topic Re: Am I Getting A Good Deal? in Auto Loans

Am I Getting A Good Deal?

Anonymous — Fri, 01 Feb 2013 08:10:53 GMT

I'm a first time new car buyer. I've got my eye on a 2013 Toyota Tacoma 4x4 Regular Cab I've done my research (KBB.com / NADA Guides and Consumer Reports)

Each one had a slightly different target price. I've been negotiating via e-mail with a dealership in my area and offered the exact one I want for $21,300 (+ tax ttl and license) which is a couple hundred dollars lower than the "fair prices" I found in my research. I've been "pre-approved" at my CU but haven't been given the interest rate yet (the rep said with my credit I would qualify for their best rate... currently 2.99% I believe. My credit scores are 792 via this website (Score Watch) and 750 on Credit Karma.com. I have $3K to put down, make a nice salary and owe less than $500 on my CC.

My questions: 1.) Is there any more room for negotiation on price? I feel like I beat them up pretty good. Hit ten dealers in my area and played each quote off the other until they stopped matching. I did my research on which dealerships had a good reputation and I feel like the one I want to do business with is legit.

Second question: Should I also apply for dealer financing? It would pay to compare right?

Here are the results of my price research:

KBB.com

MSRP $22,320
Fair Purchase Price $22,320
Dealer Invoice $21,179

NADA Guides

Base Price $22,735
Destination $845
Total Price $23,580
MSRP $25,095

Consumer Reports

Configured MSRP: $22,320
Target Price: $21,875

Re: Am I Getting A Good Deal?

dabrian — Fri, 01 Feb 2013 08:52:15 GMT

You will qualify easily for 0% thru toyota.

Re: Am I Getting A Good Deal?

Revelate — Fri, 01 Feb 2013 17:56:10 GMT

@dabrian wrote:
You will qualify easily for 0% thru toyota.

+1 for talking to the dealership financing as well. They likely can beat the CU's rate in your case, and worst case you already have a good loan to fall back on in my estimation.

I think you did fine.

Re: Am I Getting A Good Deal?

Anonymous — Fri, 01 Feb 2013 20:40:51 GMT

Re: Am I Getting A Good Deal?

Anonymous — Sat, 02 Feb 2013 23:41:03 GMT

Aaaargh. I chickened out. I made it all the way to the dealership, took a test drive then haggled with the salesman to get an additonal $150 bucks off (floor mats?). The salesman kept me waiting for 30 minutes while he "finished up the paperwork" and then came back asking me to fill out ANOTHER credit application? I started thinking... Gosh...$20K is a lot of money. I also witnessed a weird price haggling thing going down in the dealership and I just freaked out.

I left. With my $6K still in my bank account.

I'm not sure I'm cut out for this. I think I have debt-phobia and a fear of the future.

Ugh.