GTRACER88

IRS do you work at ford?

Moonshine

I used to work in the car dealership business. I've seen it all. I know what salespeople like. I know what they don't like. I know what a good trade in is...and I know what a ***tty trade in is. Chances are a dealer won't give top dollar for a modded GT mustang. Reason being is that they will assume the car was poorly put together and beat to schit. I'm just kidding about the whole devil thing. Trade in's are cool. I'd never trade a car in, personally. You'd be much, much better off, financially selling the car and taking the cash to your dealer, with your planned down payment.


And it'd be wise to put 10-30% down on a car loan. Really ill advised to drive out of a dealership with an upside down loan.

IRSmart

i can sell new Chevroltet, Cadillac, Dodge, Chrysler, Jeep, Ram, Nissan, Hyundai, Porsche, Audi, Lexus, Ford, Toyota, Scion, BMW, and just about anything used. we're a pretty large dealership chain in maryland.

that all depends. a lot of states give you a tax credit for your trade. let's say you buy a car that is $20,000 and you have a trade in that is worth $15,000. it would be a lot nicer to pay tax on the $5,000 difference if you trade your car, rather than the entire $20,000 if you sell your car outright. sometimes it makes more sense to trade it. plus it's a piece of mind thing, too. if it breaks down for the next buyer, YOU are responsible. if you trade it, WE are.

that is 100% correct. when i bought my car, i practically emptied my bank account as a down payment. i see too many people get 100% financing and it screws them over. one guy rolled negative equity into a jeep wrangler then financed it for 84 months. we did everything we could to get him approved, and he practically begged for the car. 2 years later, he still owed more than the original MSRP, and we even blew the car out so that the banks would approve it. he can't afford the payments anymore, but i can't pull him out of it.

smitty2919

my complaint on dealerships are the horror stories of them taking advantage of customers dealing with fixing the car (happened to my aunt) but in terms of salesmen, its the fact that MOST nag you about this and that....listen if i want to know something, i will come ask you, otherwise stop hiding around corners and asking every 5 min if you can help me lol

next is the fact of negotiating prices. my father bought a used truck from a caddi dealer and it took an hour of talking with the salesman and him having to "go check with the office" and walking back and forth back and forth. it's like a act they put on and sooo annoying. i want to deal with the person who is in "the office" fact to face, get a price worked out in afraction of the time. i found t so funny how it all went down. was like a game we were playing lol.

now it's my lunch break and im off to go look t a used New Edge down the street and see what kind of crap the salesman will try to feed me.

Moonshine

Regarding the trade-in. Once you sign the bill of sale and take your paperwork to the DMV, you release liability. Meaning you are no longer responsible for breakdowns or accidents or any of the sort. o.O

Also, if a dealer is willing to give you 15k for a car on a trade-in. You could probably sell that same vehicle for 25-35k private market. I understand the whole tax credit deal, but the tax gets tacked on the value of the loan anyway, so it's neither here nor there.

Dealerships make MASSIVE amounts of money on used vehicles. Percentage wise. That being said, you could potentially make...well, I can't exactly say 'make' because there are too many variables involved. But at any rate, you could potentially sell the same vehicle the in the thereabouts of the same price that the dealer would sell it. It just would take longer for you to sell it.

Trading a vehicle in...is pretty easy and it resolves a lot of headache. For the average consumer, trading their vehicle in, is the best deal for them. But for some, who are more financially motivated, it is not.

GTRACER88

IRS... I have the option for the X-plan through my company. Is it worth it on using it on new vehicles. Im weighing my options to trade my car or sell it and then buy the 2011 GT.

Moonshine

What is an 'x-plan'?

GTRACER88

X plan is a special deal thing from ford where they have new cars and set them at a certain price. Something like that. Just wondering if that set price is cheaper than I can haggle or not.

cliffyk

If you don't mind my asking, what level of dealership do you work with?

A one/two manufacturer privately owned/or incorporated one or two site organization, or a multiple site "Mega Auto Mall" corporation with tens or hundreds of sales sites?

The latter do:

• Have their own financing arms extending credit at absurd rates to anyone that can fog a mirror (not that I object to this per se, the level of risk is also absurd);
• Provide the "self-insured" after market warranties referred to in the quotes from the book you provided;
• Have multiple order sheets with different preprinted prep and transportation charges;
• Use high-pressure bait-and-switch, deceptive, and dodge ball sales techniques.

If you doubt any of this I invite you to take a trip down to the Daytona Auto Mall next time you're in this neck of the woods. I had the unfortunate experience of going there with my grandson a while back, and assure you all of the above is dead on.

---------------------------------------
BTW, we ended up with a nice, clean, one owner '01 Toyota Corolla LE with 78k miles, from a private sale we ran in to on the way back--good place for a kid to start IMHO.

Got it for $2200, $400 more than the "Auto Mall" people had offered them for trade on a new Prius.

cliffyk

Barring complete and aggregious fraud, s private seller has no later responsibility for an breakdown or other failure of a used automobile--certainly not in Florida, or any other state of which I am aware.

As a added CYA protection make sure the bill of sate you provide the buyer (and they sign) has language like this:

[quote]
Buyer and Seller agree that the odometer reads xx,xxx miles at the time of sale.
The automobile is sold AS-IS with no warranties or liabilities of any nature offered, expressed, or implied as to the condition, utility ,or subsequent use of the vehicle. This prohibition extends from the time of execution of this Bill of Sale/Purchase Agreement until the end of time.

By executing this Bill of Sale — Purchase Agreement the Buyer(s) agree that they have personally examined the vehicle and have accepted delivery AS-IS in accordance with the terms of the above statement.[/quote]

My cousin the corporate shyster wrote this up some years back...