SLK/R171: Advice on Buying a New SLK without Financing
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Joined: Jan 2005
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Advice on Buying a New SLK without Financing
I'd like to buy a new SLK 350 and I have the money to buy it without financing.
Can anyone offer any advice since I've never bought a car this way before? I've always had loans in the past but I am a patient man and want to get the best deal on it.
Are dealers willing to work with you in this way or does having the money to buy it outright not really make a difference in the negotiation process?
Also, can anyone recommend any dealers in the Los Angeles area that might be good to talk to?
Can anyone offer any advice since I've never bought a car this way before? I've always had loans in the past but I am a patient man and want to get the best deal on it.
Are dealers willing to work with you in this way or does having the money to buy it outright not really make a difference in the negotiation process?
Also, can anyone recommend any dealers in the Los Angeles area that might be good to talk to?
Senior Member
Joined: Aug 2004
Posts: 306
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From: Skokie, Illinois
I've never financed a car and I've always been able to negotiate reasonable deals. When you go in to the dealership, don't say anything about it being a cash sale. Negotiate your best price then ask if they will do any better for cash. It's worked for me on one occasion.
Member
Joined: Dec 2004
Posts: 138
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From: Atlanta
06 SLK55 AMG Firemist/Blk
Follow Duo-Art advise and never say I'm paying cash up front because what Fred says is true. Lenders (including MB finance) offer incentives for dealers to use them. A dealer is paying a finance person to do financing and make money for them. So bypassing this step cost the dealer money.
Also another thing to consider. If you can get get less than 5% financing, take the money and invest it and you would likely make a profit and save money on the car.
Also another thing to consider. If you can get get less than 5% financing, take the money and invest it and you would likely make a profit and save money on the car.
Last edited by Julien321; Feb 2, 2005 at 09:02 AM.
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Joined: Dec 2004
Posts: 132
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From: Hawaii
05 SLK 350, 97 S420, 92 Jeep, 04 Kia, 28 Ford Tudor, 51 Ford F3, 01 Harley, 03 Harley
Good plan. I always dress down, shorts/t shirt and try not to look like I even want a car. Last 3 purchases I think I did well as I started with a slick saleman not having time to spend with me and ended up being able to pick a good salesperson. (There are some dumb ones out there..... not true, actually there are a few smart ones out there.)
Also never tell them how I wanted to pay for the car. I always tell them I am only interested in the out the door price. I usually get a better deal at the end when I offer to write a check by asking "How much discount if I pay cash?"
Also never tell them how I wanted to pay for the car. I always tell them I am only interested in the out the door price. I usually get a better deal at the end when I offer to write a check by asking "How much discount if I pay cash?"
Member
Joined: Dec 2004
Posts: 138
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From: Atlanta
06 SLK55 AMG Firemist/Blk
Originally Posted by RoadkingHI
..I always dress down, shorts/t shirt and try not to look like I even want a car...
Member
Joined: Feb 2003
Posts: 192
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From: Hawaii/Conneticut
2005 SLK350
depends where you live i guess... RoadKingHI is from hawaii. you dont have to "dress up" even when you go to semi-upper class restaurants, i go in my t-shirt, boardshorts, and slippers (or flip-flops as you mainlanders call it)
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Almost a Member!
Joined: Jan 2005
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From: Upstate NY
58 Vette, 03 Toyota LC, 05 E3204Matic "cancelled purchase"
Check out the internet. Many places doing fleet pricing delivered to your door. If nothing else you will get a good feel for bottom line pricing.
I have checked a few. If you want a name or two send me a PM. I'm not sure if is against the TOS to post a link to something like that.
Good Luck
I have checked a few. If you want a name or two send me a PM. I'm not sure if is against the TOS to post a link to something like that.
Good Luck
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Almost a Member!
Joined: Nov 2004
Posts: 43
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From: Metro NYC area
'01 BMW 330Ci Dinan Signiture series(S) SLK 350 6Spd. CAPRI BLUE AMG, Lighting pkg., heating pkg.
I don't think it really matters how you dress.....let's not be naive..it's the color your money that counts.
Senior Member
Joined: Aug 2004
Posts: 306
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From: Skokie, Illinois
I don't agree about how you dress. A friend of mine who is very very rich, went into the local M/B dealership wearing blue jeans, intent on buying a car. None of the salesmen paid any attention to him. He went to the sales manager and introduced himself then informed him that he was buying his new S-500 elsewhere. You don't have to dress fancy but at least give the impression that you can afford a M/B.
Member
Joined: Jan 2005
Posts: 81
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From: Irvine, Ca.
1975 Ford Pinto
My Thoughts
Hello,
I would tell the dealer to finance, then pay the loan off within the first month, here is why:
1) Dealer usually will get some cash back on the back-end: IE This is just a example with round numbers: You finance the car at 5.5% the dealer will sell this loan to a bank, when they sell they will receive .5% of the intrest (Remember this is just round numbers) The dealer will offer you a better selling price because they will make it up on the back-end. FYI- MBCredit interest rate sucks.
2) When you say "Cash Deal" they might not negoiate a better price because they will not make it up on the back-end.
3) Remember the dealer is just that "A Dealer" they will look for the biggest profit margin. whether cash or finance.
Good Luck
I would tell the dealer to finance, then pay the loan off within the first month, here is why:
1) Dealer usually will get some cash back on the back-end: IE This is just a example with round numbers: You finance the car at 5.5% the dealer will sell this loan to a bank, when they sell they will receive .5% of the intrest (Remember this is just round numbers) The dealer will offer you a better selling price because they will make it up on the back-end. FYI- MBCredit interest rate sucks.
2) When you say "Cash Deal" they might not negoiate a better price because they will not make it up on the back-end.
3) Remember the dealer is just that "A Dealer" they will look for the biggest profit margin. whether cash or finance.
Good Luck
Last edited by cjmegha; Feb 2, 2005 at 06:31 PM.
Almost a Member!
Joined: Nov 2004
Posts: 43
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From: Metro NYC area
'01 BMW 330Ci Dinan Signiture series(S) SLK 350 6Spd. CAPRI BLUE AMG, Lighting pkg., heating pkg.
Originally Posted by cjmegha
Hello,
I would tell the dealer to finance, then pay the loan off within the first month, here is why:
1) Dealer usually will get some cash back on the back-end: IE This is just a example with round numbers: You finance the car at 5.5% the dealer will sell this loan to a bank, when they sell they will receive .5% of the intrest (Remember this is just round numbers) The dealer will offer you a better selling price because they will make it up on the back-end. FYI- MBCredit interest rate sucks.
2) When you say "Cash Deal" they might not negoiate a better price because they will not make it up on the back-end.
3) Remember the dealer is just that "A Dealer" they will look for the biggest profit margin. whether cash or finance.
Good Luck
I would tell the dealer to finance, then pay the loan off within the first month, here is why:
1) Dealer usually will get some cash back on the back-end: IE This is just a example with round numbers: You finance the car at 5.5% the dealer will sell this loan to a bank, when they sell they will receive .5% of the intrest (Remember this is just round numbers) The dealer will offer you a better selling price because they will make it up on the back-end. FYI- MBCredit interest rate sucks.
2) When you say "Cash Deal" they might not negoiate a better price because they will not make it up on the back-end.
3) Remember the dealer is just that "A Dealer" they will look for the biggest profit margin. whether cash or finance.
Good Luck
