How to Buy a New Car- I might save you money (2 Viewers)

[CletiusMaximus]

I emailed several Honda dealerships in my area asking for the best out the door price, explaining I know the cars well and will simply come buy from whoever has the best offer, no test drive no nothin.

All replied, none will come close to even giving me a quote.

I followed pretty much exactly the advice in this thread last month, and it just seemed to me it pissed everyone off and they just kept following their script. One thing I noticed is that the people answering emails are nowhere to be found when you get to the dealership.  They're just screeners, setting up your visit with a salesperson.  I thought we had an "out the door price" on a Highlander, but when my wife showed up at the dealership that was not the case.  The person we were emailing with introduced her to the sales guy and that was the extent of his role.  It was then back to square one, like she had walked in off the street.  I was stuck at work and she was texting me info and pictures of quotes/documents they were showing her.  After a couple hours of BS, they finally brought out the actual sale docs and the number was several thousand higher than the number they were quoting as "out the door" over email. She walked. Huge waste of time.

 

[Nugget]

Deals will get better this week if your state is still allowed to sell cars. Expect lots of sales departments to be shut down while remaining open for parts and service. 

 

[RedmondLonghorn]

I expect to see a lot of manufacturer backed incentives soon. Like 60 months at zero interest, stuff like that.

 

[ghostguy123]

I expect to see a lot of manufacturer backed incentives soon. Like 60 months at zero interest, stuff like that.

The guy emailed me yet again asking what else he can do to get it done.  I told him I have to pass on the current price and interest rate because I feel better deals are coming as a fallout of the pandemic.

I will share his response

 

[Phil Elliott]

I got an email today from Audi saying you could do the whole transaction over phone app. Kind of hard to test drive. Didn’t bother to see what the sales prices are.

 

[Redwes25]

I would think a good time. Maybe wait til next month or May but the dealerships are gonna be hurting.

Wait. Prices are only going to get better. Especially if want sedan. 

 

[D-Day]

The guy emailed me yet again asking what else he can do to get it done.  I told him I have to pass on the current price and interest rate because I feel better deals are coming as a fallout of the pandemic.

I will share his response

Honda is already offering 0% for 60 months financing.  

 

[snellman]

GM announced 0% financing for 84 months and a delayed first payment for I believe 150 days.  Unfortunately, inventory is still down from the strike (was just starting to come back up) and now they have halted production again because of corona.

 

[Nugget]

GM announced 0% financing for 84 months and a delayed first payment for I believe 150 days.  Unfortunately, inventory is still down from the strike (was just starting to come back up) and now they have halted production again because of corona.

Ford is doing 0% for 84 as well on all 2019 vehicles with 90 days deferred payments.

Or they have Ford making first 3 payments, then defer the next 3 for a total of 180 days without a payment.

No production for at least 10 days, but Ford has pretty solid inventory on most vehicle lines 

 

[BoltBacker]

GM announced 0% financing for 84 months and a delayed first payment for I believe 150 days.  

So people are buying new cars when they won't actually have them paid off until nearly EIGHT years?! I guess that's how people can "afford" $100k pickup trucks.

No wonder people think there is automotive bubble coming. How long until we have 10-15 year mortgages on our cars? I'm waiting for the sub-prime vehicle loans. I'm sure they are coming.

 

[jb1020]

Keep the updates coming.  Been in the market for a bit, hopefully I can actually time something right.  

 

[RedmondLonghorn]

So people are buying new cars when they won't actually have them paid off until nearly EIGHT years?! I guess that's how people can "afford" $100k pickup trucks.

No wonder people think there is automotive bubble coming. How long until we have 10-15 year mortgages on our cars? I'm waiting for the sub-prime vehicle loans. I'm sure they are coming.

Subprime auto loans exist now. 

 

[ghostguy123]

Subprime auto loans exist now. 

My wifes mom had a car loan for like 15%.  She is not financially responsible.

She was paying as much interest as she was principal.....for a car.

 

[GROOT]

Get ready for a flood of 1 -2 year old lease vehicles at bargain prices

 

[derek245583]

Get ready for a flood of 1 -2 year old lease vehicles at bargain prices

in the market

 

[tjnc09]

So people are buying new cars when they won't actually have them paid off until nearly EIGHT years?! I guess that's how people can "afford" $100k pickup trucks.

No wonder people think there is automotive bubble coming. How long until we have 10-15 year mortgages on our cars? I'm waiting for the sub-prime vehicle loans. I'm sure they are coming.

Why would anyone pass up an interest free loan?  

 

[tjnc09]

People get so upset when they can't afford something.  That guy drives a nice car - I know for SURE he can't really afford it!!!

 

[Drunken Cowboy]

Ford is doing 0% for 84 as well on all 2019 vehicles with 90 days deferred payments.

Or they have Ford making first 3 payments, then defer the next 3 for a total of 180 days without a payment.

No production for at least 10 days, but Ford has pretty solid inventory on most vehicle lines 

I have not seen this. Anyone have a link? I got sideswiped the other day and found out today they are totalling it.

 

[Caesar]

I have not seen this. Anyone have a link? I got sideswiped the other day and found out today they are totalling it.

It should be on the local dealer sites. Ive been checking it out.  I want a truck again, but hate the gas mileage since I commute 30 miles each way. 

 

[Drunken Cowboy]

It should be on the local dealer sites. Ive been checking it out.  I want a truck again, but hate the gas mileage since I commute 30 miles each way. 

I got rid of my truck for that reason. Now I drive extremely low mileage. I might another f150

 

[Caesar]

I have not seen this. Anyone have a link? I got sideswiped the other day and found out today they are totalling it.

https://www.chevrolet.com/current-deals#?filterby=all&requestedPostalcode=45040&postalcode=45040

this is just Chevy. And oh, btw, you have to have A+ credit. Whatever that is. 

 

[Caesar]

I got rid of my truck for that reason. Now I drive extremely low mileage. I might another f150

I traded my 2012 Ram straight up for a new (2018) Mazda M3. Love the gas mileage. Car is meh. 
 

planning to give it to my daughter for her 18th birthday next month. 

 

[GROOT]

in the market

I'm looking too

 

[Jobber]

So people are buying new cars when they won't actually have them paid off until nearly EIGHT years?! I guess that's how people can "afford" $100k pickup trucks.

No wonder people think there is automotive bubble coming. How long until we have 10-15 year mortgages on our cars? I'm waiting for the sub-prime vehicle loans. I'm sure they are coming.

For some folks (me), who take care of and drive cars for 13+ years, he’ll yes give me an 84 month 0% payment. I’m not a car guy, so you won’t see me dropping over $35k max on a vehicle. Most I’ve ever spent was $25k in my current minivan. I do see and agree with your point though on these mega expensive vehicles people really can’t afford.

 

[CletiusMaximus]

Get ready for a flood of 1 -2 year old lease vehicles at bargain prices

How to access this market?  For a normal buyer, do we just expect to find them in dealers' used car inventory?

 

[Nugget]

I have not seen this. Anyone have a link? I got sideswiped the other day and found out today they are totalling it.

I'll see what I can find - the message that is being spread in the market right now is that Ford is here to support.  Doesn't feel right to try to sell vehicles into a crisis, but everyone wants to stay competitive with the other manufacturers.

 

[CletiusMaximus]

Why would anyone pass up an interest free loan?  

Its a separate discussion, not really for this thread, but obviously the sub-prime auto loan market is not low interest.  These loans are securitized and sold by banks to large institutional investors just like sub-prime mortgages were.  There are some pretty significant differences, for example a car is always going to depreciate significantly in the first few years, whereas houses have for the most part gone up in value until about 10 years ago.  Also, repossessing a car from an honest lender is much easier than foreclosing on a home, but the loan is almost always way underwater so the investors' return really depends on the ensuing deficiency lawsuit.  I saw an article a year or so ago that indicated one big auto lender had about 25,000 lawsuits pending in NYC alone. 

 

[Nugget]

I'll see what I can find - the message that is being spread in the market right now is that Ford is here to support.  Doesn't feel right to try to sell vehicles into a crisis, but everyone wants to stay competitive with the other manufacturers.

I can't quickly find a link - details below

Ford Division is announcing Special 84 Month APR Financing, effective March 18, 2020.

2019 Model Fusion Energi, Fusion Gas, Fusion Hybrid, Mustang GT, Mustang I4, Flex, Edge, EcoSport, Ranger, F-150 Regular Cab, F-150 SuperCab, F-150 SuperCrew, E-Series, Transit

Looks like it will run through March 31, but I anticipate it being extended once things calm down a bit more.  Lot of dealers won't be able to sell cars really soon.

 

[tjnc09]

Its a separate discussion, not really for this thread, but obviously the sub-prime auto loan market is not low interest.  These loans are securitized and sold by banks to large institutional investors just like sub-prime mortgages were.  There are some pretty significant differences, for example a car is always going to depreciate significantly in the first few years, whereas houses have for the most part gone up in value until about 10 years ago.  Also, repossessing a car from an honest lender is much easier than foreclosing on a home, but the loan is almost always way underwater so the investors' return really depends on the ensuing deficiency lawsuit.  I saw an article a year or so ago that indicated one big auto lender had about 25,000 lawsuits pending in NYC alone. 

I understand that, but he replied to someone talking about a 0% loan for 84 months (which he incorrectly thought was 8 years anyways).

Accepting those loan terms provides no information about how well off the car buyer is. Even if that person could pay cash, they would be a fool not to take that loan and invest their money elsewhere for that time.

He’s basically being Dentist who hates anyone who buys a new car.

 

[BoltBacker]

Why would anyone pass up an interest free loan?  

"More than 7 million people were at least 90 days late on their auto loan payments in 2018."

https://www.debt.com/news/auto-loan-bubble/

You're right, how on earth can you NOT afford a car if it's an interest free auto loan. 

I'm sure in the coming months we won't see many people getting these overpriced cars repossessed because they have a $1,000 check and 0% interest.

I suggest you invest in fiddle lessons.

 

[BoltBacker]

I understand that, but he replied to someone talking about a 0% loan for 84 months (which he incorrectly thought was 8 years anyways).

I'm curious math genius, how many years does it take to pay off a loan if the terms are: "GM announced 0% financing for 84 months and a delayed first payment for I believe 150 days."????????

 

[ghostguy123]

Shoot how the heck do you even buy a car now anyway with DMVs closed?

 

[East Coast Bias]

Shoot how the heck do you even buy a car now anyway with DMVs closed?

I bought one today. They did tell me I wouldn’t get my tag before the temp one expired.

 

[ghostguy123]

I bought one today. They did tell me I wouldn’t get my tag before the temp one expired.

So if you buy a used car......how the heck do you register it?

 

[jb1020]

Anyone made a purchase the past month or so?  I'm closing in on a new Tacoma.  Toyota has 0% financing for 60 months.  Sticker price on the truck is $38,800, just got an email saying the price has been reduced to $36,900...but when you go look at the truck online it shows an "adjuster final price"  of $35,100.  

I've never been a deal maker.  I usually just got to carmax and get what works for me.  I'm finally in a position to buy something new.   Think its possible to get it down some more?  How much lower can it be? 

 

[Nugget]

Anyone made a purchase the past month or so?  I'm closing in on a new Tacoma.  Toyota has 0% financing for 60 months.  Sticker price on the truck is $38,800, just got an email saying the price has been reduced to $36,900...but when you go look at the truck online it shows an "adjuster final price"  of $35,100.  

I've never been a deal maker.  I usually just got to carmax and get what works for me.  I'm finally in a position to buy something new.   Think its possible to get it down some more?  How much lower can it be? 

Is there a choice between the financing at 0% or additional rebate?  That could be the difference.  

I'd guess 3-5% between sticker and invoice, not sure if Toyota is running any dealer cash or other incentives to help dealers get through this period.

 

[RedmondLonghorn]

Anyone made a purchase the past month or so?  I'm closing in on a new Tacoma.  Toyota has 0% financing for 60 months.  Sticker price on the truck is $38,800, just got an email saying the price has been reduced to $36,900...but when you go look at the truck online it shows an "adjuster final price"  of $35,100.  

I've never been a deal maker.  I usually just got to carmax and get what works for me.  I'm finally in a position to buy something new.   Think its possible to get it down some more?  How much lower can it be? 

Toyota Pickups are one of the very best vehicles to lease because of their absurdly high three year residual values. It also makes buying them a great option, especially with zero interest financing. Either way, it is a great vehicle and you can't go wrong with either a lease or a zero interest loan. 

 

[RedmondLonghorn]

Anyone made a purchase the past month or so?  I'm closing in on a new Tacoma.  Toyota has 0% financing for 60 months.  Sticker price on the truck is $38,800, just got an email saying the price has been reduced to $36,900...but when you go look at the truck online it shows an "adjuster final price"  of $35,100.  

I've never been a deal maker.  I usually just got to carmax and get what works for me.  I'm finally in a position to buy something new.   Think its possible to get it down some more?  How much lower can it be? 

Check this out

At a residual of 74%, a Tacoma Toyota SR5 screams out to be leased. Unless you are going to beat it to hell or rack up very high mileage.

 

[jb1020]

Check this out

At a residual of 74%, a Tacoma Toyota SR5 screams out to be leased. Unless you are going to beat it to hell or rack up very high mileage.

I've never leased a car and I don;t really care too.  I typically buy a car with the intention of driving it until it falls apart.  I don't think a lease is for me.  

I'm getting increasingly frustrated with this process though.  You hear about how desperate and hungry these salesmen are, but then you deal with them and they act like they could care less. 

Saturday I test drove a Tacoma with dealer #1.  Guy gave me his card and we went on about our business.  He was my kind of guy...no hassles, just answered my questions and moved on.  I emailed him yesterday morning just to tell him thanks for his time and that I wanted to come in and drive another Tacoma before making my decision and when was a good time to do so....over 24 hours and no response.  

The other Toyota dealership (#2)  in town had my email because I input it on their website to get the "eprice" a few weeks ago.  They've sent me a few generic emails that I haven't replied too until yesterday.  I figured it was best to deal with them too and see who has the better deal.  I replied to this guy what I was looking for and he answered back pretty quickly that he would look into their inventory.  24 hours later I've had no follow up from them.  

Even went down the truecar.com route and gave them my info late yesterday.   Dealer #1 is not listed as a partner.  Dealer #2 was on truecar and I got a text pretty quickly.  Gave me his name, asked if it was okay to text me, asked me what I was interested in, etc.  I wrote back a few hours later what I was down too.....and NO REPLY.  

What the hell?!?!?  Do I just need to go in and make an offer?  Give them a take it or leave it deal?  

 

[East Coast Bias]

I've never leased a car and I don;t really care too.  I typically buy a car with the intention of driving it until it falls apart.  I don't think a lease is for me.  

I'm getting increasingly frustrated with this process though.  You hear about how desperate and hungry these salesmen are, but then you deal with them and they act like they could care less. 

Saturday I test drove a Tacoma with dealer #1.  Guy gave me his card and we went on about our business.  He was my kind of guy...no hassles, just answered my questions and moved on.  I emailed him yesterday morning just to tell him thanks for his time and that I wanted to come in and drive another Tacoma before making my decision and when was a good time to do so....over 24 hours and no response.  

The other Toyota dealership (#2)  in town had my email because I input it on their website to get the "eprice" a few weeks ago.  They've sent me a few generic emails that I haven't replied too until yesterday.  I figured it was best to deal with them too and see who has the better deal.  I replied to this guy what I was looking for and he answered back pretty quickly that he would look into their inventory.  24 hours later I've had no follow up from them.  

Even went down the truecar.com route and gave them my info late yesterday.   Dealer #1 is not listed as a partner.  Dealer #2 was on truecar and I got a text pretty quickly.  Gave me his name, asked if it was okay to text me, asked me what I was interested in, etc.  I wrote back a few hours later what I was down too.....and NO REPLY.  

What the hell?!?!?  Do I just need to go in and make an offer?  Give them a take it or leave it deal?  

Even if you don’t decide to lease you should check out the leasehackr forum to get an idea what Toyota trucks are going for. One of the brokers/dealers there could probably get you set up with a purchase.

 

[RedmondLonghorn]

I've never leased a car and I don;t really care too.  I typically buy a car with the intention of driving it until it falls apart.  I don't think a lease is for me.  

I'm getting increasingly frustrated with this process though.  You hear about how desperate and hungry these salesmen are, but then you deal with them and they act like they could care less. 

Saturday I test drove a Tacoma with dealer #1.  Guy gave me his card and we went on about our business.  He was my kind of guy...no hassles, just answered my questions and moved on.  I emailed him yesterday morning just to tell him thanks for his time and that I wanted to come in and drive another Tacoma before making my decision and when was a good time to do so....over 24 hours and no response.  

The other Toyota dealership (#2)  in town had my email because I input it on their website to get the "eprice" a few weeks ago.  They've sent me a few generic emails that I haven't replied too until yesterday.  I figured it was best to deal with them too and see who has the better deal.  I replied to this guy what I was looking for and he answered back pretty quickly that he would look into their inventory.  24 hours later I've had no follow up from them.  

Even went down the truecar.com route and gave them my info late yesterday.   Dealer #1 is not listed as a partner.  Dealer #2 was on truecar and I got a text pretty quickly.  Gave me his name, asked if it was okay to text me, asked me what I was interested in, etc.  I wrote back a few hours later what I was down too.....and NO REPLY.  

What the hell?!?!?  Do I just need to go in and make an offer?  Give them a take it or leave it deal?  

This is the opposite of my experience. When I reached out to a few dealerships looking for specific information on a couple of cars, I was inundated with offers to help me, suggestions of other vehicles, etc..

 

[Nugget]

Send each dealership a link to a truck at the other store, and ask them if they have something like that in stock at their store. They will respond to you much quicker. 

 

[jb1020]

Finally did hear back from dealer #2.  He told me in the email the price they could go down to  is $35,300.  Basically $1000 off the advertised price. 

Dealer #1 has the same truck for $35,100 as advertised.

 

[East Coast Bias]

Finally did hear back from dealer #2.  He told me in the email the price they could go down to  is $35,300.  Basically $1000 off the advertised price. 

Dealer #1 has the same truck for $35,100 as advertised.

Read through the first post and last couple posts of this thread. People are leasing Tundras the sticker at $45k-$50k for $250 per month. I know you prefer not to lease but they may be able to get you a quote on a purchase you could use as leverage.

Tundra

 

[Zegras11]

Anyone made a purchase the past month or so?  I'm closing in on a new Tacoma.  Toyota has 0% financing for 60 months.  Sticker price on the truck is $38,800, just got an email saying the price has been reduced to $36,900...but when you go look at the truck online it shows an "adjuster final price"  of $35,100.  

I've never been a deal maker.  I usually just got to carmax and get what works for me.  I'm finally in a position to buy something new.   Think its possible to get it down some more?  How much lower can it be? 

I bought a Tacoma last week.   Final price for everything was $33,100 and I had $2k trade in equity.

 

[ghostguy123]

How is the new car market at the moment?  Specifically looking at either a Civic or Corolla.

Possibly a CRV or a Rav4.

No extra bells or whistles, probably as base as a base model can get these days.

Are they in desperate need of buyers?  Are interest rates dirt cheap?

 

[ghostguy123]

That Carmax place seems like a rip off.  Why buy a 2015 Civic for like 17 grand out the door when you can get the same new version for like maybe 4 grand more?  

 

[BoltBacker]

That Carmax place seems like a rip off.   

In my experience Carmax exists for people willing to pay a very dear price for convenience. Which isn't a bad thing, but going there to get a good deal on either side of the transaction is probably a wasted effort.

Based on this article.... https://cleantechnica.com/2020/08/10/us-auto-sales-down-by-1-5-million-in-2nd-quarter-amplifying-long-trends/

.... I wouldn't be too surprised if you could find a great deal on a Nissan right about now. JD Power has been fairly positive toward the Maxima and Titan recently if you are in the market for those types of vehicles. Sounds like you might be interested in something closer to a Rogue, but maybe even a Murano if you got the right deal.

 

[Stompin' Tom Connors]

Are most people buying new? This fighting chance thing seems centered on new and lease.

In the market for a used dependable car (Toyota, Honda, etc.) with reasonable miles and CPO if possible.

Looking through inventory at my local dealer and via sites like CarMax and Autotrader, but not sure how to approach getting a deal on what the list price for some of these vehicles are. 

 

[Psychopav]

Are most people buying new? This fighting chance thing seems centered on new and lease.

In the market for a used dependable car (Toyota, Honda, etc.) with reasonable miles and CPO if possible.

Looking through inventory at my local dealer and via sites like CarMax and Autotrader, but not sure how to approach getting a deal on what the list price for some of these vehicles are. 

Just looked at CPI and used car prices are up about 10% YTD while new car is basically flat.  Strange...