I'm just curious why you put any cash down when you got 0% financing? Was it required to put that much down to get the financing?
[quote author=moxfyre link=topic=172767.msg3821415#msg3821415 date=1286498816]
[quote author=aviatorkpoc link=topic=172767.msg3659175#msg3659175 date=1273865381]
I am planing on buying my very first "new" car this month and i have decided to get the 2010 mazda3 hatch.
Does anyone have any tips/tricks/suggestions on that to do at the dealer to get the lowest price?
I just did this a few days ago, got my 2010 Mazda3 Sport hatch with 6M transmission for $18,141 (+ tags, title, no tax in Oregon
) compared to $20,685 MSRP, with $5,000 done and a 60 month interest-free loan (0% APR).
Others have offered good suggestions. I recommend Car Buying Tips
7-chapter guide. A bit long, but very good advice and excellent spreadsheets they offer. Basically, here's the advice I really took to heart:
- Do your research: figure out what the dealer paid for the car (I used TrueCar and Edmonds to find out holdback, dealer incentives, etc.), and then offer slightly above that (use the Buyer Offer Spreadsheet). The site recommends offering them 5% profit on what they paid, but I offered only about 2.5% and was accepted.
- Make your offer, and be prepared to explain how you arrived at it and that you think it's a fair price, but DO NOT BUDGE on it.
- Don't let the salesman combine talk of price and financing. If they start telling you how they'll only do such a low price with high-interest financing (they get a kickback), it's BS. My salesman actually told me he'd *beat* my offer, and then came back in a couple minutes to tell me it was only with high-interest financing. If this happens, tell them you want to agree on a price /before/ you discuss financing.
- Emphasize that you're willing to walk away from the deal, and why. I had found out that another nearby dealer still had THREE of the exact same model on their lot, this late in the year, and that it was a buyer's market. I also was willing to buy the Honda Fit Sport or Hyundai Elantra Touring, which were on the lot at dealerships in town, and emphasized that to the salesman.
- Don't let them add any fees which you didn't account for in your offer. Not one.
- Once you shake on a price, make sure you double-check the numbers when you get into the finance manager's office. I knew I wanted to pay $18,141 with $5,000 down and get Mazda's 0% financing offer. I brought a loan calculator along on my smartphone, and used it to double-check the numbers after I figured out what the total would be with tags+title.
- Ask to double-check lights and paint before signing. (I did.)
An amusing/sketchy anecdote from my experience. I wanted the floor mats ($80), and my salesman offered them to me for $50 in under-the-table cash. I took it. I thought he might be side-dealing, but I think the dealership may be in on it and just fudging their taxes, and they just do it this way to make you think you're getting a special deal. Anyone ever experienced that?
Also, props to Magudaman for getting yours down to $17,555. Very impressive, especially if that was with cash or 0% loan! By my calculations, that's below the $17,811 that the dealer would've actually paid for the car, assuming the same manufacturer-delaer incentives that I found.