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Best way to buy a car?(27 Posts)
I want to replace my old unreliable car for a new one (well a used one with a few thousand miles on - I’ve seen a 2017 one with 5 thousand miles on that I’d like) from a car dealer.
I have enough saved to buy it outright rather than enter into any sort of finance agreement. Are there any downsides of paying cash (or I guess cheque?) that I should be aware of?
The finance agreements (im confused by the different types) have interest rates of 5% or more and I’m never sure whether you actually end up owning the car and the limits on mileage or scratches etc In my mind it’s be simpler just to buy the car outright.
Any advice would be much appreciated! Thanks!
Sound advice from reddington - obviously well versed in the game!
For what it’s worth, I’ve bought my last half dozen or so cars outright, thinking that cash is king. Even though finance is sometimes advantageous I couldn’t be bothered with all the bullshit about admin fees, option fees etc and I’ve always negotiated good discounts. BUT this summer I bought my wife a new car for her retirement present - a model she has always wanted, so why not when she retires? We did the test drive and the salesman said there wouldn’t be a very good discount as this is not a very popular model (it’s a convertible). So I went on the carwow website when we got home and within a few days got offers from dealers with up to 14% discount off the new price. OK, they weren’t local dealers, but it’s worth travelling for a good discount and then you have a decent drive home to try out the new car!
Meanwhile the sales guy had been on holiday, so on his return he rang me to ask where we were in deciding about the car. When I told him about the carwow offers he suddenly went quiet and then asked if I could pop into the dealership. I took the emails from the carwow dealer who had made the best offer and as a result my dealer offered a 10% discount for cash. That would have been enough to seal the deal, but as we were completing the order he said that if we wanted to take finance, the discount would increase to 14% after dealer contributions and we could pay off the finance within 14 days. So that’s what we did. From a token discount to 14% simply by doing a bit of homework.
Conclusion: the price of a car is whatever you can agree, so you have to employ a few tactics. I’m somewhat ashamed at some of the lies I have told in the past to screw extra discount, but then buying and selling cars is an untruthful business - we all know that!
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