Is this best time to get a new car?

O

OCMan_IHB

New member
Well, this is a follow up post from the used hybrid one.



Do you think this is the best time in years to get a new car? Even Toyota has 0% financing (may be only for 3 yrs). Given that average new car loan is about 6% for 5 yrs, savings on interest alone could be thousands of dollars. However, I've seen 0% or 1.9% deals from Honda or Nissan from time to time. My clunker of 14 years is driving ok so far but I'm thinking within a few months, the repair and maintenance cost would be 2k to 3k per one mechanic (tires, breaks, engine mounts, timing belt, some valve replacement, axle joint(?). I may just wait until next year for new Honda Insight hybrid at around $17000 but haven't really seen one yet...
 
What's the rush? This financing gimmick of theirs will go on for a long time with where rates are how the auto industry is as a whole.
 
I had a friend who walked into a Nissan dealer to buy a fully loaded 350 ZX. She talked the guy down for $39,000 to $29,000 and made him take her trade in for $19,000 and financed $10,000. I think she got a great deal. Buyers market
 
[quote author="OCMan" date=1229616366]Well, this is a follow up post from the used hybrid one.



Do you think this is the best time in years to get a new car? Even Toyota has 0% financing (may be only for 3 yrs). Given that average new car loan is about 6% for 5 yrs, savings on interest alone could be thousands of dollars. However, I've seen 0% or 1.9% deals from Honda or Nissan from time to time. My clunker of 14 years is driving ok so far but I'm thinking within a few months, the repair and maintenance cost would be 2k to 3k per one mechanic (tires, breaks, engine mounts, timing belt, some valve replacement, axle joint(?). I may just wait until next year for new Honda Insight hybrid at around $17000 but haven't really seen one yet...</blockquote>


If you can get great financing and a great deal, I'd say go for it. Prices can come down further and probably will, however if you have a 14 year old clunker, you deserve and need a new one.

What you shouldn't do is buy a car simply because you got tired of the old one. To be frank we don't need to buy a car as soon as our 36 month payments are up. This has been the American mentality for quite some time.



Simply buy a car and have the self-confidence that you won't be bothered by someone looking down on you in case your car is 5 years old or even 10. If someone looks down on you for putting away the avoided car payments into a college fund for your kids...F-em.
 
[quote author="WINEX" date=1229643501]What was the trade-in?</blockquote>


One of those souped up chevy retro pickups
 
[quote author="morekaos" date=1229645661][quote author="WINEX" date=1229643501]What was the trade-in?</blockquote>


One of those souped up chevy retro pickups</blockquote>


Do you think she could have sold it for more than $19k as a private transaction? Or did the trade-in subsidize the new car purchase?
 
I think this is a great time to buy a new car if you need one or want one and can afford it safely. I bought my wife's SUV during the last recession and that 0% was very nice to have... If my job wasn't so unsecure, we'd be thinking about upgrading my wife's ride to a cross-over.
 
[quote author="skek" date=1229651904]We got a mailing from Range Rover offering 0% financing. When the luxury brands are offering interest free financing, you know things are bad. We're actually considering it. The only way I'd finance a car ever again is if they offered 0%, and it looks like you can have your pick of makes and models these days.</blockquote>


Go with the convertible



<img src="http://www.ballerride.com/wp-content/uploads/2008/08/custom-rover-1.jpg" alt="" />
 
[quote author="WINEX" date=1229648208][quote author="morekaos" date=1229645661][quote author="WINEX" date=1229643501]What was the trade-in?</blockquote>


One of those souped up chevy retro pickups</blockquote>


Do you think she could have sold it for more than $19k as a private transaction? Or did the trade-in subsidize the new car purchase?</blockquote>


Nope, had it on auto trader for 4 months and not a bite. Subsidized the purchase. She got a good deal.
 
It is getting to be a good time to buy lightly-used cars that were discretionary purchases 1-3 years ago. Folks that have been forced to re-prioritze wants versus needs.



Great example: 2007 BMW 335 sedans are already ducking under the $30k mark. Base price on the new vehicle is ~$43k, before several 4-digit dollar options, and most used versions will have a least a few of those.



SCHB
 
i've been considering a late model boxster or cayman with only a few K miles. having a hard time finding one that doesn't have vanity plates like RE STUD or MRTGGOD.
 
[quote author="acpme" date=1229658972]i've been considering a late model boxster or cayman with only a few K miles. having a hard time finding one that doesn't have vanity plates like RE STUD or MRTGGOD.</blockquote>


In Riverside, a 2006 with only 7K miles on it:



<img src="http://img-31.carmax.com/Images/5/31/5368531-7-3-b35ce452.jpg" alt="" />



Skek and I will go out there and pick it up for you. We can get some burritos from Rosas and test drive it in Waterman Canyon.
 
[quote author="skek" date=1229651904]We got a mailing from Range Rover offering 0% financing. When the luxury brands are offering interest free financing, you know things are bad. We're actually considering it. The only way I'd finance a car ever again is if they offered 0%, and it looks like you can have your pick of makes and models these days.</blockquote>


Skek....

I'm sorry.... but never, never, NEVER, purchase a Range Rover.... I can't even begin to say how unreliable these things are. They look great and have lots of features, but wow, what a steamy pile they've turned out to be.



Even a BMW/Merc/Audi are better. I don't know, i'd probably get a nice little turbo diesel if I had to do it all over again.



Yep I was looking at a 5 year old Boxter S for about 18k. I could probably haggle for another 3-4k. This is with about 25-30k miles. My downside is that i'd want to add about 8-10k in parts (and a FEW parts it would be....).

Anyways good luck

-bix
 
[quote author="ipoplaya" date=1229660756]



Skek and I will go out there and pick it up for you. We can get some burritos from Rosas and test drive it in Waterman Canyon.</blockquote>




Who are you kidding?

I?d like to come along, just so I can see security escort the both of you off the lot.

They wouldn?t even let Skek sit in an S Class at Fletcher Jones, let alone test drive one.

You guys are too funny!

The stuff that dreams are made of.
 
I've heard from several people that there are many leased vehicles being returned, because the owners couldn't afford the lease payments. So it might be possible to negotiate a really good deal on a 1-2 year old lease vehicle.
 
[quote author="morekaos" date=1229641626]I had a friend who walked into a Nissan dealer to buy a fully loaded 350 ZX. She talked the guy down for $39,000 to $29,000 and made him take her trade in for $19,000 and financed $10,000. I think she got a great deal. Buyers market</blockquote>


more detail please, trade in? rate?. and what is the name of the dealership. your friend got a heck of a deal.
 
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