Start off with what you like and go from there. Once you can realistically access your car's condition - check pricing guides: Now, remember, those are guides. I read all the online stuff about how to sell your car, so I had at least thought about possible scams, what to do about license plates, etc. Now $22K is 200%, and no bank will take this loan. Even after you fix the car – it will follow you everywhere, and most people who shop for used cars would not touch a car that has been in an accident – unless you will give it away. There are many decisions to make and factors to take into account, not to mention the rainbow of colours to choose from. While it is not necessary to know the actual percentage rate when calculating the lease, you can figure it out by multiplying the money factor * 2400. If you don’t want to put anything down – this is 110% of collateral, assuming MSRP is taken as collateral. First we calculate the lease cost. One of the biggest questions a car buyer faces when shopping for new car is whether to buy or lease. Be very careful. You can find a bank on your own, or you can use the dealer's finance department to get you a loan. Most of the time when people thing their car is in perfect condition - it is not. As I mentioned earlier, when you lease – you are paying for depreciation and interest. Unfortunately, few banks lend money without charging interest . The dealer doesn't hold your loan, once the loan goes through - it is between you and the bank. Can a dealer rip you off on financing? How to Store a Car. I'd like to help out if I can. This helps control the craigslist flake factor. Now let’s look at a base Jetta TDI with MSRP of $24,004. Please note that verified professionals will have flair, take advice from non-flaired users with discretion. One of the main reasons I recommend leasing to my clients is that I hate seeing them discovering the car they bought 2 years ago for $30,000 total out the door is worth $18,000 today. I'd go to one and talk to them and see if you can work something out for just a month. These games for free not only games for boys, but also for girls. Here is why: Cars are one of the worst investments ever. BMW plans to offer drivers an in-car catalog of temporary or permanent feature upgrades, allowing owners to add things like driver-assistance or comfort tech to … If you visit Craigslist Auto forum, and ask whether you should lease or buy – within 5 minutes your mental abilities will be questioned for even considering leasing, because according to the frequent posters of that forum – everybody should buy only 10 year-old cars and pay cash, the only disagreement will be whether you should buy Japanese or American, which will trigger another wave of heated discussion and name-calling. Common questions people have about leasing: Yes, a car lease has restriction on miles, but it is not as bad as most people imagine. Now, what about putting more money down in the form of a capitalized cost reduction. Car Gurus online car buying site is a car search engine for new, used, and certified pre-owned vehicles. But wait, there's more. Their goal is to take your car through any required inspection, make it safe and decent-looking, and list it for sale at a price that will still allow some profit but will be the lowest on the market. If you do and something breaks past the warranty period, it will be your responsibility to get it fixed and pay for it yourself. New comments cannot be posted and votes cannot be cast. Potential liability issues if the car breaks down. Top Voted Answer. New comments cannot be posted and votes cannot be cast, Subreddit for all things in and about Atlanta, Georgia, Press J to jump to the feed. I was clear that I would sell it to the first person who had the cash for it. Press question mark to learn the rest of the keyboard shortcuts. The problem is that cars lose value, and if they are not the lowest priced - the chance that they won't sell it in time go up. $8520 / 36 = $236.67. The appointment system also seemed to bring out the motivated buyers (who wanted to be first). Breaking a lease early can be very expensive. It’s best to call your local store and ask if the store can cut and program car keys. You can either sell the car privately, or sell it to a dealer. Here is an easy rule of thumb: for every $10K of MSRP you should not pay more than $150 a month with $0 down and minimal drive-off, or you can simply multiply the MSRP by 0.015.Let’s take two cars as an example: Jetta has MSRP of $20,344, and it will lease for $265 a month with minimum drive-off. (I actually had people cry when trading a car) Or do you drool over new cars a month after you just bought one? Meet people only in public places. Price it right. When it comes to leasing, here is the lingo: Capitalized Cost - This is the selling price of the vehicle. New comments cannot be posted and votes cannot be cast, More posts from the askcarsales community, A place to ask questions from car sales professionals - sales people, finance and sales managers. Now, take the Capitalized Cost (what you pay for the car) and subtract the residual value from it. Do not accept any type of payment other than cash or a cashier's check cut in your presence at a bank. It is always give as a decimal figure. Craigslist turned into a bit of a waste of time, with lots of flakes, random lowball offers, and strange text messages involved. Don't try to shop your trade over the phone, any numbers you get over the phone or even via email are worth less than the paper you will print it on. Joining your favorite communities will create a constant, personalized feed of content like news headlines, fun stories, sports talk, games, viral pics, top memes, and videos. Trucks for kids - build a house - building game where toddlers learn different types of trucks and how to build a house, arbor, mill and even swimming pool. Basically, it is very similar to renting. If you were leasing an apartment and the rent was $750/mo, but the landlord said, "Give me an extra couple of thousand up front and I will lower the rent to $650/mo." A dealer can mark up the rate. This is what I did: Priced it slightly under Kelley Blue Book value for 'good condition', and had a slightly lower negotiated price in mind that I would accept (10% off). Credit unions offer interest rates on car loans that can be 2.5% lower on average than other lenders. If you sell it for less – you have to come up with the difference, if you sell it for more – you make profit. Rates are high, cars are overpriced, most of them don’t even report their loans to credit agencies, so you don’t get the benefit of improving your credit history. I'm a used car manager at a big ticket store (Chevy, ford, etc) and have 5 years experience. How to Spend $100,000 on a Car While in Line at the Grocery Store Bring a Trailer started as an enthusiast website. In most states and with most banks markup is limited to 2 points – 2% over the “buy rate” – the rate the bank is offering. If yes – you should be able to use the lease payment as a write-off. While the residual value of the car has to be disclosed, and cannot be changed by the dealer – money factor can be raised for some banks, while some (like Mazda Chase) don’t allow rate mark-up. Money Factor - This is the interest rate. If you can't afford the payment without putting more money down, I would suggest taking the money you would put down and put it in the bank to earn interest and then deduct an amount every month to cover the difference. You would simply deduct this amount from the capitalized cost before you run the numbers. Bring back /u/chooter, Press J to jump to the feed. How do we know if a lease is good or bad? To be a car salesperson, start by getting experience in customer service and building up your knowledge of car brands and models. Few of us would actually do that. You are in it every day, you are used to it, and you stop noticing certain things that other people will notice right away, such as bold tires, scratched bumpers, door dings, scratches, faded paint. Never lease a car for a longer term than the manufacturer's warranty. Now, how do we check these numbers? Usually the older the car – the higher the credit, and tougher it is to find financing, mainly because it is harder to recover the funds in case you default on the loan. I posted it on Cars.com with carfax and VIN as well as craigslist with links to same. Do you get attached to a car, and a thought of replacing it brings tears to your eyes? Find more subreddits like r/cars -- /r/Cars is the largest automotive enthusiast community on the Internet. Developed in collaboration with Sprint Car champion and NASCAR racing legend Tony Stewart, strap in for an authentic dirt track racing experience. If you don’t want to put anything down – this is 110% of collateral, assuming MSRP is taken as collateral. Since you will give the car back at the end of the lease, you are basically paying to fix someone else's car. In California you must have same coverage whether you finance or lease. Let's say we pay $21,500 for this car. Fresh AskReddit Stories: Car salesmen of reddit, what's the most outrageous thing anyone has done while out on a test drive? Kind of… Does it have to be? I had the title, bills of sale, and mechanics' reports all ready. Capitalized Cost Reduction - This is simply a down payment. Depreciation is determined by the residual value, or lease-end value of the car. First of all, mileage matters only if you returning the car to the bank after the lease, in which case they will charge you for excess miles, between $0.10 and $0.25. Accept it. Dealers don't lend money, and neither do private sellers. Download this app from Microsoft Store for Windows 10, Windows 8.1. Find communities you're interested in, and become part of an online community! For example, BMW Financial Services are known to offer high residual values for their leased cars, which keeps your lease payments low, while some other manufacturers either don’t support leasing as much, or their brand doesn’t hold value as well. You are exposing yourself to everybody. Reddit Premium: now with less suck. It can also include the dealer documentation fee, tags and sales tax on the any Capitalized Cost Reduction (more on that later.) Even if there is no 0% or 0.9% from the manufacturer – it is still always a good idea to check manufacturer specials for the lowest rate to get an idea of what’s possible. So, you are paying $86.20/month in interest. In conclusion – sometime you don’t want to have a cow, you just want some milk. First off, you have to pay your 8.25% sales tax on that $1000. If you simply want to get to work and back , or want to get out of town on weekends – look into leasing. What about 0%? Adding in the 17" wheels, luxury and leather packages, it will have an MSRP of $22,000. Now, we take that $8520 and divide it by the lease term of 36 months. ), People nitpicking every blemish on the car and then making a ridiculous offer (hey man, your car is 13 years old with 150k miles, but the bumper is scuffed so you need to take $500 off). Selling price in a lease can be negotiated in the same way as purchase price, so if the selling price is lower – you have less depreciation to pay, since depreciation is always a percentage of MSRP. Guides are not laws. When you store it at home, your goal should be to maintain that amount of moisture. If you sell the car for the same amount as what you owe – you are free and clear. Said in the post that I was showing it on a specific Saturday and Sunday between 10AM and 5PM, and asked those who were interested to email to make and appointment. Remove the battery and keep it clear of damp concrete. Risk again: what if you get into an accident, and it gets recorded in your car’s history? 80% would not look at a posting without photos. It is not the buyers that are wrong - your car is overpriced. You will receive an ads-free Reddit experience, access to r/lounge and 700 Coins for every month you are subscribed. Need a realistic evaluation on your trade? I was happy with how it all turned out, so I thought I'd pass along my approach. Now how much will this cost you? A high-tech smart lockbox allows you to easily attach it to different locations on your car and keep your car keys safe.. All you need to do is set a pin code, memorize it, and leave go surfing. $21,500 - $12,980 = $8520. As you are reading this – car manufacturers are working on new technologies, what if in 3 years they will come up with cars that get 100 MPG, how easy do you think it will be to get out of your car? This is a projection made by the bank as to how much this car will be worth at the time of lease expiration. Also, think of it this way. When you have a trade with negative equity – it will have to be added to the loan as well, so if you are “upside down” – it is tough to finance everything with little or no money down. That's what I was thinking. You can't, until you are ready to make the deal. In either case the bank will lend you the money to pay the dealer in exchange for a lien on the car. Here is how an organized dealer looks at your trade: The easiest way is to call a couple of wholesalers and get bids. There are 100K active ones to choose from. You add that to the monthly lease cost of $236.67 and you end up with a monthly payment of $322.87. Banks also adjust these numbers monthly to make sure that their lease programs are attractive and competitive. This can shorten their life. If your sales tax is 8.25%, you would multiply the monthly payment by 1.0825 for a grand total of $349.51. Make sure somebody know where you are. If you going to buy out the car – you buy it as is, and the mileage will not matter. So while generally longer lease terms will give you lower payments, don't lease past the warranty period. In fact – you can get as many miles as you want (within reason – up to about 35K miles per year, depending on the car), you just have to pay for it. People could not give them away. And the last piece of the puzzle will be the selling price of the car, or “Cap cost”. This means that if you want to buy a car, but you don't have the money - you need to find a bank to lend you part of the amount or the whole amount. Usually a 12K mile/year lease will have a residual value 2% higher (or 59% in this case). Buying a new car should be a fun experience. 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