Last post on Oct 05, 2010 at 5:50 PM
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Car Buying, Car Financing, Car Selling, Automotive News
#12 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [Mr_Shiftright]
Sep 16, 2010 (9:43 am)
It depends on the car. You can go to many dealers' websites and they gladly showing you their discount, and then any additional rebates and/or financing.
I like Corvettes, and a big dealer here on the East Coast is Kerbeck. Go there and you'll see multiple new Corvettes with 5-10% discounts off MSRP, then you have the choice of a $3,000 rebate or 0% financing for 72 (for qualified buyers - good credit score).
And yes there is no 1 right answer as to what is the best way to buy a vehicle. That is because the demand for a particular vehicle, the overall demand for vehicles - the overall economy, bank rates, manufacturer's offers that particular month, what you can make on cash you have - are you a good investor, all play into what the right decision is for you on that day buying that particular car.
In summary I advise - get money smart. Learn to figure it out yourself, rather than expecting that there's a Carbuying for Dummies book that can give you the answer. As the title of this forum suggest - Study. A course, or some home-schooling with an old textbook on "Managerial Finance" would help many people manage their $ better.
#13 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [kernick]
Sep 16, 2010 (6:25 pm)
I'd bet that if we looked at the way the questions were worded in the study and the answers given, we'd find the study was flawed
I agree. Incentives may not get someone to buy something they don't like or want, but only an idiot would ignore these matters and their impact on cost when purchasing a vehicle. I've decided on a vehicle from my list of finalists based on incentives whether discounts, rebates or 0% financing. However, I wouldn't pick something like a CR black dot Chrysler even if the incentive was largest.
#14 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [berri]
by Mr_Shiftright HOST
Sep 17, 2010 (8:16 am)
Incentives might get someone who was already fully committed to buying a car, to upgrade a bit, don't you think?
What I find surprising sometime is how people will fight over incentives, interest rates, and even balk at doc fees, but seem ready willing and able to roll negative equity into the next deal.
It's almost as if shopping for a car is all about the monthly payments, and the actual cost is somehow lost in the clouds somewhere.
#15 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [Mr_Shiftright]
Sep 17, 2010 (10:54 am)
These same people house their negative equity cars in garages attached to a home in which they are also upside down expecting others via stimulus to bail them out.
#16 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [euphonium]
by Mr_Shiftright HOST
Sep 17, 2010 (11:00 am)
Nothing wrong in principle with a stimulus to jumpstart a laggard economy but it's not going to help people buried in the real estate market if they haven't got enough income to generate on their own. I have more sympathy for a naive and greedy homeowner than for an outright Wall St. thief, but nonetheless, one has to bear the weight of their own decisions.
#17 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [Mr_Shiftright]
Sep 17, 2010 (1:40 pm)
Nothing wrong in principle with a stimulus to jumpstart a laggard economy
Stimulus dollars stem from taxes we've paid and/or are paying. Thus, I resent my money being used to jumpstart a laggard economy when, with patience & due suffering, Natural Economics should be applied.
sympathy for a naive and greedy homeowner
The greedy homeowner is not naive, but cunning for his own selfish purposes.
The Wall Street Wolves weren't taking the locally approved loan applications. They were being "sold" by commissioned mortage brokers right here in Hometown, USA.
"No Down = No Responsibility" = No sympathy at all for the undeserving loan applicant/homeowner.
#18 of 21 Re: Article Comments - Study on Auto Finance, Purchase Decisions [euphonium]
by Mr_Shiftright HOST
Sep 17, 2010 (1:47 pm)
Actually not enough money was spent on the stimulus by all accounts from economic experts. The complaint was HOW the money was allocated, monitored, etc. and those were justifiable grievances, I agree.
Spending nothing during a catastrophic financial meltdown would be national collective mass suicide. I mean, even conservative economists do not take the view of non-intervention in such grave situations.
But regardless, getting back to point here---just because consumers made bonehead moves does not give dealers, or investment bankers, the right to deceive them.
Oct 05, 2010 (10:20 am)
Can I pay the local taxes up front and not include them in the finance charge.
#21 of 21 Re: taxes [rock1016]
Oct 05, 2010 (5:50 pm)
Interest should just be charged against the net amount (selling price less down payment) you are financing. In most states the sales tax is based on the price you negotiated regardless of down payment made (some states let you deduct trade before calculating tax, but down payment still doesn't enter into it).