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Discussion Starter #1
So here is the deal, got an itch today and decided to go down to the local chrysler dealership and test drive a new 07 srt300. OMG, that thing rocks. The dealer told me that they really needed to get rid of it and of course i want it. I currently have an 06 300 touring which I like but the thought of having the srt is nice. The problem is that unfortunately i am upside down on the car I have. I cant believe my trade in value is 12,500. YIKES! The dealer said that they would do anything to get me into the car. Should I roll over the negative equity into the new loan? or is that just a stupid idea. I realize that I am an impulse type of guy which can tend to get me into trouble. I just really want that car. the sticker price is 44,500 or something ridiculous like that but he would sell it for 35,000 only 2,000 miles on it and it is fully loaded with every option. I am currently about 5,000 dollars negative. What should I do? Your opinions and thoughts would be greatly appreciated.
 

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I think he is a little high on the price given that it has 2000 miles on it.

To me, that is not a new car. I would think $30,000 would be much more fair a price based on the mileage.

Now if you were buying a 07 SRT8 with 2 miles or 16 miles I would pay the $35,000, but not 2000.

Besides, that would take care of the $5000 you are upside down on.

Keep looking, or I'll bet you he will come down on the price!
 

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K, with 2K on it it's probably a demo. so they can definitely give you a better price on the car.
#1 Don't answer to "how much do you want your payment to be?"
Discuss only the final price of the car you are trying to buy.Keep in mind you are 5k in the hole already.
#2 It's May new models are coming out soon, use this as a bargaining chip...
"If I'm going to be upside down I might as well wait for the new model and offset the depreciation for driving it off the sales lot a little bit"
"Let me think about it a little while longer"
-When they are trying to get their sales numbers in (end of the month) you'll get a better deal.
#3 ask them if they have looked for all the incentives "owner loyalty" would be good to bring up here. sometimes you can try to qualify early.
#4 Do some research, consider you new 300 as used as it does have 2k mi on was most likely used as a demo. 2k is on low end for a used vehicle but it's still 2k.
#5 Look for flaws (small dings and the like) believe me even new cars (especially if it has 2k mi on it) has something you can find...
remember the post from this forum, with all the small problems we've all had and double check for those...
If you can bring in your own financing (this cuts off the stealerships (y)earning eyes from glancing so hard at your wallet to) it would be helpful.
call your lien holder and ask what monthly payment and what you would be approved for, if you would be looking at with the new vehicle price...


If you get pressured during sales negotiations walk out... they call you...several times....

Used to sell cars, so I know... go get em...
let them know you want them to make some money but you expect a fair deal...
Don't strong arm the deal, have a smart head and look for a great buy.
 

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Great Advice T8STY!!!!!!!!

I really like the idea of pre-arranging your own financing because that
sways a lot of leverage toward you.

Since I'm not really Daddy Warbucks I do this with every auto purchase
and I have a ceiling that I will not go over. And even though I do
this, my idea is not to try to screw the dealer (ie trying to get 5%
below invoice and all of that stuff). Just want to make sure that
when I save in one place, I don't overpay in the other.
 

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Discussion Starter #8
Thank you very much T8sty-1. Your advice really has helped and you are right the salesman has called twice already.
 

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Just to add more....

Really try the brand loyalty argument....

My wife is a serial chrysler buyer and it really paid off for her. I remember
her trading an upside down intrepid and them making the difference
up with the new purchase because it was her 3rd Chrysler. How
did she reward this behaviour? By making a 4th purchase, which is
why we have a C.

I'll probably never have that treatment because I haven't purchased the same
make even twice in a row and I don't plan on trading my C ever.
 
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