Help! Buying 2002 DEMO P5! (Canada)

[Ozzmosis]

Hey people!

So I'm super excited here..... I was reading the paper this morning, and came across an add for a MAzda dealer that is selling a pair of 2002 P5's that are demo's.... I was windering if there is anyone out there who has bought a P5 from a Canadian dealer, and if you could give me a run down on what I should do to haggle with them to get the best deal. The car is listed for $20,498 I think its loaded without the sunroof. They show a regular price of $22,300. There is also a 0% for 36 month thing here too (Sorry, never bought a new car, ever) as well as no payments for 6 months.

Soooo I would like the low down on things... what to ask for, what to demand, and what I should get.... Or if there is a website with all this info on it.

Sorry if this e-mail is worded all funny.... Trying to work and do this at the same time... lol

Thanks everyone for your input!

 

[blynzoo]

For a 1 yr old demo driven car, take at least 20% off INVOICE. Anything above that is a rip off, and right at it is just a fair deal. I'm not going to convert CDN here, but just use percentages as a guide. 20% is the "floor" that dealers use for demos. They will go below it, but it's normally the lowest they go (my dad sold Chevys for 10 yrs, it's where we got all our cars).

 

[porkcrackers]

Hi, I am from California-not Canada, but I bought a 2002 Protege 5 demo not too long ago. I am assuming the price you quoted is in Canadian dollars. I paid only 14k for mine and it's perfect w/ all power, abs, side air bags,roof rack, power moonroof, etc., loaded! Figure out if you have no problem paying it off in 3 yrs. If so, take the 0% apr-unless you can get them to knock off a bunch at a higher apr (it has to be enough off to make the offset cost less overall even with interest {do some math}). If you want to cushion time and get lower monthly payments for a little extra security (like I did) then look into that. Going with a 5 yr loan I still got just over 3% which equates out to less than $200 a year in interest (cheap) over the 5 yr span, IF, I take that long to pay it off....you can always make larger payments and not get penalized if you set it up that way. Tell them you want a loan that will pay the primary principal first (if you can do that up there), that way if you get rid of the car early, you will have some of the car paid off-and not just mostly interest paid on. If you want to get bold, and you're a gifted haggler, you can get some dealers to show you the dealer invoice (their actual price they paid) and work it up from there, rather than down from the window price. The 6 month no payment is a gimmic IMO. Unless you can't afford the payments right off, and if that's the case-don't buy a car. It just delays when you start making payments and the car is that much older when you get it paid off. Work every avenue and see if they can drop that a give you an extra $200 off or whatever. Check out consumerguide.com -if it works for Canada it gives you break downs of all the ways to look at pricing from everyones perspective. There is a lot of other useful info their too, so it may be a dig. All the best, Jusden