Buying A New Car...

OhYouSuck

OhYouSuck

100+ Posts
Okay, so here's the deal, on Monday I am meeting with this guy from Maxwell Ford to discuss me purchasing a new car. I'm looking at buying a new mustang. Mainly because this is the only place that I can get approved at for credit, (that I know of) and because there isn't another ford I could see myself in (save the GT40.) But my dilemma comes from the fact that I have never done anything like this. I am just curious if anybody can give me any kind of "tips" on what I should/shouldn't do when discussing the price and what not. I'll probably just get the 6 cuz I'm only 21 and I do not need to give the incaseshit company anymore reason to jack my rates up. So yeh, thats about it, any info/tips would be super helpful.

Also do you know of any dealerships that don't mind bad credit? Thanks.
 
They love bad credit. At least some of them do because they jack you for a higher rate and they get a taste of the action. Go online and get as much info about the prices you can and come up with a number you can live with. New car sales are totally ****** right now and the salespeople are desperate. Don't be afriad to get a dark look on your face and tell them you will pass. Since they are not selling any new cars, they don;t have any cars that are being traded in and used cars are selling fairly well. Don't be afraid to drive a really hard bargain on your trade. You don't have to lie and say you have a better deal lined up, just tell them you don't like the deal on the table.
 
have you spoken with your bank, or any other lending institution?

i bought a car 3 or 4 months ago, and did it pretty much all online. got 5 quotes back and just jockeyed them against each other. i was calling 3 dealerships one right after the other saying the last guy was going to give me a better deal.
 
No way I would get a loan from the bank. I'm "pre-approved" at Maxwell. I know my bank wont give me money lol, not unless I get a co-signer, and the only person with good enough credit that would do it, is my mom, but she wouldn't do it cuz she doesnt want me to **** up her credit if for whatever reason i default.
 
You should seriously spend the 15 minutes it takes to fill out your info on eLoan The Link

It is very quick and very easy and I got a better rate from them than any dealer gave me.

If you fill out their info and wait for the response, you are under no obligation at all and it doesn't cost you a cent.

I had a great experience using them and the 4-5 people that I convinced to try it all loved it as well
 
i got quotes from e-loan, but the rate quotes i got back werre double and quadruple the quote i got from USAA which is who i used.

used cars.com for the car prices from dealers.

autobytel.com is good too.

i definitely would not just be talking to one dealership, you have to have some way to leverage against him
 
It's easy in that it's not hard to fill out or that it is easy to get accepted? I dont have the best of credit.
 
oh, and don't get a mustang!
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It is easy fill out and if you find a rate that you like, it is very easy to use to get whatever kind of car you want, rather than having to choose a Ford. Plus, you risk absolutely nothing by spending the time to do it. And to top it off, they will probably give you a better rate then the local Ford dealership.
 
Run, don't walk, to Edmunds.com.

You can price any car with options and find any rebates.

Forget the sticker price. It doesn't mater. You just have to know how much over invoice you want to offer. Remember they get a
kickback from ford that is usualy around 3% of the cost of the car.

Last car i bout new was a tohoe, and i paid 250$ over invoice.
 
Okay, you asked. Some tips for you:
1. Do not buy a new car. If you have bad credit, you are young, you've got no business buying a new car. They have used ones. Buy one of those. Do not fall into the "only $259 per month" trap. That is exactly what the dealer wants you to do. Look at what the car costs. Monthly payments are secondary. A used car will be cheaper, regardless of rebates, dealer holdbacks or anything else.
2. Pay cash. You can't afford a car? Save your money and buy one when you can. I realize this is many times not realistic, but I stand by it.
3. Do not be afraid to walk away. In fact, I would do this as a matter of course. Dealers *hate* it when you get all the paperwork filled out and then walk away.
4. When they have the paperwork filled out all nice and neat, change all the numbers. Write in the margins. Scratch stuff out. Those are their forms, not yours.
5. If you ignore my first piece of advice (which you should not), don't fall for all the extra stuff that they will pile on. Question every number that they put on their other than the price that you agree to pay for the car. Tell them you won't pay it.
6. Don't let them know that you are sold on a particular car. Appear wishy-washy, even if you aren't.
7. Play one dealer off of another. Tell them that you're going to go down to another Ford dealer to see what he will do.

Look, car dealers love people like you. I know because I used to be one. Impulse buy (gonna buy on Monday), only want a specific kind of car, and bad credit. You've got the trifecta. Don't let them take advantage of you.
 
You my friend are reasons for Americas soon to be demise. Americans live so far above their means its just silly. Not a personal attack but if you can't afford either to buy it outright or get reasonable financing then maybe you are over extending yourself.
 
The people above are giving you good advice. Why the **** do you want to buy a new car and overextend yourself? You'll trap yourself for years and the new will wear off of that car faster than you can imagine. For the love of God just make do with something you can afford until you have a good job for a year or two.
 
Well I have a good job, and I can afford a new car, thats not the issue. I don't see the point in making payments on a used car, and then turning around and buying a new one in a few years. i mean, if im gonna get wet I might as well go swimming.
 
You don't see the point in making payments on a used car? What do you think you're going to be doing in month 2 of new car ownership? You will be making payments on a used car. Pay cash for the car and have no payments at all, but if you just gotta get a car, get a reasonably priced used one. There are tons of really nice cars out there for $6K - $10K. Don't fall into the trap of comparing a new car payment of $325 versus a used car payment of $250 "hey - it's only $75/month for a new car!" Never mind that the new car payment is a 7 year note and the used car payment is a 3 year note.

I know you're going in "just to talk" to the guy on Monday, but let me tell you -- if you walked onto my lot with that attitude, you're walking out with a brand new car.

So, let's review:
1. Buy a used car
2. Pay cash
3. If you can't pay cash, and you really need a car, get the shortest length loan you can stand, and pay the car off as fast as possible.
 
Maxwell Ford is not your only option. You overestimate your credit issues. If you put enough down, you will be fine creditwise. All the dealerships have the ability to get credit risks financed. Their track record with those risks impacts their ability to do risky deals. With the very slow sales right now, they will break laws to get you financed. I'm not kidding about committing crimes.

The reason for the scenario I painted is because everyone is opting for used cars right now. I'm not going to get called mom if I can avoid it, but there's a reason why people are opting for used cars.
 
Don't be pissed if the salesman doesn't come off the sticker price much, if at all. Anytime they release a new model with a new bodystyle, they don't budge, because they don't have to.
 
Why would you start a thread asking for advice when you do not want listen to any of the advice offered and call the people who offer it, "mom"?

After two pages of advice on your situation, you are still going forward with the exact same plan and attitude you had before.

Have you tried any of the online financing places that have been suggested to you? I find it damn near impossible to believe that you can not get approved at a better % rate than what Maxwell Ford will offer you.
 
was the guy asking everyone if he should buy a new or used car? If he wants a new car, then he should buy one.

you might not get better rates online but its not a problem to check.
 
I dont know what % rate maxwell is going to offer, just that I am approved, thats one of the things I am to talk about with the guy on Monday. And yes, I tried eLoan but I haven't heard back from them yet. I tried another place and was declined. I plan to try and find other places while I'm at work today.

I'm not trying to be a dick here. I mean if I had other options I would pursue them. I am in dire need of a new (or used) car because mine is on it's death bed. I understand, and respect the advice that everyone has given me. I have thought of pursuing a used car, and I will talk about that with the guy on Monday, I was more-so looking for tips on what to do when I go into the meeting, when im on the lot, and when im discussing figures with the salesman.

I dont want anybody to think I'm just crapping on your ideas, and the whole "mom" thing was just meant as a joke cuz I could totally see my mom telling me something like that.

The logic behind purchasing a used car is sound, and I can understand where your point(s) are coming from, but at the same time, i buy a 3 year old car now, there's a good chance it will come with problems, it wont be under warranty, and i'll be stuck paying out of pocket for whatever problems it develops (or already has that I was not made aware of.) If I purchase a new car, granted I will have to pay more, and longer but at the same time, it comes with the warranty and what not.

My jury is still out as to what I am going to do. I will asses my options when they are formally presented to me on Monday, and I will take heed to all of the advice I have recieved here.

Thank you all.
 
If your car is dying and you just need wheels, get a used honda or toyota. Mine had 50K mines on it when I bought it used (at an auction). 8 or 9 years and an extra 130K miles and it is still very reliable transportation. Don't think a 3 year old car is worn out and will cause you problems.
I think the Mustang will be a hard car to hagle on. It's very new and seems to be selling well. They won't give you a very good deal, when they could just turn around and sell to someone else for more. If you want a Mustang (the new body style), you might be just as well off getting new. Any new Mustang just bought and already for sale used, means the first owner probably found out he can't make the payments. He probably paid too much and won't be willing to sacrifice it for too much of a loss.
I've been looking for a new/used car recently and have found some new cars advertised for same/better prices than a 1 year old used. In general, new car dealers are desparate and would be willing to haggle. Be flexible on the type of car you want. Get something well rated, but considered less desirable. There are places you can go online and find out what dealers paid for the car. Offer then a few hundred bucks above this. Don't go by "invoice" or MSRP. Most of all, shop around and don't indicate that you really want the car. Don't be afraid to walk away. They need you more than you need them.
I've also heard that you should tell them that you don't have a trade in. Then haggle and arrive on a firm price for the car. Only then do you tell them that you have a trade in. If they know you are trading in upfront, you may get screwed on the value of your trade in.
 
Another website to check is autotrader.com

Found a nearly new '04 CRV with only 5K miles on it for Lostbaby1 on the site a few months ago, for less than $20 K. We have also researched new vehicles for my parents in Chicago through them.

Looking on there this morning, Maxwell Nissan Pontiac GMC in Round Rock has an '04 Acura RSX Type S with a little over 8K miles for $21,990. Go to edmunds.com (as suggested above) and under the Used Car box, click on Research used cars and you find that True Market Value for Private Party sales for this car are $17,862 and Dealer TMV is $19,777. Use those numbers when you go to "talk".

Agreed with everyone here - don't buy new. Take the day to look for deals on a newer used car. Hondas and Acuras would get the vote in this house. You might have another preference, but coming from a Mustang fan, I would not buy one. The last good Ford I owned was a '65 Mustang that saw almost 200K miles before we officially retired it. Every other Ford we have owned, we have dumped by 80K miles.

Just my $.02 for what it is worth.

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