advice on buying a new Prius 2016

Discussion in 'Dealers & Pricing' started by kyw012, Aug 27, 2016.

  1. kyw012

    kyw012 Junior Member

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    Thanks for all the inputs here

    Bought a Prius 3 (Blizzard Pearl)

    OTD: 24800 (Tax and Cash rebate included, No trade in)




    I want to buy a new Prius 2016 in either 2 Eco or 3 in the mid-September in the Toyota dealerships.

    So far, what I've learned are:
    - Ask for the price quotes online
    - Deny all the options or warranty offered in F&I office.

    But I never buy a new car before. And I have so many questions on how to buy a new Prius.


    1. Should I apply for the pre-approved loan with Toyota financial service via online before negotiating with sales agents in the dealerships?


    2. I would like to finance the Prius 2016 with 0% 72mo promotion. I have 750+ credit score. Should I disclose that I opt for financing to the sales agent before negotiating price?


    3. Which price I should start negotiating with? Car sales price or Out-The-Door price?


    4. Should I buy Prius 2017 instead?


    5. What fee I should be aware of on the sales contact above the "Amount Paid to Public Official"? Such as Document preparation fee, Smog fee paid to seller, etc...


    Any advice would be much appreciated.
    Thanks :)
     
    #1 kyw012, Aug 27, 2016
    Last edited: Sep 24, 2016
  2. Blizzard_Persona

    Blizzard_Persona Senior Member

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    You will get a far better deal on a leftover 2016 over a 2017 and you will be fine getting the 0% for 72 with your credit score I do believe. The dealership will probably run the credit app either during or after negotiations

    Good luck and post pics when you pick up your new car.
     
  3. Bill the Engineer

    Bill the Engineer Senior Member

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    Get your own financing. You will come out ahead in the long run.

    Shop multiple dealers for the best price on an IDENTICALLY EQUIPPED car WITHOUT their financing. Get the offers in writing so they don't claim a "math error." Don't let them try to tell you that an offer is only good for that visit, Let them know up front that you are shopping around and that they are not your last stop.

    Let us know how it works out.
     
    #3 Bill the Engineer, Aug 27, 2016
    Last edited: Aug 27, 2016
  4. JimN

    JimN Let the games begin!

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    Welcome. Read through Car Buying Guide for New and Used Vehicles | CarBuyingTips.com and check out one of the car buying services like AAA or truecar.com. Negotiate the price of the car before the loan and verify all the numbers. Know the state's fees and taxes.

    The biggest scam is overcharging for motor vehicle fees. If you don't like an amount printed on the form, cross it out.
     
  5. William Redoubt

    William Redoubt Senior Member

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    Watch out for extra fees. Document processing, "Dealer Fee," Advertising Fee, etc. If the dealer needs to charge (for the boss) have them discount the vehicle price. And check your paperwork carefully before you sign. Remember, dealers, salesman and their ilk in the paperwork office are slick. And they are slick everyday, so they have plenty of practice.
     
  6. kyw012

    kyw012 Junior Member

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    Is there any loan origination fee for the Toyota Loan ?
     
  7. kyw012

    kyw012 Junior Member

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    I look at the Turecar website but I assumed those price are cash offer/ 3rd party loan offer. (Please correct me if I am wrong)

    Therefore, I have no idea how much I can lower price with the Toyota 0%72mo loan
     
  8. JimN

    JimN Let the games begin!

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    You don't know until you ask. You've hit bottom when the dealer tells you to buy the car elsewhere. The dealers may be a bit more accommodating through Wednesday.

    If the truecar dealers aren't local use the quotes as a ceiling at the local dealers. Deal only with the Internet sales Division.

    You need to know the cash price of the car, the price of the car with the promo financing, and the total amount that will be paid when financing.
     
  9. William Redoubt

    William Redoubt Senior Member

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    No. That's what I got.
     
  10. SAronian

    SAronian Active Member

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    Toyota provides the incentives for a new 2016 Prius in addition to what the dealer is willing to offer. In California these are the current purchase offers:

    Southern California
    $2,000 Cash Back or 0.0% APR + $500 Cash

    Northern California
    $2,500 Cash Back or 0.0% APR + 1,000 Cash

    As mentioned by "Bill the Engineer" if you can get your own financing for between 3-4% you'll save a little by taking the cash back. But if you're financing for longer than 3 years or the full amount, then the 0.0% +$500 is the better offer
     
    Coast Cruiser likes this.
  11. kyw012

    kyw012 Junior Member

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    Prius 3 (Turecar)

    MSRP: 27000
    Factory Invoice: 26000
    Average Paid: 23000

    With 0.0% APR, 72mo + 1,000 Cash, is it easy to get to the average paid price? Or there is no room for negotiation but paying the MSRP?
     
  12. Blizzard_Persona

    Blizzard_Persona Senior Member

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    If opting for the 0% for 72 months then no, the average paid would be taking the discount I would believe.

    If you can somehow swing an invoice PLUS 0% for 72 then that is a good deal.

    FYI. I took the 2k discount and got a 1.90% for 72 month loan. Got total of $4600 off of sticker price. I am happy with that deal.
     
    #12 Blizzard_Persona, Aug 27, 2016
    Last edited: Aug 27, 2016
  13. kyw012

    kyw012 Junior Member

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    If I understand correctly for the FYI:

    you took the loan from other financial institutions but not Toyota Financial Services right?


    $4600 off of sticker price:

    $2000 from the cash offer/ not Toyota financial service loan

    $2600 from the negotiation with dealer
     
  14. Blizzard_Persona

    Blizzard_Persona Senior Member

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    That is correct. I got a loan from my credit union at the above low rate and opted for the 2k discount ontop of the Costco pricing (which was $1000 under invoice). Come to think of it they never even asked me for my Costco card at this dealership. It was the smoothest transaction ever!

    A different dealer that I did not buy from did do the whole Costco paperwork for the discount (not a big deal at all though) but low balled me on my trade so I went else where.

    As others have said negotiating your best price (or Costco pricing) and taking the discount and getting the lowest interest rate possible from a credit union is the more economical of the two choices. Unless you can only secure a higher interest loan due to bad credit then going for the 0% through toyota if they accept you (they are pretty lenient it seems) might make more sense.

    When I did the math I believe I will only be spending $1590 in interest at the 1.9% for 72 months (if I keep it that full term) thus opting for the 2k discount coupled with bringing my own financing I saved another $300... If I trade in at the 3 yr mark then I'll have only spent $800 in interest but saved 2k by opting to take the discount.. Also if you opt to pay it off sooner you save money that way by not paying as much interest.

    Taking the 0% toyota loan only saves you that $1600-$1800 depending on if you keep the car that full 72 months! If you keep it say only 3 yrs you only save in my situation $800....

    So my advice is do the math and use a loan calculator and check interest rates before making a decision.

    Heck even knowing all the above in the past I've opted for the 0% for the simple fact that it's nice seeing all your payment go to principal....even if I would have got a better deal doing the above.

    Best of luck and hope this helps you.
     
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  15. Coast Cruiser

    Coast Cruiser Senior Member

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    I never even thought about double checking that figure. Do you mean the registration fees? Thanks for posting that. But I have no idea what the correct registration fee is.

    Also bring a calculator, and re-check the math for the taxes.
     
  16. drysider

    drysider Active Member

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    At 0% interest, I do not see the reason to put the rebate towards the purchase price if the dealer will finance the whole amount. If your credit score is high enough, you can keep the cash for an interest free loan. I did this with my 2012.
     
  17. Coast Cruiser

    Coast Cruiser Senior Member

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    So the dealers don't ask for some kind of paperwork from Costco?

    Just walk into the dealer and say, "I'm a Costco member?"

    I used TrueCar.com, but apparently I could have done much better with Costco.
     
  18. Blizzard_Persona

    Blizzard_Persona Senior Member

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    They are supposed to take your Costco card. Make a copy and then present you with an official printout with the full Costco pricing breakdown!
     
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  19. kyw012

    kyw012 Junior Member

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    Can 0%72mo + $1000 cash back get the Costco price??
     
  20. Blizzard_Persona

    Blizzard_Persona Senior Member

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    Whatever your regions current incentives are, you can opt for one OR the other incentive along with the Costco pricing..

    And be advised some regions have different Costco pricing. My region (SE PA) is $1000 under invoice, but others have stated as low as $650 under invoice and as high as $1650 under invoice.

    So yeah, if your region is offering 0% for 72 PLUS $1000 cash back as its financing offer then yes it should qualify ontop of whatever "under invoice your region is offering for Costco pricing.

    Also be advised that this is all assuming you don't have a trade to complicate matters. As I said a few posts up I had a deal worked out with a respectable trade number for my truck but when I went back a few days later and mentioned the Costco deal they said they would honor the Costco deal but would not honor the trade deal and all of the sudden devalued my trade 3.5k? Insane so I walked away and bought my car where I did and made out great and still got s very good trade in value where I bought my car. So shop around if you do have a trade.
     
    #20 Blizzard_Persona, Aug 27, 2016
    Last edited: Aug 27, 2016
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