Anyone else receive low offers right away ?

It's an old adage that the way the rich stay rich is to spend as little as they can thereby keeping most of their money. Just human nature to see how little a person can pay for something. Not condoneing lowball offers, thats just the way it is.

Knghifi, I thought I saw car mentioned somewhere. It doesn't take a study to know that a lot of the rich are that way due to sacrifce. The poor made as much money but lived beyond their means. Poor credit should mean more for the borrower to pay back, but in my case the guy with bad credit was getting a lower final purchase price than me. I used to buy new Mustangs every 2 years. The dealerships do whatever they can to get a sale, but should not give someone else not as worthy a better deal just because they think I'm a lay down. They found out when I went elseware. I got lots of better offers then, but it was too late. The 3rd week of January is a very good time to look for a new car because it is the slowest (or one of) month for car sales.

The car dealership has to lower the price for people with slow or bad credit in order to get the person approved for the loan, so that person was offered a lower price than I was offered in order for the dealership to make the sale. I went elseware to make my purchase. Dealerships make money selling money, not cars. They told me this although I already knew that. Nothing wrong in trying to bargin. I've never and will never pay retail for anything. I'll just walk away. Most people won't though. I'm just against lowballers thinking they can get whatever they want for next to nothing. The only reason I've ever financed a car was to get a lower sales price. As soon as I get the first statement I pay the loan off. If I can't, I'll just go without.

Polk432,

It doesn't take a study to know that a lot of the rich are that way due to sacrifce. The poor made as much money but lived beyond their means.

The study was about families with higher incomes and not the same but one save while the other live beyond their means.

I have several friends that own auto dealerships and they tell me there are basically 3 ways for them to make money on a sale.
1. sell for higher than cost
2. financing
3. options.

Ideally is to make money on all 3 but one will work.

I think if the person with poor credit gets a lower purchasing price, they probably paid for it in financing. If you have a better credit, they will have to make a profit on you through higher price or some options.

The 3rd week of January is a very good time to look for a new car because it is the slowest (or one of) month for car sales.

I heard usually end of the month. The best time is when they are close to a bonus. One of my friend was at the dealership when they needed 2 more sales to reach 25 for a bonus. He was 24 and got it at cost.

The only reason I've ever financed a car was to get a lower sales price. As soon as I get the first statement I pay the loan off. If I can't, I'll just go without.

The problem is the loan is amortized so you paid a big chunk of interest in the 1st payment.

I found out the hard way many many years ago when I bought a Mustang 5.0 and got it at cost with no options but I had to get financing in order to complete the deal. Paid off after 1 payment and it was all interest so a better deal was to buy some extended warranty option instead.

I love car shopping and pay cash. I do my homework and have a FAIR price I'm willing to pay. I tell the salesman, it doesn't matter how many times you talk to your manager, this is my best price and most of the time, it works.

3 out of the 4 cars I bought were for cash. The loan companies hate people that don't finance or pay off early. I now have a mint condition SLK 230 Benz 2001 with 6,375. originals on it. It should last me the rest of my life and gets 22cty 32-33 hwy. Like I said most dealerships make money selling money and the last week or end of month is best because the salesmen have quotas to meet in order to receive a bonus. The person with poor credit will make up for it with a higher interest rate, but should not get a better bottom line price than someone that is responsible.