to.
We then went and test drove a town & country. The difference was mind blowing. bought a minivan shortly after. Just now took possession of our 2nd minivan a Pacifica S. You get so much more for the money than you do with an SUV. I can't imagine life without a van now days. My only regret was not getting a minivan with the 1st kid. We waited until we were expecting #3.
We then went and test drove a town & country. The difference was mind blowing. bought a minivan shortly after. Just now took possession of our 2nd minivan a Pacifica S. You get so much more for the money than you do with an SUV. I can't imagine life without a van now days. My only regret was not getting a minivan with the 1st kid. We waited until we were expecting #3.
Posted on 5/28/24 at 1:09 pm to BawtHouse
quote:
So, your argument is to pay multiple years worth of interest on a closed term loan after two to three months? Do you understand how financing works with cars?
ever heard of SIMPLE interest? You think i let dealers use pre-computed interest on me? LOL wrong. read the contract. many other strategies if he has to pay cash he can do so using bank money also.
you got frickED is all i can say if you paid all interest on a payoff.
Posted on 5/28/24 at 3:06 pm to lnomm34
quote:
I'm not saying not to buy a new(er) vehicle. But the budget felt way off, in my humble opinion. And we're on the Money Talk board. Is it so insane to think that a $50,000 vehicle with a household income of $150,000 is not the smartest financial decision?
There's a lot more to calculating one's budget for a car than simply household income.
What if OP has no or minimal mortgage? What if OP recently came into a decent sized inheritance?
Posted on 5/28/24 at 3:12 pm to 632627
What if they value safety and reliability enough to stretch themselves a bit? I keep an eye on our debt to income ratio and it's below what most would consider healthy, but making sure my wife and kids are in a safe and reliable vehicle is something I'd be willing to adjust things for if absolutely necessary and we have the means.
This post was edited on 5/28/24 at 3:14 pm
Posted on 5/28/24 at 3:19 pm to 632627
quote:
There's a lot more to calculating one's budget for a car than simply household income.
This, income only plays PART of the equation on large purchases like a car.
Someone who brings in $8,000/mo ($96k/yr net) with $3,000 in fixed expenses can afford a lot more car than someone who brings in $12,000/mo ($144k/yr net) with $9,000 in fixed expenses.
The second scenario has a much larger income but also a much more lavish lifestyle and lot smaller margin for a vehicle where a $1,000/mo car payment could mean cutting out a lot in other activities ($3,000 leftover after fixed expenses) to be able to afford that $10,000mo in fixed expenses on $12k/mo net income after a $1k/mo car.
Posted on 5/28/24 at 6:01 pm to 632627
quote:
There's a lot more to calculating one's budget for a car than simply household income.
That’s the only thing he mentioned. So it’s relevant, I assumed. Of course he might have a paid-off house, three million in a nest egg, and managing a multimillion dollar portfolio of rental properties. But I’d venture to guess if that was the case, he wouldn’t be posting about his income and expected payment.
quote:
What if OP has no or minimal mortgage? What if OP recently came into a decent sized inheritance?
Then I bet he wouldn’t be financing a vehicle at 5% for 72 months.
Posted on 5/28/24 at 6:30 pm to HermanBoone
As John Ham mentioned get the Toyota Sienna
Picked up a 2011 Sienna with 80,000 in 2014. Still going strong with over 200,000 miles. Minimal maintenance issues including fan blower motor, tune up, Brakes and rotors.
We tried to look at SUV;s but they keep shrinking and minivans fit our needs better. Honda has a timing belt and Toyota has a timing chain (at least at this time peroid.) We decided the toyota was less likely to need expensive maintenance outside of what I can do myself.
Go to car max and walk the lot. You can find every model under the sun and they don't hassle you. We bought from a different dealer but we were able to really easily compare the different models we were considering.
Picked up a 2011 Sienna with 80,000 in 2014. Still going strong with over 200,000 miles. Minimal maintenance issues including fan blower motor, tune up, Brakes and rotors.
We tried to look at SUV;s but they keep shrinking and minivans fit our needs better. Honda has a timing belt and Toyota has a timing chain (at least at this time peroid.) We decided the toyota was less likely to need expensive maintenance outside of what I can do myself.
Go to car max and walk the lot. You can find every model under the sun and they don't hassle you. We bought from a different dealer but we were able to really easily compare the different models we were considering.
Posted on 5/29/24 at 4:55 pm to HermanBoone
Curious if you visited other dealerships or just one?
I am in the market for a sedan and it has been miserable so far emailing dealers for prices. They dick around and play hardball.
I am in the market for a sedan and it has been miserable so far emailing dealers for prices. They dick around and play hardball.
Posted on 6/1/24 at 8:51 am to jimithing11
I've had more luck emailing dealerships in bigger cities where there is more competition like Atlanta
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