$500 a month for a Mazdaspeed3?

M

microman777

Member
Went to the dealership to trade in my Mazda MP3 that is in excellent condition with only 66,500 miles for a Mazdaspeed3 turbo.

Best deal they could offer me was $500 a month for 60 months at 16.5% interest. I kinda laught and said if you want me to buy that car, then the most I'll give you is $300 a month with my trade! They then said I'll have to put down $5000 more to get something like that! They must be smokin crack!
 
How bad or good is you're credit? $500 a month isn't nothing dude. I know people who pay over 600-700 for car payments. Buddy of mine was paying $900 a month for his brand new Toyota Tundra. He wanted a Tundra and with his credit score and some down payment. That was the only choice he had!

If you're MP3 is paid off, they should put that towards the down payment. If not, then the $500 a month is probably from the negative equity you have
 
Lil_vicious559 said:
How bad or good is you're credit? $500 a month isn't nothing dude. I know people who pay over 600-700 for car payments. Buddy of mine was paying $900 a month for his brand new Toyota Tundra. He wanted a Tundra and with his credit score and some down payment. That was the only choice he had!

If you're MP3 is paid off, they should put that towards the down payment. If not, then the $500 a month is probably from the negative equity you have
Click to expand...

MP3 is paid off. I guess for me, $500 a month is just overkill for a car payment, especially for the Mazdaspeed 3. Now if it was for a Mistubishi Lancer Evolution, then yea, $500 a month would seem ok.
 
I'm paying about 570 on 48 months at 0%. Traded a msp at 94 000 KM. Figures are in Canadian.
So to me 500 for 60 months sounds high.
 
Last edited:
depending on the cost of the new car and what they are giving you on the trade-in, $500 could be within reason. but 16.5% interest is out of control!
 
forget about monthly... this is first common mistake when trying to get a car from stealership.
first never talk about trade-in... park so they won't see you driving in.. just walk into the dealership. then negotiate the price disregard of financing/payment and similar kind of crap.
once you settle down (basically test the seller) on the price you may bring up your trade in. now negotiate a trade in. once that part looks good to you - you may negotiate down payment -> amount to finance -> APR;

NEVER TAKE THAT BS about amount monthly - this is just stupid to discuss this.

it is a must to pull your credit reports and know know your credit score. also before allowing anybody to do hard pull of your CR it is good idea to pay down your CSs (at least a little) - but this is just a generic advice. it is also better to get a loan approved already (e.g. local credit union etc) before purchasing. you would be amazed how attitude to you changes once sales guy/manager gets to know you have financing align already.

to tell if 500 for ms3 for you is good we need to see:
- final price on ms3
- trade-in offer
- down payment amount
- APR for proposed financing - ahh 16.5 is just ****..
- you credit score from the agency used by financial institution while pulling your report etc
 
^ all good advice. and as we all know, you will get shafted on the trade in value if you go that route. the only good thing about it is that you don't have to bother selling your car yourself.
 
vtakk said:
forget about monthly... this is first common mistake when trying to get a car from stealership.
first never talk about trade-in... park so they won't see you driving in.. just walk into the dealership. then negotiate the price disregard of financing/payment and similar kind of crap.
once you settle down (basically test the seller) on the price you may bring up your trade in. now negotiate a trade in. once that part looks good to you - you may negotiate down payment -> amount to finance -> APR;

NEVER TAKE THAT BS about amount monthly - this is just stupid to discuss this.

it is a must to pull your credit reports and know know your credit score. also before allowing anybody to do hard pull of your CR it is good idea to pay down your CSs (at least a little) - but this is just a generic advice. it is also better to get a loan approved already (e.g. local credit union etc) before purchasing. you would be amazed how attitude to you changes once sales guy/manager gets to know you have financing align already.

to tell if 500 for ms3 for you is good we need to see:
- final price on ms3
- trade-in offer
- down payment amount
- APR for proposed financing - ahh 16.5 is just ****..
- you credit score from the agency used by financial institution while pulling your report etc
Click to expand...


Thanks for the info. Back in 2001 this same dealer gave me a killer deal on the MP3, so I thought they could do the same. Seems today they did try to **** me.
 
Lil_vicious559 said:
Buddy of mine was paying $900 a month for his brand new Toyota Tundra. He wanted a Tundra and with his credit score and some down payment. That was the only choice he had!
Click to expand...

What?! The only choice? How about choosing to be an adult and not buy more that he could afford?
 
This is pretty terrible. I'd get an approval from a credit union or bank and go back and say "okay, let's try this again."

Also, as was said before, negotiate the price of the car first. Then negotiate the price of your trade. Don't go by a monthly payment. You tell them that and all they see is dollar signs, because there are plenty of strings they can pull to get you into that payment, but at the same time drain your wallet far more.
 
I'm paying $600/month for 72months for my MS3 w/5.9%(in canada),and thinking of buying an Evo X for $750-$800/month for 60months w/0%
really envy you guys in the US
 
Im paying 440 a month at 10% interest 72 months..no trade..$1500 down payment..and I thought I had gotten rapped. They tried to **** you and take aall your money with interest!! I say the same thing, go to a credit union or so..get approved...go back and get the car you want.

Oh and if you can sell your car personally do it! You'll get more money in your pocket than what the dealer will give you. I work at a Mercedes-Benz dealership as a Sales Porter (NOT salesman, im not the enemy hehe) and im helping these guys all day. I see how they really do there magic but at the same time thats how they make a living. Like 3 months ago a customer bought a 2009 Mercedes SL63 AMG ($135,000) and traded a 2008 Porsche 911 Turbo with 3,000 miles mint condition which he bought for $140,000 brand new and the dealer gave him $70,000!! We went around and sold it for $130,000!!
So dont give the dealer your car...THEY WILL CHEAT YOU OVER.
 
Crazypato said:
Im paying 440 a month at 10% interest 72 months..no trade..$1500 down payment..and I thought I had gotten rapped. They tried to **** you and take aall your money with interest!! I say the same thing, go to a credit union or so..get approved...go back and get the car you want.

Oh and if you can sell your car personally do it! You'll get more money in your pocket than what the dealer will give you. I work at a Mercedes-Benz dealership as a Sales Porter (NOT salesman, im not the enemy hehe) and im helping these guys all day. I see how they really do there magic but at the same time thats how they make a living. Like 3 months ago a customer bought a 2009 Mercedes SL63 AMG ($135,000) and traded a 2008 Porsche 911 Turbo with 3,000 miles mint condition which he bought for $140,000 brand new and the dealer gave him $70,000!! We went around and sold it for $130,000!!
So dont give the dealer your car...THEY WILL CHEAT YOU OVER.
Click to expand...

Yea, they basically tried to steal my trade-in and make me think I was getting money for it. I'm not that dumb.

Honestly, I just went to check out the car. I didn't even bring the pink on my trade-in. But after driving the Mazdaspeed3, I just went with the flow to see what kinda numbers they could throw at me. I didn't think the dealers where so much crooks as they are.

At least now I know where NOT to go to get my final purchase. I'm still comtemplating on going with the Mazdaspeed 3. My credit rating isn't the best, but not the worst. If anything I'll go next to see what numbers they throw at my with a Evo Lancer. On that car I wouldn't mind biting $500 a month. But personally, I don't want to pay more than $350.

Back in 2001 I traded in a 1994 Saturn coupe at the very same dealer, and only had to finance $15,000 for a brand new 2001 Mazda MP3 at 5% intrest, $300 a month.

I thought they could do me a good deal like that again. Guess not, and times have changed in their integrity due to the bad economy becoming rapist!
 
yeah think of the deal as a two part deal

your negotiating the price of the new car
and the price of your trade in.

Park away from the lot so they cant see what you drove up in. Sales guys use that to their advantage, because what you drive does say alot about you first impression wise.

16.5 is a terrible loan rate dude. Definitely hit up a credit union first to see what they can do for you, than use that interest rate against the dealers financing.

but definitely set the price of the new car before you even bring up how your going to pay for it.
 
+1 on securing financing through a credit union before even walking into the dealership

I did that with my 6 and was able to negotiate like a cash buyer, and got 4.9％ (their rates have gotten even better since then - could get 3.9% now)
 
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