Car Dealer Promo: 0% for 60 months (need advice)

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capitalhockey
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Car Dealer Promo: 0% for 60 months (need advice)

Post by capitalhockey » Tue Mar 19, 2019 10:08 am

I am in the market for a new Odyssey EX-L minivan. My wife is expecting our second child in August. We are trading a sedan for the minivan. I already test drove it a few times.

Dealer usually do big promotions with the holidays. My original plan was to make the purchase during Memorial Day weekend or July 4 Holiday. I also wanted to see info on the new 2020 model. I know it will not be big changes but I would like to know before committing to the 2019. I have also heard that prices will soften on the current year model when next year's model start to come. I believe the 2020 info will come out in spring (based on last year's timeline) and production start in summer for fall delivery to dealers.

With that being said, I received an email promotion from local dealer for March. They are doing 0% for 60 months for the Odyssey -- this promo was only available to other models last month. With interest rate expected to go up later this year, I was thinking that the dealer will have a hard time offering 0% later on. I have below options to consider:

1) Buy now to take advantage of 0% promotion and enjoy car during spring and summer trips.

2) Buy on Memorial Day or July 4. By that time, 2020 model info will be out and prices will soften on 2019 model. Car will be obtained before 2nd child arrives. However, the 0% promotion may not be available.

3) Buy on Labor day weekend or later. Use old sedan with 2 kids for a few months. Sept to Dec is suppose to be the best time to buy a new car.

Advice/recommendations?

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by Jack FFR1846 » Tue Mar 19, 2019 10:14 am

Dealer promos try to instill a sense of urgency. "Once in a lifetime deal" "You'll never see prices this low ever again in your lifetime". But you know what? Next month, there will be the next promotion. Maybe not 0%, but instead $500 off. Waiting until the next model year hits the showrooms *can* be a great time to get last year's model at a discount. The stars are there because you have to do your homework. As the last year's models dwindle, dealers will give worse deals on last year's cars because there are people looking at them, assuming they're going to get a better deal.

Also.....you don't have the new baby yet, so you don't need the car yet. Every day you hold off is another day you're not paying the extra towards the new vehicle.

I say to hold off as long as you can. As someone who had no problem carting my 2 kids around when they were little in a 2001 Subaru Impreza, I'll say that the van is a "want", not a "need". But that's your choice.
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dknightd
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by dknightd » Tue Mar 19, 2019 10:20 am

It is hard to beat 0%.

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RickBoglehead
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by RickBoglehead » Tue Mar 19, 2019 10:36 am

That "dealer" promotion is likely a "manufacturer" promotion.

Most credit term promotions, i.e. zero percent financing, mean you give us some factory rebates, because the manufacturer's credit arm is covering those low rates.

Just bought a Ford Fusion for my mother. 0% for 60 months got us $1,500 in rebates. Paying cash was $2,000 in rebates. Financing at 6.84% was $2,500 in rebates. We took the 6.84% and paid it off in less than 10 days, total cost of around $45 (waiting for refund check).

Note that places like PenFed will refinance your new car, if you do what we did, for these rates right now - 2.49% for 36 months, 3.49% for 48 months, 3.74% for 60 months. We paid it off in full, it was net of a trade so $23,000.
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by Longdog » Tue Mar 19, 2019 10:41 am

Ask if there is an option to take an additional discount if you pay cash or forego the promotional interest rate. If so, then that promotion is nothing special - it's merely a reallocation of the discount they might agree to, to subsidize the loan interest. If not (likely if it is a manufacturer's promotion) and you were going to buy the car anyway, then negotiate the lowest price possible (below MSRP) and then take advantage of the 0% rate. But don't feel pressure to jump on it - it will be around for months.
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by elderwise » Tue Mar 19, 2019 11:57 am

I have never heard of Honda doing a 0% APR for Odyssey, Sienna (toyota) does. are you sure its 0% and not 0.9% what they usually offer(everywhere)

can you tell me the dealership? would be interesting to see if any dealers in my area offer.

Usually this is manufacture promotion and since Honda does not do it not sure how they are offering it in your area?

I love love vans and odyssey more so than sienna (purely personal preference), yes wife's usually dont like it but cant go wrong with all the space / capacity / trade offs with the sliding doors ...etc etc.

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capitalhockey
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by capitalhockey » Tue Mar 19, 2019 12:25 pm

Yes, it was for 0% for 60 months. I believe it's a local dealer promotion and not directly from Honda.

Dealer is Chantilly Honda

Promo is up on their website if you google it....I can't post link here

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RickBoglehead
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by RickBoglehead » Tue Mar 19, 2019 12:31 pm

capitalhockey wrote:
Tue Mar 19, 2019 12:25 pm
Yes, it was for 0% for 60 months. I believe it's a local dealer promotion and not directly from Honda.

Dealer is Chantilly Honda

Promo is up on their website if you google it....I can't post link here
Or get 0.0% APR financing for up to 60 months with example $0 down payment and monthly payments of $16.67 per $1,000 financed, on approved HFS credit. 0.0% APR is a dealer buydown rate. Maximum finance amount $30,000. Offer includes all available AHFS manufacturer incentives. Maximum finance amount $30,000. May not be combined with other offers, internet prices or USAA/True Car/Costco or internet price quotes. Offer ends 4/1/19.

So basically says if you got a better than normal deal, we won't give you this rate... Given that an Odyssey is more than $30k, it also says you're paying for some of it, perhaps with a trade.

I took a look at my local Honda dealer, and they have 0% also. Their info is a picture, so I can't paste it, but here's the terms that applies to an Odyssey - 0% for 36 months, expires 3/31/19. The 60 month 0% on their site is for 2018 Accords and Civics with some exclusions.
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delamer
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by delamer » Tue Mar 19, 2019 12:47 pm

Would you be paying cash for the car (whenever you buy) if the 0% financing wasn’t available?

Based on a calculator I found, if you start with $30,000 and make 60 $500 monthly payments for the loan, you’ll earn about $1576 in interest (at 2%).

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capitalhockey
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by capitalhockey » Tue Mar 19, 2019 1:20 pm

Thanks for the explanation. That makes a lot of sense.

I will not be trading in old car (wife is giving it to her brother). I am able to buy cash for total price but figured 0% is free money. Promotion was attractive with that regards...assuming I am getting same price.

It sounds like dealer will try to sell me car for higher price (to make up buy down). Otherwise, they are losing money.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by inbox788 » Tue Mar 19, 2019 1:35 pm

capitalhockey wrote:
Tue Mar 19, 2019 10:08 am
With interest rate expected to go up later this year, I was thinking that the dealer will have a hard time offering 0% later on.
What interest rate? They're already subsidizing the loan. There's only so much factory incentives, so the price of the vehicle will likely be higher. When they take away the subsidy for the loan, they can use it to subsidize the price of the vehicle, often with a rebate. All these strategies give the illusion of a higher sales price of the vehicle. Accounting magic.

Buy the car when you need it.
Auto loan terms and average rates
TERM NEW AUTO LOAN USED AUTO LOAN
Source: MyFICO and Interest.com, Good credit assumed in rate averages
60 months 5.15% 6.49%
48 months 5.10% 6.01%
36 months 5.08% 5.15%
https://www.bankrate.com/calculators/au ... lator.aspx

FWIW,
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JackoC
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by JackoC » Tue Mar 19, 2019 1:35 pm

delamer wrote:
Tue Mar 19, 2019 12:47 pm
Would you be paying cash for the car (whenever you buy) if the 0% financing wasn’t available?

Based on a calculator I found, if you start with $30,000 and make 60 $500 monthly payments for the loan, you’ll earn about $1576 in interest (at 2%).
I agree you need to quantify the interest savings, and I also assume that paying in cash is an option so compare to that. I figure my Vanguard settlement fund* pays me around 1.65% after tax and I present valued it at that rate, giving around $1,159 PV of 0% financing on $30k, level payments over 5 yrs, for me. Some people count it against what they would *like* to earn on a risk asset like stocks but that's not correct financial analysis IMO.

But, count the fact that you probably have to maintain collision/comprehensive on the vehicle the whole 5 yrs which you might not otherwise and that eats into the advantage.

Then as a prior post suggested, it's hard to assess how much you might give up on price to take an attractive finance offer. For example, the ad might say 'no TrueCar, etc price...' but if they really need to sell it to hit their number for the month they'll give you less than the TrueCar price, and the 0%, no matter what the ad says. If they aren't that motivated to sell, they won't. And they'll certainly *try* to make you back off on price negotiation by pointing to the ad, or otherwise just saying they 'aren't allowed' to give you a better price because of the financing. Divining exactly how the financing offer affects a particular person's negotiating outcome with a particular dealer is more difficult that running the numbers of what the 0% is worth 'all else equal'.

*and as mentioned by others the yield curve is now pretty flat so roughly speaking the expected earnings don't vary much between money market rate and say the 2 yr rate (in a steep curve it's more important to remember than a 5 yr level payment loan is not a 5 yr, it's more like a 2.5 yr).

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by sunny_socal » Tue Mar 19, 2019 1:55 pm

Never seen 0% from Honda (at Toyota it is common.) If I have a decent deal I hate waiting for a better one.

Ask yourself which scenario is better:
[1] Being disappointed in 6 months after rates have gone up
[2] Being thrilled in 6 months after you somehow found an even better deal

Whatever you decide, don't look back! :wink:

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by 8foot7 » Tue Mar 19, 2019 1:57 pm

RickBoglehead wrote:
Tue Mar 19, 2019 12:31 pm
capitalhockey wrote:
Tue Mar 19, 2019 12:25 pm
Yes, it was for 0% for 60 months. I believe it's a local dealer promotion and not directly from Honda.

Dealer is Chantilly Honda

Promo is up on their website if you google it....I can't post link here
Or get 0.0% APR financing for up to 60 months with example $0 down payment and monthly payments of $16.67 per $1,000 financed, on approved HFS credit. 0.0% APR is a dealer buydown rate. Maximum finance amount $30,000. Offer includes all available AHFS manufacturer incentives. Maximum finance amount $30,000. May not be combined with other offers, internet prices or USAA/True Car/Costco or internet price quotes. Offer ends 4/1/19.

So basically says if you got a better than normal deal, we won't give you this rate... Given that an Odyssey is more than $30k, it also says you're paying for some of it, perhaps with a trade.

Meh. On Sunday March 31st at 5:45 pm I bet someone is getting a good price and the 0% for 60.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by alfaspider » Tue Mar 19, 2019 2:29 pm

dknightd wrote:
Tue Mar 19, 2019 10:20 am
It is hard to beat 0%.
Sure you can. 0% offers tend to target people fixed on that low financing, but squeeze them on the purchase price or trade in price instead. Often, 0% financing is in lieu of cash back. It's not really 0% financing then, but interest that is front loaded by being rolled into the vehicle price.

Best bet on cars is to look at one thing and one thing only: the price of the vehicle. Be ready to pay that price cash, but you can sometimes get better deals if you are willing to take silly financing and pay it the loan off immediately. Don't trade in your old car- sell it private party.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by Fordguy88 » Tue Mar 19, 2019 2:36 pm

Depreciation of 25% YOY on an asset that is 0% interest.... Yuck. Stick with buying a model 3-5 years old with less than 50k miles and you'll be saving yourself roughly 15-20k in depreciation if you buy something 3 years or older. The Odyssey hasn't changed enough in the last 3 years to justify buying new IMO. I'm a minivan enthusiast, as weird as that sounds.

I'd stick with getting the AWD version of the Toyota Sienna, 3-5 years old, so you have an all weather vehicle and never need to buy a truck or SUV.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by researcher » Tue Mar 19, 2019 2:38 pm

8foot7 wrote:
Tue Mar 19, 2019 1:57 pm
Meh. On Sunday March 31st at 5:45 pm I bet someone is getting a good price and the 0% for 60.
They might get a "good price", but it certainly won't be as good as if they had forgone the 0% offer.

This is just another sales scheme the dealership is using to lure people in the door.
And it is certainly working, given the OP's desire to jump on the "0% promotion" without reading the fine print.

As someone else posted, this is all you need to know about this "deal"...
0.0% APR is a dealer buydown rate.
May not be combined with other offers, internet prices or USAA/True Car/Costco or internet price quotes.

delamer
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by delamer » Tue Mar 19, 2019 3:34 pm

JackoC wrote:
Tue Mar 19, 2019 1:35 pm
delamer wrote:
Tue Mar 19, 2019 12:47 pm
Would you be paying cash for the car (whenever you buy) if the 0% financing wasn’t available?

Based on a calculator I found, if you start with $30,000 and make 60 $500 monthly payments for the loan, you’ll earn about $1576 in interest (at 2%).
I agree you need to quantify the interest savings, and I also assume that paying in cash is an option so compare to that. I figure my Vanguard settlement fund* pays me around 1.65% after tax and I present valued it at that rate, giving around $1,159 PV of 0% financing on $30k, level payments over 5 yrs, for me. Some people count it against what they would *like* to earn on a risk asset like stocks but that's not correct financial analysis IMO.

But, count the fact that you probably have to maintain collision/comprehensive on the vehicle the whole 5 yrs which you might not otherwise and that eats into the advantage.

Then as a prior post suggested, it's hard to assess how much you might give up on price to take an attractive finance offer. For example, the ad might say 'no TrueCar, etc price...' but if they really need to sell it to hit their number for the month they'll give you less than the TrueCar price, and the 0%, no matter what the ad says. If they aren't that motivated to sell, they won't. And they'll certainly *try* to make you back off on price negotiation by pointing to the ad, or otherwise just saying they 'aren't allowed' to give you a better price because of the financing. Divining exactly how the financing offer affects a particular person's negotiating outcome with a particular dealer is more difficult that running the numbers of what the 0% is worth 'all else equal'.

*and as mentioned by others the yield curve is now pretty flat so roughly speaking the expected earnings don't vary much between money market rate and say the 2 yr rate (in a steep curve it's more important to remember than a 5 yr level payment loan is not a 5 yr, it's more like a 2.5 yr).
It’s a reference point. If you are willing to pay $29,000 cash for the vehicle and they stick with a price of $30,000 with the 0% financing, you are a little bit ahead under my scenario.

The key is determining what you are willing to pay.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by aristotelian » Tue Mar 19, 2019 4:23 pm

I have heard that 0% can be a bad deal if they will negotiate the price for cash but not for financing. I just purchased a new 2018 that was already very discounted. They would not negotiate the price either way, so I took the 0%.

I put the loan as a negative bond on my portfolio spreadsheet, meaning that I will carry the same amount of extra bonds to offset the loan in order to maintain my allocation. The way I see it, I will earn about $2K interest on the extra bonds over the life of the loan, which makes the car that much cheaper than if I had paid cash.

OP, have you looked for discounts on any remaining 2018 Odyssey's?

applejack123
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by applejack123 » Tue Mar 19, 2019 4:42 pm

If you buy a car that you can get an employee price, and 0%, that’s hard to beat. Ever.

I don’t know how the car your looking at prices them, as far as invoice, etc, since I never was in market for minivan. I did give them a look once or twice, but nowadays 3 row suvs are just as big.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by TheDoorMan19 » Tue Mar 19, 2019 6:30 pm

I’m in similar situation as you and looking to purchase an Elite (thanks wifey) in the next week. Current Honda manufacturer incentive is .9 for 36 or 1.9 for 60. Anything better is coming from your pocket from the dealer in terms of higher purchase price.

As far as Honda incentive, one dealer is giving me a credit for $750 for financing through Honda. Another dealer told me they would charge me more if I financed through Honda. Go figure.

Bottom line is I’m looking at about $4500 off MSRP for an Elite. I could probably wait for a couple of months and see that go down even further when the 2020s come out (we don’t need it until our due date in October), but the price is close enough that I feel like just getting it done with, even if it costs me a few hundred bucks in potential savings. Also thought about buying the 2020, but would probably be looking at close to sticker on that when it comes out and as far as I can no material improvements are expected over 2019 that would justify it.

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by hudson » Tue Mar 19, 2019 8:10 pm

When negotiating for a new car, I ask for an out the door price; I do not discuss financing or trades until I've chosen the dealer with the best deal. I try to pay cash; if I was going to borrow money, I would likely have done the research before closing.

I use the James Bragg Fighting Chance Service every time I buy a new car. I'm not a pushover negotiator any more.
(Denovo's post on buying a car is excellent.)

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by inbox788 » Wed Mar 20, 2019 11:42 am

capitalhockey wrote:
Tue Mar 19, 2019 12:25 pm
Yes, it was for 0% for 60 months. I believe it's a local dealer promotion and not directly from Honda.

Dealer is Chantilly Honda

Promo is up on their website if you google it....I can't post link here
You mean this link?
https://www.hondaofchantilly.com/new-ho ... -virginia/

BTW, in lieu of the 0% financing, their lease deals are interesting (note: $600 acquisition and $800 dealer fees in fine print). Still, interesting to find a 4WD LX CRV (MSRP 25,750?) leasing for less than an HRV Sport (MSRP 22,200?). Assume it's a supply/demand issue.

2019 Honda HR-V Sport FWD

$219 /mo.
36 Month Lease
$0 Down Payment , $0 Security Deposit

2019 Honda CR-V LX AWD

$199 /mo.
36 Month Lease
$0 Down Payment , $0 Security Deposit

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by TheOscarGuy » Wed Mar 20, 2019 12:01 pm

capitalhockey wrote:
Tue Mar 19, 2019 10:08 am
I am in the market for a new Odyssey EX-L minivan. My wife is expecting our second child in August. We are trading a sedan for the minivan. I already test drove it a few times.

Dealer usually do big promotions with the holidays. My original plan was to make the purchase during Memorial Day weekend or July 4 Holiday. I also wanted to see info on the new 2020 model. I know it will not be big changes but I would like to know before committing to the 2019. I have also heard that prices will soften on the current year model when next year's model start to come. I believe the 2020 info will come out in spring (based on last year's timeline) and production start in summer for fall delivery to dealers.

With that being said, I received an email promotion from local dealer for March. They are doing 0% for 60 months for the Odyssey -- this promo was only available to other models last month. With interest rate expected to go up later this year, I was thinking that the dealer will have a hard time offering 0% later on. I have below options to consider:

1) Buy now to take advantage of 0% promotion and enjoy car during spring and summer trips.

2) Buy on Memorial Day or July 4. By that time, 2020 model info will be out and prices will soften on 2019 model. Car will be obtained before 2nd child arrives. However, the 0% promotion may not be available.

3) Buy on Labor day weekend or later. Use old sedan with 2 kids for a few months. Sept to Dec is suppose to be the best time to buy a new car.

Advice/recommendations?
Buy it when you need it.
There is *always* some sort of deals going on with new vehicles. They just want you to believe if you don't buy you will miss out.
Use the 'new car buying strategy' posted on this board to get most for your $$.
(this is my personal one) Buy a vehicle 1 or 2 years prior to their refresh/update. There is downward pressure on price since newer models from other manufacturers offer more features, and reliability of those model year cars are very good if you stick with Japanese manufacturers.

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Lancelot
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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by Lancelot » Wed Mar 20, 2019 6:27 pm

alfaspider wrote:
Tue Mar 19, 2019 2:29 pm
dknightd wrote:
Tue Mar 19, 2019 10:20 am
It is hard to beat 0%.
Often, 0% financing is in lieu of cash back. It's not really 0% financing then, but interest that is front loaded by being rolled into the vehicle price

Best bet on cars is to look at one thing and one thing only: the price of the vehicle. Be ready to pay that price cash, but you can sometimes get better deals if you are willing to take silly financing and pay it the loan off immediately. Don't trade in your old car- sell it private party.
I agree. As long as the prepayment penalty does not negate the savings by using the dealer financing, that might work as well.

I'm always amazed that people accept the dealer's inflated trade in value and do not realize that they (dealer) simply reduced the vehicle discount to make the trade in value look better :sharebeer
No Where for Very Long...

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Re: Car Dealer Promo: 0% for 60 months (need advice)

Post by Golf maniac » Wed Mar 20, 2019 7:08 pm

When buying a new vehicle always,always, always shop the internet departments at all the dealers within the radius you are willing to travel to pick up the vehicle. Know exactly what you want and be specific that you want the out the door price. Some dealers will even deliver the vehicle and paperwork to your home to get the business. On more popular models as the year end close out begins the selection of color and options will decrease so you may not get exactly what you want. Pricing is all supply and demand.

You can let the dealer know you are willing to discuss financing with them, but only after the price is finalized. Let them know you are shopping other dealers and play the last few off each other to get the best price. Then if they want to give you 0% after that great, but unlikely.

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