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Thread: Your opinion appreciated

  1. #21
    Senior Member BENESSE's Avatar
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    Quote Originally Posted by Alan R McDaniel Jr View Post
    I would never lease a vehicle.

    Alan
    Alan, why not?


  2. #22
    Super Moderator crashdive123's Avatar
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    Quote Originally Posted by BENESSE View Post
    Alan, why not?
    Here are some interesting points to consider. I will not lease a vehicle either.

    https://www.reddit.com/r/Frugal/comm...d_idea_except/

    https://www.moneyunder30.com/why-you...er-lease-a-car

    https://www.moneycrashers.com/seven-...is-a-bad-deal/
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  3. #23
    Senior Member BENESSE's Avatar
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    Quote Originally Posted by crashdive123 View Post
    Thanks Crash, so helpful.

    We know now that we won't be getting a hybrid but will wait a few years for the technology to get even better. And we'll rent an SUV for a month before we really decide on buying vs leasing. After NYC (and selling our place), we are particularly commitment shy when it comes to large purchases which is why leasing even entered our minds. Otherwise we are not "lease type people".

  4. #24
    Senior Member aflineman's Avatar
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    Good used vehicles can save you some serious cash. Make sure you have it inspected by a neutral experienced mechanic. Also, do some research on the model. For example. I bought a 2007 Rav4 Limited AWD with a 4 cylinder. Good car, but a little more research would have told me to get one a couple of years earlier (06-07 have a recall for using to much oil). Also would have told me to get a V6 for my type of driving (better mileage). CarFax is a good resource for info on ownership and maintenance.
    Have Lights? Thank a Lineman!
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  5. #25
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    First and foremost, Car dealers are not going to do you any favors. They are in business to make money and they have thought about how you spend it a lot more than you have thought about how you spend it.

    Second, Leasing a car is like leasing a house except that the dealer is going to want the vehicle back in pristine condition or they will devalue it for every scratch or stain on the carpet. To buy the car at the end of the lease is like buying it twice.

    Lastly, When I pay for something I want it to be mine to keep, sell or give away.

    When buying a vehicle, I have cash. After the talk and test drive I get out my checkbook. I've already looked up the vehicle in KBB (if used) and I knock 10% off of that. If new I go AT LEAST 10% below the sticker. Then I write a check. I give it to the salesman and tell them that that is my out-the-door price. Take it show it to your sales manager and come back with an answer in ten min or less. Longer than ten min, I'll stop payment on the check on the way out the door and I won't be back. Bring me my check back with anything but a "Yes" answer and I'll walk.

    Never fails. One time when #1 wife was buying by my method we made it to the edge of the parking lot and her phone rang. They had a change of heart. She was scared up to that point and then got cocky. "I'm going to look at some other vehicles, I might be back". We had lunch and went back. She got her car for what she wanted to pay for it.

    The key to this is to not blink. Get up thank them for their time and start walking. Most of the time you won't touch the door. If they let you leave then you didn't want to do business with them anyway.

    10% is still over "cost" and is certainly over actual cost with rebates, discounts etc on new vehicles. Dealers buy used cars for wholesale which is next to nothing. They are going to make more money on a used car sale than a new one.

    When they try to take you over to the closer, he's going to make you feel like you are putting your children in danger if you don't buy an extended warranty. Do what you want, but if he'll include it in the amount you've already written the check for, fine, slap it on there. He won't, and only once in my life have I actually used an extended warranty. Last Chevy I ever bought 1985.

    Now I realize that most folks don't walk around with $40K in their pockets to buy cars with. Well, I don't either. But I drove a T100 that I paid on time for 20 years while I was waiting to have enough cash to do it. By saving the cash you will save easily $10K that you would have given to the finance company.

    If you buy it on time then make sure you can pay on the principal to reduce the debt and pay less interest. Then double up on your payments every chance you get.

    I've driven Toyotas since 1997 but for a three year Ford foray and #1 wife's Lexus (which is essentially a super Toyota) (Oh, Lexus dealers don't care if you walk). She had a 08 4Runner The one she bought above) which she gave to a DIL and it is still running fine.

    Now, I didn't always do things like this. Which is, in large part, why I do them like that now....

    I don't try to gip the sales guy. I used to be him (which is also why I don't do that any more). He's not making much on the sale but with me he's not working very much either. I also know that most people don't go car buying for fun. It's a chore, particularly talking to a hungry salesperson. Pick the car you want ahead of time, view the options and strike. Then they have ten min to keep you from going to the next dealership.

    I also go for the plain jane models. Electrical stuff breaks and YOU can't fix it. Neither can I.

    Trade-in. KBB is free online. Educate yourself on what your trade is worth. Private sale is the best you can get. Trade in value is a good estimate and wholesale is rock bottom. KBB will walk you through it. Know this going in. Remember they do this stuff for a living, you don't. If you engage them in a negotiating battle, THEY will win.

    Stick with your trade + $$$ = 10% less than sticker. Easy peasy.

    The best time to buy a new car is in January. If they have any of the previous year models on the lot they will WANT to sell them and fast. So remember that when you are doing the math. Don't hesitate to pull out your phone and use the calculator, or look up the value one more time. They will.

    At every opportunity ask them about themselves, what kind of car they drive, what they do for hobbies, married, children, etc... The answers are important, but less important than having them control the whole conversation. While they are telling you about soccer practice, ask how the radio works....

    When you spring the ten min rule on them, don't blink.

    Hope this helps.

    Alan

  6. #26
    Administrator Rick's Avatar
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    My wife and I went in to buy a new car. The salesman called the sales manager on the phone then laid the receiver down and walked back to the sales manager's office. Didn't hang up, just laid the receiver down so they could listen to our conversation. I pointed to the receiver for my wife's benefit and the conversation was not what the dealership wanted to hear. It was actually pretty funny. It really backfired on them. I told my wife, that's my price, they can take it or leave it and if that salesman isn't back here in 30 seconds we're gone. "POOF" the salesman magically appeared. Yeah, they will play all sorts of tricks on you.

  7. #27
    Super Moderator crashdive123's Avatar
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    Many years ago I wanted to buy Mrs. Crash a new car. Did my homework, had a price, went to a dealer I had used before. New salesman kept playing games even though I had check book in hand and was prepared to write a check for the car. Finally, I asked if I could borrow his phone. He handed it to me. I called the dealership on the other side of town, told them what I wanted and asked if they had one on the lot. They did. I said I can be there in an hour and will write you a check for x. He agreed quickly. Said our goodbyes and hung up. Handed the phone back to a bewildered salesman and thanked him for the use of his phone.
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  8. #28
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    Quote Originally Posted by Rick View Post
    My wife and I went in to buy a new car. The salesman called the sales manager on the phone then laid the receiver down and walked back to the sales manager's office. Didn't hang up, just laid the receiver down so they could listen to our conversation. I pointed to the receiver for my wife's benefit and the conversation was not what the dealership wanted to hear. It was actually pretty funny. It really backfired on them. I told my wife, that's my price, they can take it or leave it and if that salesman isn't back here in 30 seconds we're gone. "POOF" the salesman magically appeared. Yeah, they will play all sorts of tricks on you.
    I never had one do that, but it's a neat trick until they get caught. I don't think i'd have bought anything there.

    Alan

  9. #29
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    Quote Originally Posted by crashdive123 View Post
    Many years ago I wanted to buy Mrs. Crash a new car. Did my homework, had a price, went to a dealer I had used before. New salesman kept playing games even though I had check book in hand and was prepared to write a check for the car. Finally, I asked if I could borrow his phone. He handed it to me. I called the dealership on the other side of town, told them what I wanted and asked if they had one on the lot. They did. I said I can be there in an hour and will write you a check for x. He agreed quickly. Said our goodbyes and hung up. Handed the phone back to a bewildered salesman and thanked him for the use of his phone.
    That was one cold-hearted act. Maybe that's why you're so good at dealing with SPAM. SPAM in person or SPAM online is all still ....... SPAM!

    Alan

  10. #30
    Administrator Rick's Avatar
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    They came out with a four color thing that sat in the showrooms for a while. You pressed a color based on a question that was asked. It was supposed to be a game but it was actually some kind of psychological profile that printed out in some back office. I think Chrysler did that. That was in the 70s I think. I'm sure I came up as a serial killer...or priest. Either one.

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