Quote:
Originally Posted by NALEM
Check online for dealer inventory. Those that have excessive number of cars from the previous years are motivated to sell at cost. Manufacturers consign the vehicles interest free for about 120 days. Thereafter the dealership is paying interest on a large credit line they use to maintain inventory.
You can buy a brand new "last year's" model for 22-25% off MSRP, and secure financing at a % that is appropriate for your credit rating. Solid credit history should earn you a 1.9 - 2.9% annual rate for 5-7 year term.
Good luck!
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This is true.
The only time I actually made money on a new car was a Mazda MX3. It was my first brand new car, stick shift, leather seats, sun roof, CD player.... While the car was brand new, it had actually sat on the lot for three years because it was... fucking purple.
This is a picture of my car back then - 1994? - but the car looks more red here than purple. Trust me, it was purple.
Anyhow, when I traded the car in.... I got $5k more than what I paid for it. I only had it for a year, didn't drive it that much, and because I bought it at such a heavy discount it was worth more used than what I paid for it.
I like buying used cars with 20k miles on them.... Cheaper and all of the kinks are worked out of them.