Potential MS3 Owner!

[SpooledYa]

Hey guys I have been searching around these forums for a few months now researching info on the Mazdaspeed 3. Well I finally broke down and headed to my local mazda dealer this past weekend and test drove an 08.5 MG Mazdaspeed 3 Sport. Needless to say I instantly fell in love! The mazda dealer has been calling my house non-stop trying to get me back down there, meanwhile I have been trying to come up with a way to get the best deal from them.

So far we have negoiated $345 a month for 72 months with $3000 down. This is with my 2004 Hyundai Tiburon GT V6 with 29,000 miles traded in for $8000 trade in allowance.( I currently owe $8000 on the car so I am breaking even. KBB rates it $7500 fair $8000 good and $8500 excellent conditon for trade in value BTW)

So what do you guys think? Good deal? How much better could these deal get, and does anybody have any advice/tips?

Thanks in advance!

Here are some pics of my tib from last summer BTW!

 

[Super Unique]

You should never deal in terms of monthly payments and money down when purchasing a car. Always negotiate your best price on the new car first, then amount of trade, and finally finance rate and evaluate your options of various amounts down. Dealing with the purchase right away in monthly payment really opens you up for exploitation by the dealer and finance department. There are also many other finance options available. An excellent one is your local credit union.

 

[nhluhr]

so you're going to pay $27840 for a MS3 Sport?

Sounds like a BAD deal.

For comparison, I recently financed a MS3GT at a purchase price of 22,889+tax/title/tag which came to an out the door price of 24,225.12. I got the loan from USAA but most online loaners or credit unions would give a similar interest rate of 5.89%.

Over a 60 month term, I am paying $460.53 a month. That works out to a total amount spent of 27,631.80. And that is for the significantly better equipped GT model, not a Sport.

If you let them know that you know how to buy a car and what it should cost, they won't try to swindle you so badly, so ARM YOURSELF with information and don't let them finance it for you because that is how they hide the true cost - either that or make sure you negotiate on a final out the door price, NOT the monthly payment amount.

Now for some actual numbers:
2008.5 MS3 Invoice Price: 20991
Expect to add about $1500 after taxes, titling, fees, etc. So a final out the door price of about $22,500.

If you put NO money down and financed this for 72 months at 6%, that would be $373 a month, for a total spent of 26784. If you still put $3000 down and financed for 72 months, that would be $323 a month for a total spent of 23256+3000 = 26,256.

So basically, I think they can do more on the price.

 

[nhluhr]

And one last thing, Using Edmunds.com you can request quotes from all your nearby dealerships - When a dealership receives a quote request from Edmunds, that also tells them that you are shopping around for a good price and are probably in contact with several other dealers. This speeds up the process of them getting down to a good deal.

Do not be afraid to pit dealers against each other. They know the game. They are willing to play it. If you have a salesperson or dealership you prefer to buy from, go to the dealerships you don't really want to buy from first, get a quote, then ask your preferred dealership to match it. They usually will, and you'll be win-win.

 

[djthom]

Go for the FAX ATTACK method (email attack now-a-days)

this link has tons of info on how to buy a car... h t t p ://w w w.fool.com/car/car.h t m (just take out the spaces)

good luck!

 

[Kain]

You should never deal in terms of monthly payments and money down when purchasing a car.

prus won.

And 72 months = no. If you're having to stretch yourself that thin to get into a car, then you shouldn't. You don't have any equity built into your trade-in... just keep driving the Tib and pay it off. Don't adopt the same fiscal mentality that is the root to over a million foreclosures in this country.

 

[nhluhr]

and if you don't take Kain's advice and you finance it for 72months anyway, at least get Gap Insurance from your lender so if you wreck it, you won't be stuck with that big debt.

 

[mdavis]

so am i correct with this??

$3000 down + $8000 trade + (72 mon * $345/mon) = $35,840 ?!?!?!?!

 

[nhluhr]

^^ i thought the same thing at first but apparently the dealership was going to pay off his loan in exchange for the Tiburon... so it was less. And the 27840 was all the payments added plus the 3000 down. Not a terrible deal, but could definitely be better.

 

[pointysticks]

what interest rate is that?

i personally hate that sales tactic. i come clean at the beginning, and let the dealer know that i am walking if he/she says "so how much can you pay everymonth?" or trys to tag team me with the "sales manager".

i think start over. send out email feelers to all the local mazda sellers. then negotiate the best possible price for the car. then tell them about the trade-in. (i think i would sell it myself). then worry about the payments. buying a new car sometimes is a sucky experience. good luck!

 

[mrjoshyman]

yeah that price is not so hot.....

i was able to get an 08.5 GT w/ autodimming mirror for 22,875 b4 TTL.... don't forget to play dealerships against each other, and dont settle till u get ur best deal.

if i went to my local stealership i would have paid significantly more than i did -- instead I drove 2 hrs 2 a dealership that was willing to give me an excellent deal....

 

[Hyun]

Damn you all and your good deals. I got the car right when it became available in NA and many had market adjustment attached to it. I was happy to get it at msrp!!