Buying a Used car with cash

[prohornblower]

I might be doing this soon, but I want to know what the monetary value of doing so is. I don't want to hear about leveraging the interest rate to go invest in NTDOY stock and make millions.

How much money can you save off the top buy walking in with a money order or whatever for the price of the car? Some places that sell them used don't "haggle", like Carmax, etc. The sticker is what you get.

But I think at the very least you should be able to save $100-$300 just for the simple fact that they don't have to find a lender for you and thus, less paperwork. They also don't have to transfer your title to the lender, etc. Isn't that worth at least a couple hundred in savings? You show up with check, and walk out with car, keys, and title?

Thanks!

[Fishhead24]

One thing for sure, you are very smart for buying used.

Anyone buying new that is on any kind of budget is throwing money away bigtime.

NEW cars depreciate 20-40% the minute you drive them off the lot and therefore buying new is one of the worst financial decisions anyone can make in their lifetimes.

[Fishhead24]

One concern right now with buying used is there are not that many used cars with the flex-fuel option.

[Moseley]

[ QUOTE ]
But I think at the very least you should be able to save $100-$300 just for the simple fact that they don't have to find a lender for you and thus, less paperwork.

[/ QUOTE ]

You can line up your own financing before going to the dealer.

I wish I had thought of this one, however, I have to give the credit to a friend: After working out a deal, he then asked how much of a discount he receives for allowing them to leave their company sticker on the trunk/bumper of the car. "If my car is going to be a billboard for your business, I'm going to get paid for it." And he did. $150.00 worth.

[mtgordon]

I'm guessing (and just guessing) that they get a kickback for the loan so they're actually making money off of your financing.

[Thremp]

[ QUOTE ]
I'm guessing (and just guessing) that they get a kickback for the loan so they're actually making money off of your financing.

[/ QUOTE ]

I've heard numerous people getting better deals financing the car rather than cash.

[prohornblower]

[ QUOTE ]
I'm guessing (and just guessing) that they get a kickback for the loan so they're actually making money off of your financing.

[/ QUOTE ]

Oh, I'm sure of it. But I'm probably only going to buy $10-$12K worth of car. I don't think they'd be losing much kick-back. My plan would likely be to walk in, pick the car and tell them I'm paying with cash and to knock $X off of the car and if not I leave.

They'll do anything for a sale, especially to get a used car off their lot. I'm pretty sure I could get 1-2% knocked off the price for walking in with a money order ready to buy.

Thremp: Explain more, please.

[Ray Zee]

you save the most and get the best chance of getting a good car buying from an individual. plus you get to talk to the owner and can guess if the car was taken care of. from a dealer he justs wants to take your money.
dealers sell at or above retail for cars that dont deserve retail prices in general. even if you get alot taken off the price you still dont get a good deal.

[Thremp]

[ QUOTE ]
you save the most and get the best chance of getting a good car buying from an individual. plus you get to talk to the owner and can guess if the car was taken care of. from a dealer he justs wants to take your money.
dealers sell at or above retail for cars that dont deserve retail prices in general. even if you get alot taken off the price you still dont get a good deal.

[/ QUOTE ]

Ray Zee, your advice never fails to make me laugh.

If you buy from an individual bring a trusted mechanic with you, or don't buy from individuals.

[krishan]

I just bought a car from car max with cash. I didn't ask for a discount. Nor did I dicker for advertising payment for the bumper thing.

Krishan