Hello--
I went into my local VW dealership since I'm interested in getting a Jetta. The car I want is a 2008 certified jetta with 33,500 miles on it. The vehicle was originally $15,488 which they said is specially priced for he internet. At first they weren't willing to come down off the price , however they've now decided to take off $300, which will brings the price to $15119. I have a 1999 Chevy Cavalier with 128,000 miles on it. They offered me $650 for it. Now the price of the vehicle is down to $14469. They've offered me 5.5% through VW credit. I'd like to get feed-back from those of you in the know on whether or not this seems like a good deal. Thanks!
Starting Score: 650
IOBA-
KBB for the VW is $16290. The KBB trade-in value for my Cavalier is $600.
Thanks for your input!
@Anonymous wrote:
@joy1979 wrote:Hello--
I went into my local VW dealership since I'm interested in getting a Jetta. The car I want is a 2008 certified jetta with 33,500 miles on it. The vehicle was originally $15,488 which they said is specially priced for he internet. At first they weren't willing to come down off the price , however they've now decided to take off $300, which will brings the price to $15119. I have a 1999 Chevy Cavalier with 128,000 miles on it. They offered me $650 for it. Now the price of the vehicle is down to $14469. They've offered me 5.5% through VW credit. I'd like to get feed-back from those of you in the know on whether or not this seems like a good deal. Thanks!
As I have stated in previous threads, the interest rate you get is predicated (along with many other factors) on how long a term you take the loan out for. Without knowing 36, 48, 60, 72 months we have no context to put the 5.5% offer.
Since it seems that you are probably going for a 60+ you have a great rate.
Does this seem Like a good deal?
yes!?!?!?
But its not our transaction. I am assuming the dealership has shown you the CARFAX- and the vehicle is clear of any major issues/accident history, and shown you where the price they are charging you for the vehicle rates to Kelley- and you are paying less than KBB- or if you are paying KBB you feel the vehicle is worth it.
1- You have an offer of 5.5% if I am to assume you are going for 60 months your offer is within paramentrs that would be considered GREAT to excellent. Are there lower rates out there? yes! Do you or would you qualify and without a hoop jump- who knows. You are trying to get a loan on a 3 year old car.
NFCU ( a reliable and consistent institution) is offering 3.99% on used for 60 months as lowest possible rate. So at 16K for 60, with a 5.5% you would be at $305.62 and at 3.9 you would be at $293.94- a fairly negligible variance.
So you are being offered a good and competitive rate that in theory you could shop around and find something lower.
2- You have a price for the car- we do not know any of the cars particulars- as long as the data checks and you do not feel you are being ver charged, be happy. You have no way of knowing what the dealership has invested in the car so you have no idea knowing if they could go down more or not- so you NEED to simply be happy with the transaction as it stands.
3- Your cavalier is worthless. Sorry but a 1999 with over 100k- be happy that they are not charging you to take it off your hands (thats hyperbole by the way) $650? could you get $1000 I do not know, but I would not expect you to get much more then that if it was a good day.
How much would you pay for your old car if the dealership was to sell it?
Ultimately ARE you Happy? IF SO then enjoy it and go for it. And then do not think about it anymore. At no point are you being taken advantage of. (I mean I have no knowledge of the car you are buying but am assuming yo uhave done your research and the numbers add up on the car.
usmc5855--
@Anonymous terms are 48 mos @ 5.5%. I was told if I went higher than 48 my rate would increase.
Thanks for your input!