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Is the the best strategy to get a great deal on a car right now.?

Im in the market for a new car.

Or at least it would be my new car.

I buy barely used, low mileage cars instead of new, let someone else take that depreciation hit. Not to mention they tend to have a much higher profit margin on used cars so more room to haggle.

But besides that, i see a car online at a dealership im interested, and if all goes well with the test drive, here are my strategies.

1. Even though i can afford to pay in full, in cash, I use in house financing, then turn around and pay off the lender. I still avoid nearly all the interest, and because dealers get kickbacks from the lenders for that, it allows more room to negotiate down the sticker price.

2. I was going to wait until summer, but with the pandemic going around, car dealerships are taking a hit. Im not happy about the tragic state of things, but theres nothing i can do about it, so might as well strike when the iron is hot and they are desperate to make sales.

3. I go tomarrow or tuesday, end of the month. Preferably tuesday night. Last chance for salesmen to make a commision that cycle, and combined with number 2, I expect they'll take what they can get within reason.

Does this culmination of factors pave the way for me to get the best deal possible?

  • Best Answer

    Wait six more months. 

    Anonymous 2 months ago 0 0
  • Other Answer
  • Wait six more months. 

    Anonymous 2 months ago 0 0
  • If & when you actually look for these barely used cars, you may find the savings are not what you expect versus a brand new one. Not that buying brand new is ever a great idea.  

    The last day of the month might save you $100 versus the 8th of the month. Hardly worth worrying about.

    There is no reason to use in house financing.  You will NOT get any savings off the car by financing with them and there might even be a prepayment penalty which would dwarf any perceived savings anyway.

    Your best bet is to find a 3-4.5 year old car from a private party with low mileage that may still be under factory power train warranty. (Some cars are 5 years 60k but the 5 years starts when it was sold so you can't know that without calling a service department, giving them the vin and asking)

    Finally, you want a car that has not been wrecked or painted.

    If you want to get a good deal, you have to remove the 300 pound middleman from the equation. (car dealers)

    Now and over the next month or two or so might be a great time to find motivated private parties who can't pay for their car.  Just make sure you are not paying over private party value and ideally, a bit less.

    Why do I get the impression you are a bored teen or early 20s without money or a job?

    Are car dealers even open with so much shut down?  Probably does not matter as its all make believe anyway.

    Anonymous 2 months ago 1 0
  • That wouldn't be my strategy, particularly with the in-house financing since the loan initiation fee might be as much as 1% of the sale. And, the car salesman are far more experienced at negotiating and know how to handle people like you. I predict that you'll still get hosed. Better to go bargain-hunting in the private market where people out of work may be more desperate to sell, and there is no sales tax to pay. 

    Anonymous 2 months ago 1 1
  • Just use your visa card, it's the same as a cash deal and you know what they say, "Cash talks, s--t walks."

    CactiJoe 2 months ago 1 1
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