Dealership games

[thbjr]

As others have mentioned, get online and request a quote from every Toyota dealer in your area. Also, let every dealer know that you are requesting a BEST price from every other dealerships. Compitition is a wonderful thing. I did this after I had ordered my 2010 @ MSRP from a dealership and then ask them to match the best price I got, $952 under MSRP. During this email volley with the dealerships, I would reply to the higer prices with an email saying that another dealer had beat their price by "hundreds". I then recieved another email with a price, generally hundreds less. I never gave them exact numbers because I wasn't intrested in a price match between the 3-4 dealerships, but the absolute lowest price. 48 hous after I began, I contacted the dealership that had ordered the car from the docks in LA. I wish I could have seem the look on their face, but just to hear a car salesman speachless...PRICELESS!
PS. That dealership also had an '09 with 7K with an asking price of $26,999. The new '10 II MSRP is $23,150 in my area. I got the same studdering answer when I ask why it was 1000's more than a new one.

[bad1550]

Originally Posted by Rhino

There are actually three questions. (1) did you get a good price and (2) did you got a good interest rate, and (3) are your payments accurate considering the interest rate.

For (1). Tell me your prices. MSRP price. Dealer prep, Tags, fees etc. Tell me your out the door price. The group could probably critique these numbers.

For (2) tell me your interest rate. Easy. I think right now the going rate is 4.9% or something like that.

For (3). You need someone to plug into a financial program to see if the actual payment really reflect your actual interest rate.

Assuming your out the door price is $25000.
$3000 down.
Loan is $23000
Repayment term is 6 years with $372 per month.
Interest rate is 6.7%

You have a bad loan because your interest rate is 6.7 vs. the current rate of 4.9%.
Alternatively, if your loan is good, your car must have cost more than $25000 out the door, so you are paying a bit much.

Either way, somewhere in there, you are getting ripped off.

On the other hand, it depends on your credit. If you are in a high risk group, then maybe these loan terms are the best you can get. In that case, what choices do you have? If you can't get better terms, these are the terms you need to take.

If I were you, I think you have some things you need to solve now. Because you are driving 180 miles per day. Assuming you work 250 days a year which is 5 days a week for 50 weeks. That will be 270,000 miles in 6 years. By the time you finish paying for your car, there will be 270,000 miles on your car. And I am assuming you don't drive on the weekends and holidays. If you drive then, the miles will even be higher.

Chances are, for most people, the car will be finished before your payment is finished. You are just heading into debt and problems down the road. If you cannot afford to pay of your car in 3 years, when your car has 135,000 miles, then there are problems with your long term financial picture. If you drive 180 miles a day on the weekdays, you should be prepared to (have backup funds) and be able to buy a new car every 3 years.

I have driven 30,000 miles a year. You are proposing driving 45,000 miles a year. Are you prepared to change oil every month, change tires every 6-12 months, etc? Change brake pads every year? So that's $1000 to $2000 of maintainience a year. Are you prepared? Because that's what it takes.

MSRP = $24,350
Less Trade In of $13,350

Bal = $11,000
Tax = $811.25 plus Dealer fee and inspection
Cash Price Delivered = 11,908.75
$500 deposit

balance owed on lease trade = $16,017 2009 Honda Civic LX 7100 miles
total
$27,425,45 = 75 mos @ $372

Hope this helps

Thx

Bob

[Rhino]

Originally Posted by bad1550

MSRP = $24,350
Less Trade In of $13,350

Bal = $11,000
Tax = $811.25 plus Dealer fee and inspection
Cash Price Delivered = 11,908.75
$500 deposit

balance owed on lease trade = $16,017 2009 Honda Civic LX 7100 miles
total
$27,425,45 = 75 mos @ $372

Hope this helps

Thx

Bob

Bob,

I can't help you. It seems from your message that you had a Honda and you owe money on that Honda, so you have to pay off the Honda loan/obligation/lease. I am not sure whether it is a loan or a lease.

This is a bit complicated for me.

The cash price on the Prius seems about right. Not the greatest but then it seems to be close to what I am paying.

I have no comment on the other stuff - too complicated for me. Because it seems like you are buying a 25K car but have to pay around 27K to remove prior obligations.

Keep in mind what I said about a chance that the car will wear out before your loan is over.

[I added this by edit. I re-read my post and it seems terse. I provide my suggestions with the utmost respect for the poster. I am, in no way, approving or disapproving the move - it is not my place and I honestly don't know.. Bob, good luck, live long and prosper - and you and I are paying about the same price for the car so I guess it is not that bad.]

[bad1550]

Originally Posted by Rhino

Bob,

I can't help you. It seems from your message that you had a Honda and you owe money on that Honda, so you have to pay off the Honda loan/obligation/lease. I am not sure whether it is a loan or a lease.

This is a bit complicated for me.

The cash price on the Prius seems about right. Not the greatest but then it seems to be close to what I am paying.

I have no comment on the other stuff - too complicated for me. Because it seems like you are buying a 25K car but have to pay around 27K to remove prior obligations.

Keep in mind what I said about a chance that the car will wear out before your loan is over.

Thanks for your help.

I will keep your suggestions in mind before making my decision.

Bob