OK later this year I've decided to get a '03-'04 Evo VIII as my second car especially for the winter (AWD) but this time I want to do this right when it coes from buying from a dealer.

My master plan is get my own financing ahead of time through Capital One with a blank check loan so I'll have the upper hand. I always see quite a few Evo VIII's for $20,000 with about 40-50k miles. I don't want to pay no more than $18,000 OUT THE DOOR.

Do you think if I go in and show them the blank check (guaranteed money) and tell them I won't pay no more than $18,000 out the door or I'll go somewhere else that they'll break? I will also tell them I saw plenty of other Evo's and act like I'll walk in a heartbeat and if they want a sale they'll settle.

I don't have any experience with haggling dealers but I definitely want to get my own financing ahead of time so that I don't have to rely on them for that. What do you experts think????

 

I dont think so. But it all depends on the car/model/miles/condition.. im sure you could find a beaten one for 18k, but one thats in fairly good shape.. goodluck.

 

As a (previous new/used car salesman) i would say... Good bye.

You cant approach the situation like you have are the boss..

1) car dealers don't like when you pay cash, or use otutside sources for the money. They then cannot make that extra 2,3, or even 4% on the interest rate. So thats strike #1

2) they know what they payed for the car, and everyone has kids to feed. Soo they have a lowest possible number in mind in which they will not budge, or its not even worth selling the car (time is money, and they might make more on the other customer looking at the used caddy next to the evo)

3)On most car lots, there is an average of $5,000 mark up on the price they paid for the car. This leaves the general salesmanager a chunk, owner majority of the money, and if its a nice lot like the one i sold on, i got 25%

Most used cars the salesman might make $50.00 to $400.00


Your best bet is to show numbers and find as many issues as you can with the car. Wait it out also. there will be 50 kids going to look at it, ask to ride and be denied and the few who have money for the payment ultimately wont be able to afford the insurance. Also at the end of the month, dealers attempt to rip deals to rise sales numbers for "bigger factory incentives" from the big dogs.





Best bet, set a reasonable goal, stick to it. I used to tell low ballers have a nice day.

 

heres a link to something i found on edmunds before. I think it might help ya out

http://www.edmunds.com/advice/buying...2/article.html

 

Best bet is to learn all about the car (I mean everything), go in there and ask questions you know the answers to. Talk like you know what the car is and how much it is worth. Point out flaws in the paint, or driving issues, and everything, but say that it is something you may be able to fix. Refer to the car as a fixer-upper. Keep that mentality. Drive up in a decent car, do not discuss how you plan to finance until you have an out the door number. That means no social security numbers, nothing, just a name and phone number. Tell them straight up "I am very serious about getting into this car". You are likely to hear the famous dealership line "If I were to tell you we could get you a great deal are you willing to take this home today?". The sales people use this answer to decide how much time they will spend/waste on you. A good answer, is to state that "It is very possible". Go over the car with the salesman, take note of everything that is wrong with it. Know the value of it in different conditions, and estimate a fair market price in your head. Then subtract what you think is very reasonable, sort of low-balling but not like "Ill give you 5000 for this 06 MR". Start with that number, and talk to them, it will be a back and forth price swap for a while. Eventually as the pricing gets lower they will let the sales manager haggle with you instead. (Most likely). Keep at it, and if they refuse to meet your price, ask them how you could settle. Tell them that you would like to walk away with this car today. They will try to make it happen, with free items like floormats and other accessories.

Realistically just know how car lots operate, keep in mind they are in business to make money too. They will sell a car at a lower than reasonable price, so long as they still profit. Because holding a car that isnt selling, is worse than selling one for less than they hoped to get. Good luck, I pretty much have used that strategy on many many cars that I have owned, and I always walk away feeling like I got a good deal, which makes the cars much more enjoyable.

If you have a trade, do not let them screw you on it. They can take a hit on a trade in because they can try to sell it for a higher price to the next idiot to walk in. (And there are plenty of idiots to go around). Also, sometimes it is a good idea to have another car in mind, and talk openly comparing the like-cars. A little friendly competition between dealers never hurt, and can yield some good results. (Have the paperwork to back up the offers though).

 

At this point in time, I don't think that $18,000 OTD is realistic. That basically takes the car's value down to around $16,000+.

To find an Evo with that type of price, you're looking at a car that's salvaged or hitting close to 100,000 miles on the odometer.

You should either wait and save more money or if you are set at that maximum price, you will have to wait for just the right [read: wrong] Evo.

 

Thanks you all for the advice. After reading all of the post I think I'll just go with a private seller who desperetely needs t o sell the car for whatever reason i.e. kids. I've been loooking at classifieds and found a few going for $18K. I guess if I go with a private seller I won't have to worry about dealer markups and tricks.

 

make sure you get it checked out first because there was one in my area for 22k with only 10k miles but he ha modded like almost nothing was stock and replaced everything again with stock parts and tried to pass it off as "Never modded or seen a race track:. =/

 

[QUOTE=Peteypab2133;5365503]As a (previous new/used car salesman) i would say... Good bye.

You cant approach the situation like you have are the boss..

1) car dealers don't like when you pay cash, or use otutside sources for the money. They then cannot make that extra 2,3, or even 4% on the interest rate. So thats strike #1




QUOTE]

going in there with your blank check will give you less leverage. instead maybe go in there and say you want to finance throught them (which'll give them a hard on cus then they get to buttrape u thru interest) and then pay off the loan completly the same or next month. you can haggle more this way ( thats what i did) good luck

 

[QUOTE=veilside prius;5367665]
Ha ha we used to have drug dealers come with duffel bags of cash, and or bank checks for the amount in the ad in the news paper. 30 minutes later they were driving away... talk about getting things done fast and quietly lol

 

banks wont give you a loan for a car that is 4 or 5 years old....at least by me anyway.

 

Good ideas on all counts. I'd say go in to that dealer and see what they will take for the car. As many others said, with documents in hand and the car being a "fixer upper". If you don't go in and make that offer, you won't know if they'd take it. So long as you like this car anyway.

 

Banks will loan you money for anything if you have the right credit, even older cars.

 

Yep. I financed a built, restored '71 Camaro Z-28 for $16K that KBB said was worth like $1500. It all depends on the car and the bank you are working with. . .

p.s. see my sig. Willing to work with ya! ;-)