Best time to buy now or December 31st etc
07-28-14, 08:33 PM
#16
krava, if your credit is this bad, maybe you should consider a cheaper car. I've never had an auto loan, have either paid cash or financed the car through a friend who was the seller, so no record of lien. I own my house with 50% equity, so using the auto score index I only qualified for a 6% rate. I was able to get the dealership to offer 3%, and my credit union said they would beat any offer by 1% so I'm at 2% on my car. - You should look at a credit union to see if they can do a similar deal.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
07-28-14, 08:34 PM
#17
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krava, if your credit is this bad, maybe you should consider a cheaper car. I've never had an auto loan, have either paid cash or financed the car through a friend who was the seller, so no record of lien. I own my house with 50% equity, so using the auto score index I only qualified for a 6% rate. I was able to get the dealership to offer 3%, and my credit union said they would beat any offer by 1% so I'm at 2% on my car. - You should look at a credit union to see if they can do a similar deal.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
07-28-14, 10:23 PM
#18
Lexus Test Driver
krava, if your credit is this bad, maybe you should consider a cheaper car. I've never had an auto loan, have either paid cash or financed the car through a friend who was the seller, so no record of lien. I own my house with 50% equity, so using the auto score index I only qualified for a 6% rate. I was able to get the dealership to offer 3%, and my credit union said they would beat any offer by 1% so I'm at 2% on my car. - You should look at a credit union to see if they can do a similar deal.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
There is no BEST time to buy, and each month there is a possibility to buy a car cheaper than any time in the past, and any time in the future.
A couple of quick facts from someone who has been a regional/district manager for a few car companies:
1) Invoice price is meaningless
2) Dealers make most of their money on kickbacks from the manufacturer for meeting various goals such as:
a) overall customer satisfaction
b) Total yearly sales
c) Total monthly model goals (where they will offer a $100,000 kickback for selling 30 GS350's that month, so the 30th car they sell could be sold for $1 just so they can get the remaining $40k after paying off the GS, that would only happen late on the final night of the month if they are desperate)
d) Total monthly overall sales goal etc
3) Each portion of a car sale is a possible profit center, some dealers will shift profit from one area to the next, like drop the price but increase the APR. Always view buying a vehicle as multiple, independent transactions. First settle on price. Second work on terms for either financing or leasing (and always look to outside banks for financing so you know what's good or bad). Finally your trade-in and just remember that no matter what they say, they will not give you more money than you can get selling your car on your own.
4) Dealers will LOSE money on a deal if it makes sense in some way... for instance when I recently bought my 2013 F Sport, they wanted the car off the lot to stop dragging down the prices of the 14's which were soon to be replaced by the 15s.
In all cases the last day of the month or the last day of the year are you best times to buy, but no day is always better than another.
Thanks again - wish I could land one of those $1 cars!
Bill G
07-28-14, 11:38 PM
#19
Lead Lap
Thread Starter
thanks for the advice, I have made mistakes in the past. I financed a 1998 acura nsx with 58K of upgrades. They wanted $138K (never titled but 2,800 miles on it) and they told me $107 I walked out the door and they dropped it to $97,500 I walked back in put $500 down to hold then put 40K down (vette trade in). and financed that thing for 5 years at 9. something and had to pay $1485 or so a month and it was $26K or so in interest. My house I had. it was a jumbo loan 9.2% interest $350K loan that kicked my *** I thought I was going to make 10 times the money and that didn't happen at the time. So what I am going to do is like what I stated buld the credit up first. Then on the last week of the year wait for the guy and ask him if the dealership needs the sale if so come in and get a good price, if not I will tell him anytime he needs that extra sale at the end of the month, call me and I will be down the next day or same day and grab that car. I am not sure if that will work, he might be a greedy *** and want to get the sale anytime he can. If I was the sales guy and these guys make money, then I would use the (ace in the hole) so to speak me when they need me and give me a good deal. NOt many people at all would wait until the guy needs them to buy to help his sales goals.
07-29-14, 04:51 AM
#20
Just my opinion - but if you tell the salesperson to call you when you can get a deal, he will tell you he can give you a really good deal right now, if only you'd come into the dealership and pick out a car. Believe me - when buying my GS350, I emailed dealers all up and down the east coast and almost all of them told me they could get me the deal of the century if only I'd come into the dealership. They think once they have you there they can trap you and force you into a crappy deal.
You should have a number in mind that you want to pay for the car - go to the dealership, if they won't deal, then walk away. You can always go back and try again. Like others have said - end of month is a good time to try. If nothing happens, just keep trying every month. If your price is realistic, eventually they will be willing to deal.
If you want to finance - you should try to go into the dealership with a pre-approved loan up to a certain amount. Their finance managers will also try to screw you over if you're not careful. Therefore it is a good idea to already have a pre-approved loan, that way you have an alternative.
Credit unions are definitely a good place to check out. http://penfed.org is a credit union you can join for I think a one time $20 fee? They also offer a car buying service, if you use their car buying service they give you a discount on the APR. (Right now their advertised offer is 0.0% for 36 months - pretty good deal) - You may pay a little bit more for the car, but the lower APR might be worth it for you. Actually for me, the Car buying service price on a 2014 GS350 was really good, I got an offer of $53,838 (or something like that) on a ~$59,000 MSRP). But I had to go to a dealer that was 1.5 hours away.
I agree with others though - if you need to rebuild your credit - you might want to start with a cheaper car. Getting a high APR loan on a $20k car is a lot better than getting a high APR loan on a $60k car. Pay that loan and build up your credit - and then consider the GS350 - maybe with the MY2016 refresh.
You should have a number in mind that you want to pay for the car - go to the dealership, if they won't deal, then walk away. You can always go back and try again. Like others have said - end of month is a good time to try. If nothing happens, just keep trying every month. If your price is realistic, eventually they will be willing to deal.
If you want to finance - you should try to go into the dealership with a pre-approved loan up to a certain amount. Their finance managers will also try to screw you over if you're not careful. Therefore it is a good idea to already have a pre-approved loan, that way you have an alternative.
Credit unions are definitely a good place to check out. http://penfed.org is a credit union you can join for I think a one time $20 fee? They also offer a car buying service, if you use their car buying service they give you a discount on the APR. (Right now their advertised offer is 0.0% for 36 months - pretty good deal) - You may pay a little bit more for the car, but the lower APR might be worth it for you. Actually for me, the Car buying service price on a 2014 GS350 was really good, I got an offer of $53,838 (or something like that) on a ~$59,000 MSRP). But I had to go to a dealer that was 1.5 hours away.
I agree with others though - if you need to rebuild your credit - you might want to start with a cheaper car. Getting a high APR loan on a $20k car is a lot better than getting a high APR loan on a $60k car. Pay that loan and build up your credit - and then consider the GS350 - maybe with the MY2016 refresh.
Last edited by RyanC; 07-29-14 at 04:55 AM.
07-29-14, 05:31 AM
#21
PenFed is a good choice for credit unions, but they are very conservative to how much car you can buy. When I was considering to replace my ISF with a 2013 GTR (BLK-Editiion) earlier this year they denied me saying need to state additional income or assets to take out a $85k loan. I have relatively good credit. I did qualify for my GS but the dealers offered me better financing options with a much lower interest.
IF you are dead set on getting a 14 GS350 i'd recommend what i did which is wait til January-February--> end of the month and purchase a slightly used GS with around 20-30k on the ODO. The dealers generally lease some of GS's to sales and service reps. Dealer maintain and still under factory warranty. You'll be paying in the early to late $40k range.
If you're interested in a 2013 w/ 33k on the ODO--> PM me.
IF you are dead set on getting a 14 GS350 i'd recommend what i did which is wait til January-February--> end of the month and purchase a slightly used GS with around 20-30k on the ODO. The dealers generally lease some of GS's to sales and service reps. Dealer maintain and still under factory warranty. You'll be paying in the early to late $40k range.
If you're interested in a 2013 w/ 33k on the ODO--> PM me.
07-29-14, 06:49 AM
#22
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07-29-14, 10:07 AM
#23
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how did you get it for $36K? everywhere I am looking at is the lower 40s? I haven't seen any even at $40K flat. But first thing is first got to build the credit up and I will wait.
08-04-14, 06:18 AM
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