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Purchasing a New Car
Old 10-25-2008, 08:27 AM   #1
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Purchasing a New Car

I have been thinking of buying a new Nissan Sentra but I was wondering with everything that is happening in the financial markets when would be the best time to shop for a car. Also, would paying cash be an advantage to obtaining the best deal.

I would appreciate anyone's opinion.
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Old 10-25-2008, 10:37 AM   #2
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Due to the economy there is a big glut of stock building. Car prices are expected to drop over the next quarter and month end buying should be pretty good. Cash is always king but just do not say that until you have your price! They always assume they can get the financing and make quite a few more bucks off you.
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Old 10-25-2008, 10:40 AM   #3
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Wait as long as you can - at least until Christmas - go after 26th or so and you should get a great deal. This is like the beginning of the housing bust - people don't think it will get much worse-it will. So wait.
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Old 10-25-2008, 08:36 PM   #4
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I have been thinking of buying a new Nissan Sentra but I was wondering with everything that is happening in the financial markets when would be the best time to shop for a car. Also, would paying cash be an advantage to obtaining the best deal.

I would appreciate anyone's opinion.

We purchased a Nissan Altima since someone decided to run into us and total our car. We felt we got a good deal on the price. They seemed to be eager to negotiate. We paid cash. Nissan didn't care either way if we were paying cash or financing. They all have a bottom line price eventually you get to it
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Old 10-25-2008, 08:51 PM   #5
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A friend of mine said his local credit union has more repossessed cars for sale in their lot than he'd ever seen before. This might be another source for a fairly new car, if you see something you like.
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Old 10-26-2008, 04:04 AM   #6
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The Sentra is a nice compact car.

We bought a car recently and paid cash.
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Old 10-27-2008, 10:07 AM   #7
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The import carmakers are way less desperate than the domestics. However, wait until the end of whatever month you want to buy........
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Lot Rot
Old 10-27-2008, 10:44 AM   #8
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Lot Rot

One thing to consider is lot rot. Cars that sit for a long time on the lot have peculiar problems - sticking brake calipers, flat spotted tires, electrical and corrosion related issues. You might want to find out the build date on a car that you eventually buy. If it is more than a month or so old, it may have lot rot issues.
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Old 10-27-2008, 10:48 AM   #9
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I was going to replace my 2000 Camry Solara with a new one in 2010, but now I am wondering if it would be smart to get one sooner.

Surely Toyota is cutting back on production for next year - - maybe there is a slight but temporary glut that would keep prices down at this very moment.

But, I really don't need one yet. I guess I'll wait.
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Old 10-27-2008, 10:54 AM   #10
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But, I really don't need one yet. I guess I'll wait.
Any savings you might obtain by buying now will be minor compared to the cost benefit of keeping your existing ride as long as possible. Just get it washed and waxed, then spray a little of that new car smell on the headliner...
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Old 10-27-2008, 11:34 AM   #11
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Any savings you might obtain by buying now will be minor compared to the cost benefit of keeping your existing ride as long as possible. Just get it washed and waxed, then spray a little of that new car smell on the headliner...
Good point! I might as well. The car only has 36,000 miles on it anyway, and I am sure it would last me for another 10 years if the bottom falls out of the economy. The new car yearning is just a want, not a need. I should pay more attention to the new part of my sig line, and learn to be more like Thoreau!
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Old 10-27-2008, 11:36 AM   #12
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We planned on keeping our car for another 5 years. So much for plans and other peoples horrible driving.
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Old 10-27-2008, 12:43 PM   #13
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The October 2008 issue of Consumer Reports has an excellent article on why it's better to buy a gently-used car than a new car. They point out that for the same five-year owner cost you could get a much spiffier 2-3 year old used car. For example, you could buy a new Toyota Camry V6 or a 3 - year-old Lexus LS for the same 5-year cost.

We bought both of our vehicles new (because of cabin configuration/size) even though we'd have preferred used, but got great deals by doing the following:

1. Deciding exactly what we wanted before going to a lot (ie, do you want a sunroof? CD changer? Leather seats?).
2. We went online at Edmunds.com and found out what the dealer invoice was. We decided how much over invoice we'd be willing to pay. This was our upper limit for negotiations.
3. We asked for online bids through Edmunds.com and got one from a dealer about an hour away. It was for $200 over invoice.
4. We arranged financing separately and got our financing check before calling our local dealership.
4. We went to our local dealer and told them we wanted X model, X color, and we had a bid for the same vehicle for X price (the invoice +$200). We told them we'd buy it from them that day if they could meet the price. If not, we'd drive south and get the other car from the other dealer.
5. Got our cars for $200 over invoice, paid for using our own financing (future cars will be bought with cash). Refused their add-ons (underbody coating not necessary here, etc.).

No hassle for us, and easy for both of us. Our dealer didn't have to spend a lot of time on the sale, and we spent a total of 1 hour on the lot signing papers. If I ever buy a new car again this is the way we'll do it.
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