[zachismisitok]

Im currently looking at a red 2008 ms3. It is a gt (with nav), but has 10k miles.

They quoted me 21k for the car and 8k for my trade in, and I have yet to give any sort of response.

my questions are:

what kind of interest rate should I expect/try to get for a used 2008 used car. I would assume I have great credit (never had any problems), but I can be more specific if neccasary.

secondly, What kind of price should I shoot for on the car. I was thinking about aiming at 19k, mainly cause it's used, 10k miles, and they aren't moving many cars right now.

any ideas?

 

[charlie]

$23,125 Is the suggested retail value for the car you are talking about, but I would still try to get them a little lower ask for 19 but don't be surprised if they don't go below 20

if you have really good credit expect between 4-7 %

Also, they might not be moving many cars right now or as much as they used to but it doesn't mean they will just give it away, they own that car for a certain amount of money, and they won't sell it if they end up losing money.

Good luck!

 

[zachismisitok]

[quote author=charlie link=topic=136630.msg2944812#msg2944812 date=1234968354]
$23,125 Is the suggested retail value for the car you are talking about, but I would still try to get them a little lower ask for 19 but don't be surprised if they don't go below 20

if you have really good credit expect between 4-7 %

Also, they might not be moving many cars right now or as much as they used to but it doesn't mean they will just give it away, they own that car for a certain amount of money, and they won't sell it if they end up losing money.

Good luck!
[/quote]

regarding the loan

what if I go to my bank or the credit union at my work, do you think it will be any better?

 

[charlie]

It's worth a try, your credit union could probably get you a better rate, but most dealerships send your request for a loan to multiple banks and they just choose the lowest one. Give it a shot though!

 

[shadow1077]

Just save up more money and wait for the new MS3, even if they used the same engine. I'm sure they redesigned some of the stuffs that has issues on the current MS3 that they cant really fix due to needing of remaking some of the parts. They rather squeeze the fix on the new model since it would be selling much longer.

 

[speeedbump]

As far as financing, check out Bank of America. I shopped around and the best my credit union had to offer was 6.2 for used autos.

Bank of America will give you the same rate on a used 2008 as a new car. If you have excellent credit, you should be able to do 4.99% for up to 60 months. This was the best I found.

21k sounds like an OK price. I just got my used 08.5 MS3 GT with NAV for under $20k last week. It had 3500 miles on it and still has the new car smell. This was by far the best deal I found in a 500 mile radius.

 

[zachismisitok]

[quote author=speeedbump link=topic=136630.msg2948146#msg2948146 date=1235078391]
As far as financing, check out Bank of America. I shopped around and the best my credit union had to offer was 6.2 for used autos.

Bank of America will give you the same rate on a used 2008 as a new car. If you have excellent credit, you should be able to do 4.99% for up to 60 months. This was the best I found.

21k sounds like an OK price. I just got my used 08.5 MS3 GT with NAV for under $20k last week. It had 3500 miles on it and still has the new car smell. This was by far the best deal I found in a 500 mile radius.
[/quote]

I'll keep that in mind
thanks for the response

Im probably gonna test drive some other stuff too, just to make sure this is what I want

 

[shadow1077]

Wow I didn't know used car's APR are way higher than brand new ones...

 

[Badgerspeed]

Used cars are a higher risk so appropriately the interest is higher. I would suggest getting a quote from your credit union (get it in writing) and when you go to the dealership tell them what you have. They may beat that rate, if your credit truly is good, since they are still making additional profit off the loan... yes, it may be a bank that is giving the loan but they sometimes have profit agreements depending on the volume they bring in.

Oh yes, just because you have never missed a payment, that doesn't mean you have excellent credit. The amount of debt you have, credit available (ex. how much is free on your credit cards), how many credit cards you have. I would highly suggest you get your annual free credit report so you know where you stand.

 

[VOGAD19]

i bought my car new for 21k eventhough the msrp at that time is 22895, and that is 2 years ago.. im a pain in the ass when im on the dealership
some of the things i demand
1. good trade for my 96 volvo 850 ( they give me 3000usd)
2. 20 voucher for free oil change (including labor)
3. low apr( i used mazda own financing , i got 2.4% apr for 3 years)
4. student discount

also 2009 ms3 new would be $22k in austin texas 78741 as of feb 21st , and they have a couple in stock...this i know coz i just had oil change at the dealership 2 days ago

 

[Vanilla_Nick]

[quote author=VOGAD19 link=topic=136630.msg2955457#msg2955457 date=1235403391]
i bought my car new for 21k eventhough the msrp at that time is 22895, and that is 2 years ago.. im a pain in the ass when im on the dealership
some of the things i demand
1. good trade for my 96 volvo 850 ( they give me 3000usd)
2. 20 voucher for free oil change (including labor)
3. low apr( i used mazda own financing , i got 2.4% apr for 3 years)
4. student discount

also 2009 ms3 new would be $22k in austin texas 78741 as of feb 21st , and they have a couple in stock...this i know coz i just had oil change at the dealership 2 days ago
[/quote]

Howd you swing 20 free oil changes?
and What kind of student discount did you get?