1500 off MSRP Good Deal?
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Joined: Aug 2003
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Originally posted by rebelzx
[B]
Do you know how financing works? You have to pay interest on the car. That interest rate is based on your credit. The rate I got from the dealer offering $1500 off MSRP was 4.24%.
[B]
Do you know how financing works? You have to pay interest on the car. That interest rate is based on your credit. The rate I got from the dealer offering $1500 off MSRP was 4.24%.
$501 x 60 = 30,000 + your 5,000 DP. Total cost of the car is $35,000.
$28,000 MSRP - $5000 DP is $23,000. Is $23,000 financed for 60 months for $30,000 4.24%?
Newbie
Joined: May 2003
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From: Orlando, FL
How does $2500 off sound!
Not sure where you live...but I am the GM/Owner of Sport Mitsubishi in Orlando FL and through the remainder of August I will save you an additional grand for a total of two thousand five hundred off of MSRP. This is a serious offer so let me know if interested. You can email me at jmealey@sportmitsu.com.
Thanks
Thanks
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From: Central Jersey
Originally posted by gti20vturbo
Um yes I do, and seeing that my mother has been working at a car dealership for almost 30 years I know how they tend to do the math. You said " $1500 off MSRP, $501/month over 60 months"
$501 x 60 = 30,000 + your 5,000 DP. Total cost of the car is $35,000.
$28,000 MSRP - $5000 DP is $23,000. Is $23,000 financed for 60 months for $30,000 4.24%?
Um yes I do, and seeing that my mother has been working at a car dealership for almost 30 years I know how they tend to do the math. You said " $1500 off MSRP, $501/month over 60 months"
$501 x 60 = 30,000 + your 5,000 DP. Total cost of the car is $35,000.
$28,000 MSRP - $5000 DP is $23,000. Is $23,000 financed for 60 months for $30,000 4.24%?
Evolving Member
Joined: Apr 2003
Posts: 441
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From: Seattle
there are a lot of loan calculators out there, check your banks website. $29,100, 4.24%, 60months = $539 a month or $32,340
check here for current loan rates:
http://www.bankrate.com/brm/rate/brm_autosearch.asp
lower rates usually require a big (20%) downpayment (and good credit)
check here for current loan rates:
http://www.bankrate.com/brm/rate/brm_autosearch.asp
lower rates usually require a big (20%) downpayment (and good credit)
hey i think you should tell him to round up the total drive off price, thats taxes and all title **** included, then be like well my budget was at so and so( make sure its about 3 to 4 thousand less then the price he came up with) then say oh well ill call you guys if im still interested, theyll be like " OH we're losing money" and all that kind of bull****. but at the end before you leave they will be like ok, what is it going to take to have you buy this car today, then say that price budget i told you. theyll make a deal and your set, but be persistent. i mean your never gonna see the guy after you buy the car, so screw em.
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Joined: Dec 2002
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From: Minnesota
Originally posted by tryandcatchme
Im sure you could milk more out of them, if they can offer $1500 off MSRP their probably getting some sort of bonus or kickback from Mitsubishi to sell the car ASAP, Id tell them the deal isnt good enough, but leave your contact information open so they can call you again for a lower price.
Im sure you could milk more out of them, if they can offer $1500 off MSRP their probably getting some sort of bonus or kickback from Mitsubishi to sell the car ASAP, Id tell them the deal isnt good enough, but leave your contact information open so they can call you again for a lower price.
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From: Minnesota
Originally posted by 4wd4me
i thought i read a week or two ago of a person claiming they got their's for $200 under invoice. supposedly there is a 2% (off MSRP) holdback the dealers get from mitsu. that equals about $600. any lower than $600 below invoice would be a steal. couple 2 or 3 hundred over invoice is a good area to shoot for.
never heard about a grad discount.
i thought i read a week or two ago of a person claiming they got their's for $200 under invoice. supposedly there is a 2% (off MSRP) holdback the dealers get from mitsu. that equals about $600. any lower than $600 below invoice would be a steal. couple 2 or 3 hundred over invoice is a good area to shoot for.
never heard about a grad discount.
This is the money that so many people like to refer to as "hidden kickbacks" when it is really nothing of the sort.
Here for example are the invoice numbers for your basic A61 (sunroof and big spoiler).
Base MSRP is $28,987 with an invoice amount of $26,891.47
Add $480 MSRP/ $418.00 invoice for the spoiler.
Another $750 MSRP/ $653.00 invoice for the sunroof
Add $595 for destination charges (both columns)
A Dealer Association Fee gets tagged onto the invoice column but NOT the MSRP column. This may be different from one market to another. In my market for this particular car its $302.32. You won't see the association fee listed in any of those car buying tips web sites although a few of them are at least nice enough to mention it exists (usually in small print that nobody reads). This is why the invoice price you find on the web doesn't match the dealers invoice which naturally leads to all sorts of other problems come negotiating time.
That gives you a final MSRP of $30,812 vs. invoice of $28,860.79.
Beyond that, Holdback is $579.74 and Dealer Flooring is another $579.74. Those again are the credits held in the dealers account and reimbursed to the dealer later. Flooring covers the cost of keeping the vehicle in inventory. Holdback is dealer profit that
hangs on to until after the vehicle is retailed. Holdback is what allows a dealer to sell a car for a few hundred over invoice without going bankrupt. The dealer may sometimes get the Association Fee back as well if certain criteria are met but I don't think its all that common. Happened only a couple of times at my store during my 2 years in the business. The college grad program includes a $500 rebate for those who qualify that can be used in combination with ANY other finance incentives.
Last edited by Mark F; Aug 22, 2003 at 07:39 AM.
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From: Central Jersey
Originally posted by Mark F
There are actually two numbers, one is Holdback and one is Flooring. Both are equal to just slightly less than 2% of invoice and reflect amounts reimbursed to the dealer at a later date to cover the costs of keeping the car in inventory.
This is the money that so many people like to refer to as "hidden kickbacks" when it is really nothing of the sort.
Here for example are the invoice numbers for your basic A61 (sunroof and big spoiler).
Base MSRP is $28,987 with an invoice amount of $26,891.47
Add $480 MSRP/ $418.00 invoice for the spoiler.
Another $750 MSRP/ $653.00 invoice for the sunroof
Add $595 for destination charges (both columns)
A Dealer Association Fee gets tagged onto the invoice column but NOT the MSRP column. This may be different from one market to another. In my market for this particular car its $302.32. You won't see the association fee listed in any of those car buying tips web sites although a few of them are at least nice enough to mention it exists (usually in small print that nobody reads). This is why the invoice price you find on the web doesn't match the dealers invoice which naturally leads to all sorts of other problems come negotiating time.
That gives you a final MSRP of $30,812 vs. invoice of $28,860.79.
Beyond that, Holdback is $579.74 and Dealer Flooring is another $579.74. Those again are the credits held in the dealers account and reimbursed to the dealer later. Flooring covers the cost of keeping the vehicle in inventory. Holdback is dealer profit that hangs on to until after the vehicle is retailed. Holdback is what allows a dealer to sell a car for a few hundred over invoice without going bankrupt. The dealer may sometimes get the Association Fee back as well if certain criteria are met but I don't think its all that common. Happened only a couple of times at my store during my 2 years in the business.
The college grad program includes a $500 rebate for those who qualify that can be used in combination with ANY other finance incentives.
There are actually two numbers, one is Holdback and one is Flooring. Both are equal to just slightly less than 2% of invoice and reflect amounts reimbursed to the dealer at a later date to cover the costs of keeping the car in inventory.
This is the money that so many people like to refer to as "hidden kickbacks" when it is really nothing of the sort.
Here for example are the invoice numbers for your basic A61 (sunroof and big spoiler).
Base MSRP is $28,987 with an invoice amount of $26,891.47
Add $480 MSRP/ $418.00 invoice for the spoiler.
Another $750 MSRP/ $653.00 invoice for the sunroof
Add $595 for destination charges (both columns)
A Dealer Association Fee gets tagged onto the invoice column but NOT the MSRP column. This may be different from one market to another. In my market for this particular car its $302.32. You won't see the association fee listed in any of those car buying tips web sites although a few of them are at least nice enough to mention it exists (usually in small print that nobody reads). This is why the invoice price you find on the web doesn't match the dealers invoice which naturally leads to all sorts of other problems come negotiating time.
That gives you a final MSRP of $30,812 vs. invoice of $28,860.79.
Beyond that, Holdback is $579.74 and Dealer Flooring is another $579.74. Those again are the credits held in the dealers account and reimbursed to the dealer later. Flooring covers the cost of keeping the vehicle in inventory. Holdback is dealer profit that
hangs on to until after the vehicle is retailed. Holdback is what allows a dealer to sell a car for a few hundred over invoice without going bankrupt. The dealer may sometimes get the Association Fee back as well if certain criteria are met but I don't think its all that common. Happened only a couple of times at my store during my 2 years in the business. The college grad program includes a $500 rebate for those who qualify that can be used in combination with ANY other finance incentives.
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From: Central Jersey
I'm ressurecting this thread! 
Some of you wanted to know what happened with my purchase and where I got such a good deal on an Evo from. I bought a Tarmac Black Evo from Bell Mitsubishi on 6/26 for $300 over invoice with 4 miles on it. As soon as I drove it home, I left for the airport. I'm finally back now, and eager to drive my Evo!
About Bell Mitsubishi though, I'm not sure if they'll give anyone else the same deal they gave me. They will negotiate around invoice though, unlike other dealers negotiating around MSRP. if anyone does go there looking for an Evo, ask for Tim.
Some of you wanted to know what happened with my purchase and where I got such a good deal on an Evo from. I bought a Tarmac Black Evo from Bell Mitsubishi on 6/26 for $300 over invoice with 4 miles on it. As soon as I drove it home, I left for the airport. I'm finally back now, and eager to drive my Evo!
About Bell Mitsubishi though, I'm not sure if they'll give anyone else the same deal they gave me. They will negotiate around invoice though, unlike other dealers negotiating around MSRP. if anyone does go there looking for an Evo, ask for Tim.
Last edited by rebelzx; Jan 4, 2004 at 08:07 PM.
Once again...
INVOICE including D&H 27486.47
Sunroof 653.00
HighWing 418.00
Total of 28557.47
If you can get a fully optioned one for close to invoice or slightly below, you're doing good.
Mitsu sales are down 30% this year, they'll deal, just be patient.
INVOICE including D&H 27486.47
Sunroof 653.00
HighWing 418.00
Total of 28557.47
If you can get a fully optioned one for close to invoice or slightly below, you're doing good.
Mitsu sales are down 30% this year, they'll deal, just be patient.
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Joined: May 2003
Posts: 451
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From: North Jersey
Originally posted by rebelzx
I'm ressurecting this thread!
Some of you wanted to know what happened with my purchase and where I got such a good deal on an Evo from. I bought a Tarmac Black Evo from Bell Mitsubishi on 6/26 for $300 over invoice with 4 miles on it. As soon as I drove it home, I left for the airport. I'm finally back now, and eager to drive my Evo!
About Bell Mitsubishi though, I'm not sure if they'll give anyone else the same deal they gave me. They will negotiate around invoice though, unlike other dealers negotiating around MSRP. if anyone does go there looking for an Evo, ask for Tim. Tell him Zoeb with the black Evo sent you.
I'm ressurecting this thread!
Some of you wanted to know what happened with my purchase and where I got such a good deal on an Evo from. I bought a Tarmac Black Evo from Bell Mitsubishi on 6/26 for $300 over invoice with 4 miles on it. As soon as I drove it home, I left for the airport. I'm finally back now, and eager to drive my Evo!
About Bell Mitsubishi though, I'm not sure if they'll give anyone else the same deal they gave me. They will negotiate around invoice though, unlike other dealers negotiating around MSRP. if anyone does go there looking for an Evo, ask for Tim. Tell him Zoeb with the black Evo sent you.
