first time new car buyer!!!?

Question

I've never bought a car before, I'm terrified that I'm going to get screwed or just never settle and get a car. I'm getting financing throught my bank. I'm attempting to do some online negotiations with local dealers. Im looking for a new 2014 Chevy Spark LS. I'm seeing the MSRP online at $13,480 but all these dealers are telling me the msrp is $14,200+. Can they lie about the MSRP?
Also, my bank is offering me financing at 8% interest. I feel like thats a little high. If the dealer tries to offer me financing at a lower rate, should i take it?

Answer 1

New cars have all kinds of options and extra equipment that can be ordered by a dealer, all of which increases the MSRP. The MSRP you find online are generally only for base models that do not include options. If you were to actually visit a dealer and look at the window stickers, you would see exactly what is included in the MSRP for that particular vehicle.



An 8% loan rate is not bad for someone who has never bought a car before. I'm surprised it's not higher. If a dealer can do better, go with the best deal.



I agree with Rob, a Chevy Spark is not a good car to buy when there are better choices. Consumer Reports ranks the Spark 4th from the bottom out of 27 sub-compact cars. The Honda Fit is the top rated.

Answer 2

Dealers prices will vary from place to place because of different manufacture incentives. When you see a price on the internet, it may be for somewhere else where different incentives are in effect. The most important price is the 'out the door' price, which is the real bottom line. Some dealers will try to sneak extra little add ons in after the deal is made but before the car is 'out the door'.



If the dealer will not lower their price, but will give you a better rate of interest (from General Motors), you should figure out the total cost , including financing, and take the deal that is to your advantage. Yes, you will get 'screwed' but if they do it well, you will leave happily in your new Spark.

Answer 3

Jesus. Ok, here we go.



1st of all, you are looking at a car with VERY little mark-up. IMPOSSIBLE to get "screwed" on a car for 14k. I bet they have MAYBE 800.00 profit in that vehicle at MSRP. You cannot get screwed on a cheap car. I have a Mazda 2 that has an MSRP of 16600 and we have an invoice of 300 less than that.



2nd, I'm sure the Chevy website doesn't include a "Destination Charge" of around 800.00. There's your price difference. Check the fine print.



3rd, you better take ANYTHING you can get for financing. Well, duh...of course let the dealership try. AND...guess what after that?? Take whichever rate is LOWER!!! This isn't fu


I have a crazy idea...get off the fu


Grow some balls and get out from behing your computer.



Jesus...kids these days.



AND...a Chevy Spark is a horrible choice in cars. Terrible. You can get a Nissan Versa, Mazda 2, Honda Fit or a Toyota Yaris for about the same price and they are MUCH better cars.



20+ years in car sales/management/finance

Answer 4

The Manufacturers Suggest Retail Price ( MSRP ) really doesn't mean a thing. A dealer is free to sell a vehicle at any price.



Can they lie about the MSRP? Yes. But it would be rather stupid of them to do so as it's very easy to verify the price by just looking it up online. To be caught in a lie would look very bad both on the sales person and the dealership.

Answer 5

MSRP will vary based on the options installed.

Destination charge will add to the cost. Basically, it's the cost of shipping the car to your location. As it's government mandated, it's not negotiable.

Watch out for dealer add ons, such as nitrogen filled tires, coatings, protectors, window tinting etc. These should be negotiated, as they're fees are exorbitant and several times the market rate.

Of course you should try to get a lower financing rate through the dealer.

Answer 6

With car buying you have to do your research. In the UK we can get online deals which beat dealer prices. Then we can print off, or take a screen shot, of the online price and wave it under a dealer's nose. Sometimes you have to get up and walk way. Sometimes they will call you back with a reduction. The important thing is to refuse to be pressurised with an offer that is for 'today only'. Dealers are full of tricks. Make sure you compare interest rates carefully so they don't add in an 'arrangement fee'.

Stay cool and detached and their tactics won't grind you down. You have the money so you have the power.

Answer 7

8% is high, but if you are young and don't have a lot of credit history it might be what you have to pay. You can go to lendingtree.com and try there - they are aligned with many lenders, so you should get about the best rate available for you, but the manufacturer might have better deals.



As for the car price, do you belong to AAA? If not consider it, they have a car buying program for members that eliminates the negotiation on the price. You should not have to pay MSRP for a new car. Try this site - price out the Spark as you want it, and you can see what you can expect to pay at any dealerships that are aligned with them. Note you probably can't be picky if you are insisting on 2014's since Chevy dealers probably have 2015's on the lot or at least on the way.



https://discoveraaa.truecar.com/new-car.html

Answer 8

I would see if the dealers indirect lenders can give you a lower rate or longer term. Also, our dealership is loathe to negotiate a price on line or over the phone with a person who has not seen or driven the vehicle in question.



Negotiations are best conducted in person. You can say things like...

...I would buy today if I was comfortable with the price, or

...Hmm, I'll have to think about it.



Products offered by the Finance mgr are OPTIONAL...Gap insurance, theft protection, Life and disability, extended service agreements....all are OPTIONAL.



Maybe take a friend with you for moral support......You are gonna be fine kiddo.....