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Geoff Wootton
Grand Master
Username: dounraey

Post Number: 2058
Registered: 5-2012
Posted on Monday, 28 January, 2019 - 05:53 am:   Edit PostDelete PostView Post/Check IP

So my 2004 Ford Explorer day car finally hit the dust after 225k miles. Since I'm really not into modern cars I decided to buy a cheapo SUV as a replacement daily runabout. My enjoyment of driving is easily catered for by the Rolls. I arranged a deal with the car salesman who asked how I was paying. Cash I said. He informed me there was a $500 penalty for paying cash. I nearly fell through the floor. I couldn't believe I would have to pay an extra $500 for the privilege of paying cash. The salesman sensed I was about to walk away when he came up with a compromise solution of my taking out the smallest loan possible (5k) and then paying it off after the 3rd installment, meaning the interest amount would be very low, saving most of the $500.

Just wanted to register my astonishment and also warn others to check if there is a penalty if you are paying cash for a car.
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Kelly Opfar
Prolific User
Username: kelly_opfar

Post Number: 221
Registered: 7-2004
Posted on Monday, 28 January, 2019 - 07:01 am:   Edit PostDelete PostView Post/Check IP

Financial guru and talk show host Dave Ramsey states that new car dealers average less than $100 profit on new vehicle sales. All of the profit comes from people buying on credit and from service centers.
That is outrageous to be charged a cash penalty.

Here's the little scam I fell for last summer. I bought a new F150 and was told I would get a $750 discount for going through Ford Credit at a ridiculous 7.5% rate. They said I only had to make 3 payments before I could pay it off with another loan. I did the math and figured I would still come out $400 bucks ahead because I could get 1.9% from my Credit Union. So I bit.
As it turns out, 1.9% rates are only available for new vehicle purchases. After 3 months, my truck was now a used vehicle and I could only get 3.39%. There went the $400 and then some.
This was the first new vehicle I'd ever purchased and I didn't know better. Live and learn...
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Steve Emmott
Experienced User
Username: steve_e

Post Number: 50
Registered: 11-2018
Posted on Monday, 28 January, 2019 - 03:46 pm:   Edit PostDelete PostView Post/Check IP

Same practice does occur here too in UK.

My friend just bought an Audi A6 no trade in as he gave his used one to his daughter.

Shopping around he found the best price on the new car was 1000.00 less at one garage but he had to buy it on credit finance.

So he just took the penalty hit and paid the loan off after the first month. Still made a bit of a saving.

Never known it on a used car though. Our famous used car trader 'Arfur Daley' will be rolling in his grave.....he would have to declare the sale for tax

BTW.. Here in UK taking your hat off is an act/gesture of complimenting someone. I hope the salesman realised it was the steam coming out your ears
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Patrick Lockyer.
Grand Master
Username: pat_lockyer

Post Number: 2047
Registered: 9-2004
Posted on Monday, 28 January, 2019 - 07:14 pm:   Edit PostDelete PostView Post/Check IP

Thought everyone in the UK new about buying new discounted cars.
saving thousands!
just one of many sites!

https://www.drivethedeal.com/?msclkid=d9d64a19ea1b1c15481b16572f5b0e72

As for s/hand look through the local private adverts, pick out your choice and go for a test drive let your eyes and ears be your guide with full service history unless you are a cheque book Charlie with no mechanical knowledge, if all ok let the fun haggling begin.
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Steve Emmott
Frequent User
Username: steve_e

Post Number: 51
Registered: 11-2018
Posted on Monday, 28 January, 2019 - 09:37 pm:   Edit PostDelete PostView Post/Check IP

Patrick he is a very shrewd (tight) multi-millionaire accountant and that is exactly what he did troll through these sites to find the best price.

The new car still has to come from a main dealer though as the site you linked makes quite clear.

The catch is that once you get the best price from one of these links and then approach the main dealer that is when you discover the 'special terms' required like you only get that quoted low price if bought on finance.

Indeed I recall the conversation with him and one main dealer said the price only applied to a specific colour that they did not have in stock.

Usual 'tricks of the trade' no doubt
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Mark Luft
Prolific User
Username: bentleyman1993

Post Number: 242
Registered: 10-2016
Posted on Tuesday, 29 January, 2019 - 05:15 am:   Edit PostDelete PostView Post/Check IP

If the price was posted on the vehicle, then that would be the price you pay. In the USA, the new car dealer may offer a discount for financing through a specific financing agent (Ford motor credit for example) but it MUST be disclosed.
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Patrick Lockyer.
Grand Master
Username: pat_lockyer

Post Number: 2048
Registered: 9-2004
Posted on Tuesday, 29 January, 2019 - 05:19 am:   Edit PostDelete PostView Post/Check IP

Ah, how about the real deal, Car Wow!!!!!!!!!

https://www.carwow.co.uk/

With a full selection on most vehicles example:

Mercedes E-Class Estate E 200 9G-Tronic AMG Line Premium

Design metallic - Hyacinth red

0 miles

2.0 litres

Automatic

Petrol

Front & Rear

You pay 35,685 saving 10,490 off RRP

.

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