@kjones2011 wrote:
Hello All,
I have decided to wait to buy another car. I would like to wait and builld a decent down payment to cover documentation fees and also be able to handle the trade in and new car buying process sepeartly so I don't have to deal confusing financing from certain dealerships. I currently have a decent auto rate now (5.25 yay)soo..... the interest isn't killing me.....so there is no rush when I can take my time to find something I really love and will keep for a very long time. Thanks for your help
Excellent decision!
When people have to get another car immediately and settle for the best thing they can find on the dealer's lot is when they are likely to make a decision that is not as desirable as they'd like.
I will always remember the time when I was about 12 with my dad and he was looking for another used car. He went to one place and saw a car he liked moderately and they offered him a lousy tradein and price. He wanted to shop around and we were in an area where there were several car lots within two miles along a one way street. We got in and he drove off and we cruised slowly, stopping in front of each one so he could look from the drivers seat while idling. We got about two car lots away and the car stumbled and then caught fire. After the fire department put out the fire, his tradin value was obviously decimated and all the car lots could see the commotion. He had to get a car after that and it wasnt very new and the deal wasnt very good. When a tow truck brings your smoking car in to the lot, your tradein value goes down quickly.
Dealer inventory changes constantly in used and new cars. I wanted a particular type of used car and would be Ok with any light colored car with a minimum set of options and features. I wrote a letter to the owner and asked him to assign a sales person to find a car that fit my listing and she did. It took them less than a week to find it and it worked out well and I kept it for several years. I didnt have much negotiating power on the price because I had already indicated I was looking for a partiular car and they had it, but I did get 1k off of 17k. It worked out well for me.
Time is on your side and as long as you dont have any lates or baddies, your scores will improve and you will be in better shape to buy when you are ready. You can also get your financing in place ahead of time.
Good decision!
