Am I getting ripped off?
11-24-2015, 10:51 PM
#1
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Am I getting ripped off?
Was at the local MB dealership and they had a Mars Red AMG GTS on the showroom and I fell in love. I have a red X5M and wanted to match. But I don't buy until I have done my research.
$141K MSRP car, I am putting $20K down and financing the rest for 84 months. Total OTD price per month was $1,856. Thought it was a fair deal and was going to come back the next day with a check for the $20K.
Found another one I liked online, this was black on black with black multi spoke wheels. MSRP on this car was $157. Reached out the the dealership (out of state) and the price was $1,800 a month with my $20K down, 72 months. I know I have to make tax on it when I register the car which is around $14K.
Then found another local dealer who said the car is on its way, $149K MSRP, and with my $20K down for 84 months, my price per month is $1,740.
I usually lease, and was looking at ordering an M6 Coupe, but IMO the GTS looks cooler. I can get a fully loaded M6 Coupe for $1300 a month.
So what is a fair deal on this car Or should I lease it?
$141K MSRP car, I am putting $20K down and financing the rest for 84 months. Total OTD price per month was $1,856. Thought it was a fair deal and was going to come back the next day with a check for the $20K.
Found another one I liked online, this was black on black with black multi spoke wheels. MSRP on this car was $157. Reached out the the dealership (out of state) and the price was $1,800 a month with my $20K down, 72 months. I know I have to make tax on it when I register the car which is around $14K.
Then found another local dealer who said the car is on its way, $149K MSRP, and with my $20K down for 84 months, my price per month is $1,740.
I usually lease, and was looking at ordering an M6 Coupe, but IMO the GTS looks cooler. I can get a fully loaded M6 Coupe for $1300 a month.
So what is a fair deal on this car
Or should I lease it?
11-25-2015, 09:58 AM
#2
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Too many variables you have not disclosed. You tell us the msrp but what is YOUR price or is it the MSRP. Then what are the interest rates on these 84 month and 72 month terms? Also is the out of state deal the only one where you have to pay tax (you said 14k) and are the in state deals including tax?
11-25-2015, 11:24 AM
#3
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I didn't get anything off MSRP, so they are selling them for MSRP. Interest rate for both 72 and 84 months is 2.99%. I have to pay my state sales tax, and the two in-state deals have taxes rolled in, the out of state I have to pay up front.
11-25-2015, 01:07 PM
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Well then my only input is the pricing--- msrp is fair but I think you have more opportunity as the best MBZ sales month is coming up in December. There is about 11% or a little more in the car- 6% from msrp to invoice and then another 5.5% in the back called holdback (if the dealer is rated as an Autohaus store).
I will tell you that 2.99 at 84 is a good rate and 2.99 at 72 (both with 20k down) is probably a little high assuming you are a tier 1 credit applicant.
I will tell you that 2.99 at 84 is a good rate and 2.99 at 72 (both with 20k down) is probably a little high assuming you are a tier 1 credit applicant.
11-25-2015, 01:14 PM
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Consider chase financing if you have a chase account... I got 1.46% with autopay financing about $80k
My dad got 2.25% a couple weeks ago financing $60k
My dad got 2.25% a couple weeks ago financing $60k
11-25-2015, 01:57 PM
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He could get to some credit unions which might drop their 72 month terms in the higher 1's (1.79 or 1.84) but at 84 he has a strong rate.
11-25-2015, 01:58 PM
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The problem with his transaction(s) are the extended terms (72 and 84)- he will have a tough time getting 130-140k amount financed (msrp minus 20k plus tax or so) at the rates you stated with the terms he wants.
He could get to some credit unions which might drop their 72 month terms in the higher 1's (1.79 or 1.84) but at 84 he has a strong rate.
He could get to some credit unions which might drop their 72 month terms in the higher 1's (1.79 or 1.84) but at 84 he has a strong rate.
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11-27-2015, 07:09 PM
#8
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Doing basic loan amortization, the 141K seems too high as it should be more like high 1,6XX per month and the 157K seems like a good deal as it should be high $2,0XX.
The $149K seems about right.
If the sales tax is really 10% you should look at setting a corp and buying it in a tax free state.
The $149K seems about right.
If the sales tax is really 10% you should look at setting a corp and buying it in a tax free state.
11-28-2015, 02:44 AM
#9
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I got a Range Rover LWB Autobiography instead. Don't understand MB dealers, none of the ones in California wanted to ship the car out of state, and the two local dealers slotted to get one are asking over MSRP now. Going to wait and get an SLS in a few months.
02-09-2016, 08:54 AM
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Well then my only input is the pricing--- msrp is fair but I think you have more opportunity as the best MBZ sales month is coming up in December. There is about 11% or a little more in the car- 6% from msrp to invoice and then another 5.5% in the back called holdback (if the dealer is rated as an Autohaus store).
I will tell you that 2.99 at 84 is a good rate and 2.99 at 72 (both with 20k down) is probably a little high assuming you are a tier 1 credit applicant.
I will tell you that 2.99 at 84 is a good rate and 2.99 at 72 (both with 20k down) is probably a little high assuming you are a tier 1 credit applicant.
What is an Autohaus store? If the store is not as such how does that affect hold back? Thx
02-09-2016, 10:27 AM
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Edit: I think its a 1.5% lift.
Last edited by Vic55; 02-09-2016 at 12:30 PM.
02-10-2016, 11:07 PM
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For some of us that don't plan on mods and keep cars short term, a 24-month (18 in practice if loyal to the brand) can still make sense, particularly if we don't sell our cars privately and then there is the mental factor of not dealing with extra depreciation from the texting teener branding one with a carfax.
Not the cheapest approach but a good balance for some.
