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New Car Thread
MegaMan001
CRNARochester, MNRegistered User regular
CRNARochester, MNRegistered User regular
Background: I am buying a 2009 Toyota Matrix. I picked this car because it's a reliable Toyota, 29 mpg, roomy space to move all of my shit around without renting a truck, and I love how it looks and handles.
I utilized advice from this board and found the Invoice price from Edmunds.com (which matched info I bought from Consumer Report) that the Matrix S Series with a 2.4 L engine, ABS, Sunroof, Power Keys / Doors / Keyless Entry, 6 CD changer with 6 CD stereo that plays mp3 / WMA CDs, and the full weather package for Minnesota, was $19,173. I used the Edmunds.com 'find a dealer' option and found an area dealer that has that exact model, with all the specs, in the color I want, for only $19,774 - nearly $3,000 cheaper than my local Rochester Toyota dealership.
This was the Edmunds.com "No haggle price". It seems I couldn't really do any better, since I'm basically getting Power keys / doors / locks, a sunroof, and the larger stereo system for free.
My question is, is there anyway I could do any better for price? $600.00 larger than the Edmunds.com / CR invoice price seems like a solid starting point.
Alternative question, is there any issues with financing through the dealer? The Toyota incentive right now is 0% for 36 months (though I secured financing at 5.09% through my Mayo Clinic Credit Union). Would I be better off getting the cash back from the dealer? I ask, because I'm generally nervous about dealers and have heard so many horror stories of people getting dicked by dealership financing.
I utilized advice from this board and found the Invoice price from Edmunds.com (which matched info I bought from Consumer Report) that the Matrix S Series with a 2.4 L engine, ABS, Sunroof, Power Keys / Doors / Keyless Entry, 6 CD changer with 6 CD stereo that plays mp3 / WMA CDs, and the full weather package for Minnesota, was $19,173. I used the Edmunds.com 'find a dealer' option and found an area dealer that has that exact model, with all the specs, in the color I want, for only $19,774 - nearly $3,000 cheaper than my local Rochester Toyota dealership.
This was the Edmunds.com "No haggle price". It seems I couldn't really do any better, since I'm basically getting Power keys / doors / locks, a sunroof, and the larger stereo system for free.
My question is, is there anyway I could do any better for price? $600.00 larger than the Edmunds.com / CR invoice price seems like a solid starting point.
Alternative question, is there any issues with financing through the dealer? The Toyota incentive right now is 0% for 36 months (though I secured financing at 5.09% through my Mayo Clinic Credit Union). Would I be better off getting the cash back from the dealer? I ask, because I'm generally nervous about dealers and have heard so many horror stories of people getting dicked by dealership financing.
I am in the business of saving lives.
MegaMan001 on
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I'm financed through my dealership (though I think it's just Mazda the company at this point, I don't see anything from the dealership anymore) and I haven't had any problems... I'd assume there's a limit to how much they can dick you around without resorting to something blatantly illegal, since they should be checking your credit and writing down the terms of the lease before you sign anything anyway, though of course I'm sure people can tell horror stories
Cant help you with the car (be prepared for the usual onslaught of 'omfg dont buy new!!!') as stuff is different in Australia than over your way. (we dont have a toyota matrix... possible its sold under another name but i havent checked)
For the financing. 0% for 36 months is worth checking out. Make sure you read the terms & conditions first. Take your time, dont be afraid to ask them to explain things. If you arent happy with the answer (eg, the guy seems a bit vague) ask to speak to someone who can clarify. If you're uncomfortable with any part of what you've been told, or get a bad feeling in your gut, walk away and get financing elsewhere.
What you especially want to know is this: During the 36 months do you have fixed repayments? Or are there no repayments for that 36 month period? (beyond what you choose to contribute yourself) Is there a balloon payment at the end of the 36 months? If there isnt, will you own the car at the end of the 36 months, or will there be more to pay? If so, what interest rate will be charged on the outstanding amount, and what will the outstanding amount be? What happens if you cant make a payment during the 36 months? Will the entire thing switch to a set interest rate? Otherwise, what is the penalty? Is there a penalty or additional fee for making extra repayments? What if you pay off the whole thing well before the 36 months, any fee? Is there an establishment fee to set up the financing, if so how much?
You may well read through the terms and conditions and find some of the answers to those questions, and maybe think of more as well. I've taken financing at the dealership for 2 new cars, (different manufacturers/finance companies) and i've been happy with the service each time.
My brother owns a Vibe actually, which I liked the feel of - but I hate how the Vibe looks. It's so smooth and got wide arcs for lines. To use a totally nerdy comparison, it's like a Mon Calamari car.
The Matrix, on the other hand, for 2009 and got a sharper front end and sharper angled lines on the side, makes it look more aggressive. The front spoiler is also bad ass.
Just that, in Magnetic Grey.
The Honda Fit was a close second for me (looks like we were looking for the same thing in car), so if you haven't 100% made up your mind, you might want to give the Fit a gander.
I love the Fit, except it can't fit my 46 inch LCD in the back cargo area comfortably. Which is an absolute necessary feature, as I may be doing travel nursing across the USA next year.