So I’ve managed to track down a 2018 Volt LT with the Comfort Package ($34,950 MSRP) that I’m at a little over 14% off MSRP, gonna push for 15% though. As is, I’m looking at a one pay of about $8230.00, or effectively 228 a month when I apply some GM rewards (263 bucks) and the college discount. If I can get the full 15% at 36/15k I’m looking at effectively about 220 a month on a 7900 one pay. It might be a little off depending on whether the college discount is taxable or not, for these purposes I’m treating it as if it is. There will be a little bit of negative equity involved additionally, but I’m leaving that out and just judging the deal on its merits alone. Do I go for it? Or wait for the Costco program, provided it even materializes in the way it has in the past? They are really just pushing those Tahoes and Suburbans online, is that the extent of it this year? I’d love to get the gift card, but only if the programs stay the same this month or get better obviously. I’m concerned about the RV dropping, and interest rates are bound to go up sooner rather than later. Rebates will probably at least stay the same thanks to the Federal credit being somewhat passed to the buyer, right? What do you guys think?
Edit : For full evaluation, it would be a $9428 one pay with the negative equity at 15%, or $9751 at the current ~14% off. 8 payments of 176.49 rolled in on a 2016 Chevrolet Malibu that’s at 37600 miles on a 39,000 lease. At current trajectory I’d probably owe ~1,000 in mileage overage, which 15k a year solves, not to mention any out of warranty issues, potentially new tires, disposition fee if I don’t stick with GM, etc, etc… All in all I don’t think that’s a horrible trade, conventional wisdom about negative equity notwithstanding. After all, it’s still about a 0.77% deal for 15k a year at the absolute worst, or 0.75% best case scenario. I also will have virtually zero gasoline expenses for the next three years, as the car will be used around 90% of the time within the electric range.
If you are comfortable with the payment, and like the car, go for it. It sounds like it’ll satisify the needs you are looking for.
With the recent rate hike, potential for MF to go up next month, potential for residuals to drop as more electric cars are sold, lots of potentials. Potential for a better deal too! Never know.
If the MF changed slightly, or the residual went up 1%, how would that change your numbers? Maybe $8 a month? $10? However if the MF tanks, or residual tanks, or incentives are pulled, potential for that deal to be even more expensive.
All in all, your call.
It’s a tough call… I’m pretty sure I’m at or near bottom on the price, maybe another couple of hundred left there. But the dealer might lose motivation at the beginning of the month, and it could be gone by the time he’s in the mood to deal again, if at all. He obviously needs the sale, I got that offer just by asking for the price, no pushing at all. It would just check off a lot of boxes for basically what I’m already paying when you subtract gas expenses.
Nickel and dimeing to get a $8 difference on your monthly is only going to aggravate the two of you. If you are happy with the price ($228 for a $36k car on a 15k mile is really really good) then just pull the trigger.
I thought that… Part of me was gonna try to squeeze that last couple of hundred out, but is it really worth it if it just ticks him off?
Nope, leaves no one happy, and just may make him shut down and just stop responding, not worth the time and effort to deal with someone who’s going to walk away from an already solid deal over a grand total of $280 over 3 years kind of thing.
Having my own business certainly opened my eyes to how shitty some people can be when it comes to pricing, thankfully I don’t have to deal with customers in person, but when someone is asking for a payment plan on a $200 item, you just ignore the email and focus on what can actually make you money. Same thing for car sales guys and the customer who drags things out for weeks hemming and hawing over a few bucks.
Not insinuating that’s how you are, but just get in their shoes. That’s why the best deals for me have been closed in an hour or less. Get on the phone, ask the details, know the numbers already, tell them you’ll be ready to buy right now if they can do this number, if not then thanks but I won’t waste your time. A guy would more likely be willing to “lose a little” on a great deal for the customer if it’s bing-bang-done and doesn’t even have to spend an hour going back and forth with his manager on the floor.
Appreciate the feedback, and I totally get where you are coming from. It’s pretty easy to get caught up in a lot of the process and become overzealous, when a relatively small amount of money either way might let everyone walk away feeling like they got something good out of the deal. That’s especially important if you are potentially dealing locally and might be going there for service, etc. Getting treated well long term is hard to put a value on, but it’s certainly more than what we’re talking about here.