Buying a Used car with cash

[prohornblower]

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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

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This is a great help for me. Thank you for posting.

[mo42nyy]

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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.

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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.

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LOL almost everyone I know has bought a used car from an individual and none have had problems. You should bring a mechanic no matter where you buy a used car, so why get ripped off by a dealer?

[Thremp]

mo,

Thats not what I was talking about. My family buys almost all used cars, but to think that you can find out whether a care is well-taken care of by speaking to the owner is LOLOcoaster.

I got some high stakes prop bets that Ray couldn't figure out half the major problems that owners didn't disclose on their vehicles or even get a general feel. Isn't the idea when selling used cars to cover up the flaws and highlight the good aspects of your product?

It wasn't meant as a "Buy from a dealer" but more of a "LOL at silly self-reliance" or a "LOL you can 'think' your way to solutions with little expertise in a field"

[wtf6192002]

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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.

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I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

[prohornblower]

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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.

[/ QUOTE ]

I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

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You obviously know very little about cars and buying them. You sound like I used to, before I figured it out.

[pureCra2z]

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[ QUOTE ]
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.

[/ QUOTE ]

I want to throw up when I hear someone say this.

Ignorant people who know nothing about cars or money make comments like this.

If you buy new your car will be under warrenty for 4-5 years and 50K-100K miles depending on make and model. If you add the price of repairs in with your monthly payments then many times you are actually paying more for a used car. Slightly used is ok, but if you can afford it you will be better served to get something new.

ARE U GOING TO SELL your car 5 mins after driving it off the lot?

There is one major problem with buying used cars. You normally still have to finance the car over a 5 year period. By the time you get to year 3-4 your car is pretty old and will start breaking on you. You will not be able to sell it because you will be under-water on your loan and you will be stuck with the thing.

USED CARS ARE OK IF YOU CANT GET A NEW ONE. If you can afford a new one take advantage of the great deals available in respects to financing and rebates. You will have a good car with a great warrenty that no one else has messed with.

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joke?

[Jimbo]

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

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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.

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16 years in the car business here, cash buyers are at a great disadvantage when it is known up front. We made more on the back end (financing) than on the front end (profit on sales price) the vast mahority of the time.

Jimbo

[Thremp]

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

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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.

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16 years in the car business here, cash buyers are at a great disadvantage when it is known up front. We made more on the back end (financing) than on the front end (profit on sales price) the vast mahority of the time.

Jimbo

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Isn't there some element of ease also and volume considerations... Even if you make just a few hundo for a relatively hassle free sale?

I've heard conflicting reports.

[Jimbo]

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Isn't there some element of ease also and volume considerations... Even if you make just a few hundo for a relatively hassle free sale?

I've heard conflicting reports.


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Would you rather make an easy $200 in an hour or $1200 in two hours? Anyone who tells you the paperwork is difficult has never sold a car at an auto dealership in their life.

Hell we had 9 guys just sitting around waiting for people to complete the sales and financing paperwork. They all work on comission, you think the dealership would rather they were drinking coffee or have an opportunity to make a profit? It takes like 10 minuuts longer to do a finance contract than it takes to do all the bill of sales and other paperwork required just to sell an auto.

Jimbo

[Thremp]

Jimbo,

Word. How much of a discount would you push through for a guy getting financing there? 2%?