I'm a first time buyer and I don't know what to do?? should I buy the car or not?

Question

I went to this dealer and saw this Honda Civic 2003 that cost $12,999 without anything added first. I test drive it and it seem to work great....just a little bit hard when I step on the gas pedal...it doesn't go that smoothly... is it find like that? this car is a one owner and has around 35k...they offer me $1000 down payment and. For 5 years montly fees is $399. For 6 years is $469. I'm planning on making $5000d down payment. so now for 5 years it's $265. 6 years it's $233...they said that the two years warranty is included in there already. I have no experience in this..Should I get this car or not? What should I do? I've look at the history of this car and it's good. btw the interest rate is 12 points something. Should I get a loan from the bank instead? the interest rate for the bank is 10 points something. Could anyone help me? please?

Answer 1

As someone who used to sit on the other side of the desk let me offer a few points.

1. Asking price.

Did you negotiate on their asking price? A typical dealer will have between $3-4,000 profit margin on a used vehicle if its fresh and if they bought it right. That means you have room to haggle. Offer at least $2k less than what they are asking and see if they will take it. Move only a few hundred bucks at a time. Try to get at least $1,500 off the asking price. Its a late-model Civic with low miles so they won't give it away but they will deal some. If you have not closed it after 2 pencil's, walk and wait for them to call you.

2. The loan.

Don't take the dealer financing. Try to get financed on your own first. If you walk in with a loan offer from your bank you have leverage to get them to cut their interest rate. Without that they will charge whatever they want. The dealer for example can (will) "bump" the rate over what their bank will actually finance you at. Say for example the dealers bank approved you at 9%. The dealer may right it up at 10% and they get to keep the difference as profit - but you will never know about it. That is why it is good to go in with your own loan.

3. The extended warranty.

On a Civic I wouldn't bother, you won't have enough problems with the car to justify the cost. Ask them to remove the extended warranty and associated charges, but only AFTER you have agreed to the price of the car and the financing.

Dealers have a right to make some money, but they don't have to make too much.

Answer 2

First of all a 2003 Honda Civic with 35,000 miles is a great find, and you would be ignorant to pass it up.
I dont think youre going to find a more reliable, fashionable, and better performing car for the asking price of $13,000.
The only problem I see is that youre putting down a good amount of money, but the monthly payment seems way too high. I assume you dont have great credit, or no credit. Try getting a co-singer for the loan.
Are you buying this from a real dealership? If so they should be much more helpful in the financing of the car. They should be running your credit through about 20 lenders trying to get you the best rate.
You say when you step on the gas it feels a little stiff and doesnt go smoothly. It may be that youre not used to driving a vehicle that's been dealership serviced, however, if youre not comfortable with the gas pedal then tell the salesperson, and see what they can do.
If youre at a dealership-- they will do whatever it takes to make the sale!
The price is great, btw. The monthly rate is what concerns me. If you cant get a co-signer or get your monthly payments a little lower with such a big down-payment, then let them know at the dealership that you'd like that rate to go down.
I say buy the car, but make sure you can afford it, first.

BTW, though its none of my business. If you do get the car, if you take excellent care of it - it will run great forever! Change your oil, get your tune-ups, rotate them tires, and you got one lean, mean, kick-*** driving machine. And they look neat, too.

Answer 3

Your numbers don't make any sense. $1000 down, 12% and 5 years would be about $260 a month. With $5000 down monthly payments over 5 years would be $200. And how can payments over 6 years be more every month than for 5 years?
Also, a car with that few miles should run like brand new.

Answer 4

the shopper would nicely be effortless & honest. yet you've not any way of understanding that. Insist on funds. i became a curbstone vehicle broking for decades and ninety 5% of the time, I in problem-free words popular funds. interior the uncommon cases the position I popular a examine, I went and cashed it rapidly. by no potential let everybody have the vehicle over the weekend at the same time as i could not get my funds. the base line is I couldnt locate the money for to lose the money so I made constructive it wasnt going to happen. even with if it became inconvienient for the shopper.

Answer 5

If you have to ask then the answer is no. A car is a very important item and 13,000 is a lot for a used car that your not a 100% sure you want. here is the key to car shopping; shop around, used dealerships are a dime a dozen and you can find a great car for 4 or 5 thousand. you have to be sure you want it, dont settle! Ask yourself if its what you really want and if your willing to part with that kind of money for this car. i hope i was helpful.

Answer 6

Too much money! Shop around and check out some prices online or a least look in a newspaper.

Answer 7

hey think twice and go see a chevy dealer you can get a brand new aveo for about the same price.

Answer 8

sounds good to me but bring some one that knows about that brand car and see what they think.

Answer 9

Woooah, Check that price on The NADA site on your computer. Believe me their sucker punching you.

Answer 10

no big deal paid 2,200 4 my classic