tag:blogger.com,1999:blog-5465015914589377788.post411537916071636100..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: The Illusion of Low Financing RatesMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-5465015914589377788.post-8472639420851986232012-01-09T20:00:31.910-05:002012-01-09T20:00:31.910-05:00@Robert: Car Cost Canada used to offer a service ...@Robert: Car Cost Canada used to offer a service to actually negotiate a price for your car at 3 dealerships. I used it once in 2003. After doing my best to get a good price, they saved me $2000 more. I'm told they no longer offer this service but still have valuable information.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-27880532106684655372012-01-09T19:49:39.171-05:002012-01-09T19:49:39.171-05:00Although I've never bought a brand new car, I ...Although I've never bought a brand new car, I have family who has. They swear by carcostcanada.com. My father was actually sent to the sight by a car salesman who was probably too honest for his own good. I guess reliable information is still a scarce commodity.Roberthttps://www.blogger.com/profile/12961149077824073687noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-38110449510696089932012-01-09T09:11:46.800-05:002012-01-09T09:11:46.800-05:00@P2Sam: Whether to use a secured line of credit f...@P2Sam: Whether to use a secured line of credit for buying a car depends on many factors. From the point of view of a purely rational person, if the interest rate on the line of credit is lower than the rate you can get elsewhere, then the LOC is the best choice. However, people are not purely rational. Many people have problems paying off lines of credit because it is too easy to keep spending. Do you really need this car? Would you pay it off faster if you had a separate loan? Would you buy a cheaper car if you had to get a separate loan? These are the kinds of questions you should be asking yourself.<br /><br />@Paul T: Buying a car is a negotiation. Skilled negotiators try to gather information about their adversaries. Employers like to ask what salary you expect in an effort to offer you the minimum pay that you would accept. Car salespeople try to gather information as well. They also want to get you thinking about how you'll buy the car instead of whether you'll buy the car. I don't blame you for going somewhere else to buy your car.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-66748253432426681012012-01-09T09:08:45.937-05:002012-01-09T09:08:45.937-05:00Car dealerships are a business, nothing is "f...Car dealerships are a business, nothing is "free" even if it is advertised as such. It's all in how you want to play with the numbers.<br /><br />Good post.<br /><br />@Paul T - we just recently played this game actually with a local dealership, buying a new car.My Own Advisorhttp://www.myownadvisor.canoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-8239063175115761372012-01-09T07:34:00.073-05:002012-01-09T07:34:00.073-05:00Or how about the this spin on 0% financing.
We we...Or how about the this spin on 0% financing.<br /><br />We were considering a Mazda car a few years ago, an the very first question (after the test drive) was whether we'd be financing or buying it outright.<br /><br />I completely ignored the question and tried to talk price. This went back and forth a few times until I got so frustrated that I told him we were planning on buy the car without a loan. Only then was he willing to talk about the cost of the car. <br /><br />So 0% financing on the "sticker" price of the car sounds like a good idea, except that no one ever buys a car for the sticker price. <br /><br />I got so annoyed, I walked away and bought a car elsewhere.Paul Thttps://www.blogger.com/profile/13940923642549254886noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-6512717849008372952012-01-09T01:16:13.370-05:002012-01-09T01:16:13.370-05:00For someone with a secured line of credit (say a h...For someone with a secured line of credit (say a house), does it make sense to use that instead of a car loan to purchase a car?p2samhttps://www.blogger.com/profile/14448397473506862629noreply@blogger.com