Ok, so my friend's dad owns a few dealerships and I want to buy a car for like $15,000(Thats how much he could probably lower it to from $17,499, I haven't asked yet so maybe more or less). Do you think that $1,000 down and a 6 year loan is good. I'm about to be 18 and I don't want to pay more than 300 dollars on a car payment per month. One more thing, i don't want a used car (for all saying "Buy Cash"). I'm not doing that. What do you guys think?
2006-08-07 07:21:48 · 5 answers · asked by Chris M 1 in Cars & Transportation ➔ Buying & Selling
Remember I said i'm buying from a FRIEND'S dealer so $5000 down... thats just stupid
2006-08-07 07:44:03 · update #1
The car i'm looking to buy is a Mitsubishi OZ-Rally (Lancer)
2006-08-07 07:48:02 · update #2
year: 2005
2006-08-07 07:48:24 · update #3
Oh and how much do dealerships actually add to the manufacturer's price to sell to the public?
2006-08-07 07:52:41 · update #4
on a 18000 car -----at o% interest -for 5 years -the payment is over $300------------take into consideration that you're 18 ----not a chance of you getting that kind of loan-----------because you don't have a credit history ------you'll need a larger down payment ------and you may want to look at less expensive cars -do the math -----payment times months = payment ------so consider 60 times 300=18000 keep in mind that this is at no interest ---no taxes ----no insurance ----no sales tax ---------as you will learn cars do cost a lot ---oh-and what about gas and maintance
2006-08-07 09:09:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
well, if the owner of the dealership is truely your dad's friend, he would sell you the car for DEALER cost. this is the price the dealership pays for the car from the manufacturer.
as they tell you they're not making any money on the deal, that's true, they aren't making any commission, because that's what you are negotiating. from 17 to 15 is nothing, but sounds good though huh? If you put the car make/model, it would have been helpful. Let's say you were looking at a corolla, dealer cost would probably be about $4000, if that. Will you ever get to pay that amount for a car? Only if a friend who owns a dealership lets you. the markups on new cars is so high it's not worth buying anything new.
Plus, the fees, taxes and freight charges will bring your total over 18,000. putting a thousand down for a 6 year loan is doable, you will need a co-signer with good credit. but for $300/month.. I really doubt it. It's not up to the dealer to make the loan options, but the bank or loan company decides that.
the dealer just gets a cut if you use that particular car's make financing company.
2006-08-07 14:45:55 · answer #2 · answered by Eric F 6 · 0⤊ 0⤋
First, you would have to have good credit not to pay around 300 or more. Secondly, you would have to put about 5,000 down. You have to add the interest, taxes, tags, freight, and fees. Which sometimes average about 2,000. Not including the sell price of the car. Most car dealerships with a new car will not go that long a loan for six years. They would loose out in the long run. Thirdly, they will ask for a co-signer. If you want something new you better had checked out a cheaper car. Sounds like you are looking at a Toyota Scion or Nissan. Forget the ads on television and the paper there is always information hidden about purchasing a car.
2006-08-07 14:33:44 · answer #3 · answered by narcisscus24 5 · 0⤊ 0⤋
it is his call, to decide how much he trust you or if you need cosigner, ask for his opinion to spill what he thinks before you approach him
2006-08-07 14:29:24 · answer #4 · answered by eurometrix 5 · 0⤊ 0⤋
$1000 is good
Don't buy used
2006-08-07 14:27:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋