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Rule of thumb for making an offer on a car?

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  • Rule of thumb for making an offer on a car?

    Hello,
    I'm in the process of buying my first ever car. What's your rule of thumb for making an offer on a new car? Does it differ from an used car?
    Thanks for sharing.

  • #2
    One thing my Grand Pa always used to tell me.:

    "Take off 10%, and turn up with cash" - Which means, what ever the offer is - Just take off 10% and pay with cash. I guess people like cash more than cheques or instalment plans, and also they can get it past tax if it is from a dealer. But obviously, don't do this if your are buying a new car ;D

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    • #3
      Rule of thumb for making an offer on a car?

      If the car is used ALWAYS take it to an independent mechanic. It's worth the $100.00 to have it looked at. If the mechanic comes back with a list a mile long, you'll be able to laugh at spending $100.00. Next. Run the VIN on an online VIN checker like "carfax". That way you'll know of there are any outstanding leans (loans) on the car. If there are, walk away. Do not buy a used car with a lean on it. If you do, the vehicle can still be impounded and sold at auction although you aren't the lean holder. If there are insurance claims on the car, find the black book value of the car and deduct the insurance payout (damages total) listed on the "carfax" dollar for dollar. (From the sale price) That's how your car insurance will pay out if the car is wrote off while you have it. Go on craigslist and research three or more similar vehicles and make sure you are paying a fair price and lastly make sure you can afford it. Call your insurance company, get a quote and check online for the average mpg before you put down your down payment. Read online reviews...

      Those as just some "rules of thumb" for you. I wish you all the best in your upcoming vehicle purchase.
      A very special thank-you to LaFemmeFatal for my VIP!
      I am very gracious and she is just awesome!

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      • #4
        Hey guys
        Thank you very much for the advices. Actually the vehicle I'm considering is the 2014 Nissan Rogue. I did some research and gathered MSRP, Dealer Invoice and Fair Purchase Price (FPP) from KBB and MSRP, Dealer Invoice and True Market Value (TMV) from Edmunds. Some times the Dealer Invoice Price is lower than the TMV or FPP. Which one would you use as the base to make an offer? 10% off whichever is lowest? If I find out there's dealer incentive info, would you also incorporate that in your offer price and how? Thanks again.


        Sent from my iPhone using Tapatalk

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        • #5
          A salesman has told me that they make more when you get a loan since they get a kickback from the bank. I find the invoice price online (sometimes it costs money) and I offer 2% over it. I only speak to the final price as they love to play games like increasing the PDI and Freight costs etc.

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          • #6
            My family used to (uncle still does) manage a dealership here in Australia and one of the best (worst) kept secrets is that dealerships often make more money on the loan kickbacks than on the raw profit from vehicle sales.

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            • #7
              Buying your first car is quite a pleasant but difficult task.

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              • #8
                This is of course good advice, but on the other hand, there is now quite a lot of information on the network and if the car makes you suspicious for some reason, then just look for another one. For example, based on personal preference, I now choose a used mercury for sale. If you do not want to miss the choice, then use my advice.

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                • #9
                  After you buy your vehicle, you can simply use Car delivery from the USA to find a qualified auto transport carrier, check out their rating and reviews and contact them to place a direct request. You can get free quotes on the website by entering the vehicle info and your origin/destination.

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