Got a call from the dealership...
- Thread starter dinux
- Start date
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- 02.5 P5
nate0123 said:
$14k sounds right to me. when i was looking for a p5, i couldn't find any in decent condition for under $14k out here in california. i paid $13.5k for a 02 with 50k miles. that was the best deal from central california to southern california. i went to 15 different dealerships, but maybe i was looking for p5 at the wrong time.
What the dealership wants to do, besides rope you into another contract or get your bank check up front (even better for them) is get a slightly used car and rip you off for it.
NEVER tell a dealer what you want to pay per month. There are 20 ways for them to make a payment for you total $XXX per month and all of them will rip you off.
Here's the scenario:
When you come in, they offer you some sexy new car for $19,000 and you get all wide eyed and they tell you how good it looks on you and how your manhood will grow and inch and you'll grow hair on your suddenly developing chest muscles because of this new car.
Then they knock your socks off by telling you that with your trade in you can have this brand new car for only $13,000, they don't even care if you use Mazda financing since they are such good guys. The loan you owe will go away too.
Shoot, you figure you paid more than 12 for your new P5 so you really got one over on them.
You say "Where do I sign?" and they run up the numbers for you and you are on your way after an additional $500 delivery charge and tax/tag/title and undercarriage rustproof for $500 and maybe a filing fee of $50 or so.
You roll off the lot laughing to yourself about how you really made out on that one... Plus they gave you a free Mazda keychain wich will impress your buddies.
They walk back to their office laughing too, because here's the deal:
They just got you to turn in your car to them for $6,000, they'll hose it off and sell it for a "no haggle" price of $10,500. That also happens to be PURE PROFIT for them.
They moved a new, or earlier model off their lot, which bumps their quotas with corporate.
They also got you to either:
1. pay with your own bank and they get all the money up front which looks good on their books
2. pay with Mazda finance which is good for them in the long run because of the interest you'll be paying right back to Mazda corporate.
Since you let it slip that you want $400 each month payments they made that happen and after all is said and done you'll pay $26000 for that $13,000 loan due to interest.
Do the math, they got you to pay $26,000 with financing, and $4500 extra for the trade, plus about $500 in random bogus charges like delivery and paperwork, plus maybe $300 in fluff "extras" charges like floomats and locking lugnuts or exhaust bearings (I've seen window stickers with a list of extras that were not even installed on the car).
SO: $40,300 sound good to you? (yupnope)
NEVER tell a dealer what you want to pay per month. There are 20 ways for them to make a payment for you total $XXX per month and all of them will rip you off.
Here's the scenario:
When you come in, they offer you some sexy new car for $19,000 and you get all wide eyed and they tell you how good it looks on you and how your manhood will grow and inch and you'll grow hair on your suddenly developing chest muscles because of this new car.
Then they knock your socks off by telling you that with your trade in you can have this brand new car for only $13,000, they don't even care if you use Mazda financing since they are such good guys. The loan you owe will go away too.
Shoot, you figure you paid more than 12 for your new P5 so you really got one over on them.
You say "Where do I sign?" and they run up the numbers for you and you are on your way after an additional $500 delivery charge and tax/tag/title and undercarriage rustproof for $500 and maybe a filing fee of $50 or so.
You roll off the lot laughing to yourself about how you really made out on that one... Plus they gave you a free Mazda keychain wich will impress your buddies.
They walk back to their office laughing too, because here's the deal:
They just got you to turn in your car to them for $6,000, they'll hose it off and sell it for a "no haggle" price of $10,500. That also happens to be PURE PROFIT for them.
They moved a new, or earlier model off their lot, which bumps their quotas with corporate.
They also got you to either:
1. pay with your own bank and they get all the money up front which looks good on their books
2. pay with Mazda finance which is good for them in the long run because of the interest you'll be paying right back to Mazda corporate.
Since you let it slip that you want $400 each month payments they made that happen and after all is said and done you'll pay $26000 for that $13,000 loan due to interest.
Do the math, they got you to pay $26,000 with financing, and $4500 extra for the trade, plus about $500 in random bogus charges like delivery and paperwork, plus maybe $300 in fluff "extras" charges like floomats and locking lugnuts or exhaust bearings (I've seen window stickers with a list of extras that were not even installed on the car).
SO: $40,300 sound good to you? (yupnope)
romecandleboy
Member
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- 06' MX-5 Miata
misbehave said:
Ha, I was thinking the same thing.. Either that or the extra 8 grand he spent is stuffed inside a briefcase in the spare tire compartment.
If you are trading in, don't elude to it at all. Haggle the price of the new car first, and if you make multiple trips to the dealership over the car you are purchasing, always drive a different car there to throw off their suspicions of what you are trading in. Then, after you have the new car price locked in, start talking trade in value on the car you want. Feel free to haggle this value as well.
I wont be trading it in. I love my P5 and it's the first car I have bought under my own credit without having to have a cosigner or anything. It was a big step for me and a decision I made on my own. Being 19 when I bought it and the first car I bought on my own, I expected to get burned. So, oh well. Make fun of all you want.
Not to piss off anyone, but I think I've got you all beat (in a good way for me!)
I live in Indiana, not a whole lot of demand for the P5 here as opposed to SoCal,
I bought my Silver P5 5 weeks ago from a private seller for $9,100 with 25K !!!!!!!!!!! Immaculate condition, not even a scratch!!!!!!!!
Said he had to sell so he could buy a mini-van for his wife and kids.
I even got in inspected and the shop said it was perfect!! HA! His loss!
In the last 3 weeks, I've put new 17's, tires, eibach springs, tokico HP's, tint and a DG lip on . I'll be posting pictures after the weekend!
INDY 500 Weekend SUCKA'S!!!!!!!!! (bowdown)
I live in Indiana, not a whole lot of demand for the P5 here as opposed to SoCal,
I bought my Silver P5 5 weeks ago from a private seller for $9,100 with 25K !!!!!!!!!!! Immaculate condition, not even a scratch!!!!!!!!
Said he had to sell so he could buy a mini-van for his wife and kids.
I even got in inspected and the shop said it was perfect!! HA! His loss!
In the last 3 weeks, I've put new 17's, tires, eibach springs, tokico HP's, tint and a DG lip on . I'll be posting pictures after the weekend!
INDY 500 Weekend SUCKA'S!!!!!!!!! (bowdown)
dinux said:
Now might be a good time to refinance. Right now I'm paying about 13%-17%, but I want to wait till after I get a mortgage (less hits on my credit report) after the mortgage is settled, I'm going ot refinance through my credit union and they have already quoted me 6.35%. and right now I overpay my monthly payments by about $50, and I pay everything weekly, so that the interest only has a chance to accumulate in a 7 day period, not 30 days.
PS, IMO, keep the P5. Whenever a dealership is having a sale, they just want to get bodies on their lots. even ifyou're not buying a car, people will drive by and see the lot full of people, and naturally, they want to see whats up, and it snowballs. If you love your wife, you wouldn't go dating around, so if you love your car, don't go shopping around.
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I dont know why mazda rushed to stop producing the Protege5, Im sure this was one of the best seller and most acclaimed Mazda economy car they have ever produced. I remember when they bought the P5 to the US on an autoshow of pre-production for US car and noticed it was the most wanted car by then.
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- 2018 CX-5 GT
That's because it's such a charmer, it is rare when I don't look back at it when I'm walking away. I've gotten so many compliments on this car, when I first got it people flagged me down just to ask me about it. Now they're more profuse and I see on average one a day but I still love seeing them, they're not played out yet IMO.
My situation is somewhat similar to yours, dinux, my P5 was my second car but the first I bought on my own. I would have gotten a lower interest rate if I'd had a co-signer but I wanted it to me mine. There was to be no one's thumb on me for this vehicle, and I haven't regretted it once.
My situation is somewhat similar to yours, dinux, my P5 was my second car but the first I bought on my own. I would have gotten a lower interest rate if I'd had a co-signer but I wanted it to me mine. There was to be no one's thumb on me for this vehicle, and I haven't regretted it once.
GreyMan: you got a nice deal. I am only paying an APR of 7.25% so it isn't bad. It's financed through my credit union and my payments are taken out on the 20th of every month automatically so that I do not have to worry about it. Good to see the I am not the only one who wanted this to be "their" car and did not want a co-signer. I naturally asked me parents about it and my old man was like "this is your decision, do what you want" so I did. I am having a hard time with money in general. I have a long list of things that I want to do to it but they will have to wait awhile. I can't refinance because my credit union will only loan up to 125% of what the vehicle is worth and it books at $12,355 right now and I owe $21,500 or something like that. It's only gone down $3500 since I bought it one year ago this Sunday.
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- '13 CWP MS3 & '16 Mazda6 GT
3.9% interest here!!
