Overhaulin'

I want to buy a use car for a dealership?

The car i want is about 9-10 thousand dollars, how will be the down pay, how will be the monthly payment, and how much will is cost at the end, because i know they charge taxes?

Public Comments

1. If you have 9 to 10K to spend on a car, then you can just pay cash, no financing. Find a car in 9 to 10K price range and then negotiage down. Generally, you could pay about $200 to $700 less than what the seller wants. Taxes are 6% in my state, you need to check how much it is in your state. There are some other fees like transfer of plates, title, registration, etc... some of these can be negotiable. I suggest you go to www.kbb.com or www.edmunds.com and read some article on how to buy a used car and what mistakes not to make.
2. Okay, i have very useful information for you as i just purchased 2 vehicles, both from dealers. Always try to knock off at least $500 off of the car. Look at all the minor wear and tears or any wear and tear and use that against them. Do not tell them you have a down payment even though you do have one. If they know you have a down payment early in the transaction, they will make you pay interest on your down payment. Go sit in their office and talk with them and have them 'quote' your monthly payments, without any down payment, and see what you monthly payments will be. Before he finalizes the transaction, tell him you have a down payment so now you cant get charged interest on the down payment. So instead of you financing $9500, you will be financing $8500 because your down payment will be interest free. Now lets say you have $2000 for a down payment. Only put down $1000 and use the other $1000 as a cushion or to start your payments because the other $1000 down will only knock off like $30-$40 a month. Put the $1000 in the bank and when you get paid from work, just throw some more money into that account and you will be set in terms of your payments. Never show too much interest in the car your looking at. When you talk to the bank over the phone that gave you the loan, dont accept their warranty. They will rip you off and will cost you like $2000 for it. Unless the warranty they offer sounds good at a good price, then accept it, but try and get an extended warranty through the dealer if possible and if needed. By law, the dealer has to give you a 30 day warranty. Try as hard as you can to get like a 3 month/6000 miles warranty. The way the economy is, i doubt they would give up a sale because they dont want to give you a 3 month warranty. Then when the warranty is up, go back to that dealer, or some other local dealer and see how much it would cost for about a 3 year warranty. If it cost under $1000, go for it because if something major goes wrong with the car and you are not covered, it will cost you more then a $1000 to fix, a lot more because certified mechanics charge like over $100 and hour just on labor. Sorry this is so long, but getting a car from a dealer is no walk in the park if you want a good deal. I just bought 2 cars for under $9000 and got great deals and with the 3 month warranty's free of charge. Good Luck!