Where do auto dealerships stand right now? Are they desperate for sales and ready to deal close to cost? Many of them have their vehicles on floor plans, paying a percentage of the vehicle cost per month to stock them. Big bucks going out monthly. With production halted, are they holding on prices, banking on a projected shortage in the future? Looking for an 'inside' take on this.
The longer you can wait - the better it will be from the consumer pov - IMO. See how many of the 22 million unemployed actually go back to work when we're wide open, that will determine how the economy shakes (I don't think we'll come back much more than 60% pre-CV19) and what's available to you from an incentive perspective. You still need to negotiate at the dealer level. They're the ones carrying the inventory.
MFG's are still closed with most talking of opening first part of May.
I recently did a deal on a 1-owner clean car fax vehicle. I was allowed $2k more on my trade in than expected and bought at dealer trade in value as shown on multiple sites. We’re very happy with the vehicle in the month we’ve had it and we’re happy with that deal. We were among the 2-3 couples on the lot.
If the dealer is not offering a good deal, walk out.
I just bought a new pickup and the dealership was very willing to make me a very good deal.
Tell us about it. Don't need to give out what you paid, but maybe what you saved and the terms.
Clyde
Had a trade in but when the dust settled I probably saved an additional $20000 over what I would have paid normally. I ask the salesman if sales were slow and his reply was if it was only slow I would be happy.
I don't know the details, but a neighbor traded his F150 for an F250 4X4 Supercrew with the new 7.3 gas engine. I know he doesn't have a payment for 6 months. Three deferred, the dealership is paying the next 3. I don't know what rate he got, but some places are going 72 to 84 months with 0% interest.
I just bought a new pickup and the dealership was very willing to make me a very good deal.
Tell us about it. Don't need to give out what you paid, but maybe what you saved and the terms.
Clyde
Had a trade in but when the dust settled I probably saved an additional $20000 over what I would have paid normally. I ask the salesman if sales were slow and his reply was if it was only slow I would be happy.
Saved an additional 20k?
I talked to my neighbor recently who owns of the Ford dealerships in town. His take on the whole deal is while most dealerships are stacked with inventory, the lean practices by the auto manufacturers is going to bite them in the coming months. Many of the component suppliers down to the knobs on the radio are on hiatus so even when manufacturing gets started again, the dealership inventory is going to get thinned out considerably because the OEM's can't/won't ship a vehicle without 100% of the parts.
He actually didn't foresee a big reduction in prices happening anytime soon mainly because some of the 0% interest incentives are getting a lot of traction.
Give it three months, and the repo lots will be full. Already, heavy equipment auctioneers like Ritchie Bros are stacked to the rafters.... Lots of sellers, few buyers.
Give it three months, and the repo lots will be full. Already, heavy equipment auctioneers like Ritchie Bros are stacked to the rafters.... Lots of sellers, few buyers.
It hasn't even started yet.....
True.
We have seen it all before in certain parts of the country/economy... (Like every time the oilfield crashes)
But now, it's not just oil workers, welders, pipefitters, etc.
This has hit and will affect everyone.
If your wife works for a furniture store, that sold furniture to people that would have bought, had they not been laid off... they may lay her off because of slow sales.
Less people eating out. Less people buying boats. House repos, car repos.
Give it three months, and the repo lots will be full. Already, heavy equipment auctioneers like Ritchie Bros are stacked to the rafters.... Lots of sellers, few buyers.
There's a old saying in the cow business that you make your money when you buy. Buying a new vehicles you loose when you buy and trade. Buying new vehicles is the worst investment a person can make, but they sure a nice and shinny.
There's a old saying in the cow business that you make your money when you buy. Buying a new vehicles you loose when you buy and trade. Buying new vehicles is the worst investment a person can make, but they sure a nice and shinny.
This is very true, terrible investment buying new. But I’ve done it for 40 years or so. But I don’t do credit. I save enough to buy with cash. I cannot imagine 72 or 84 month financing, at any interest rate.
There's a old saying in the cow business that you make your money when you buy. Buying a new vehicles you loose when you buy and trade. Buying new vehicles is the worst investment a person can make, but they sure a nice and shinny.
There's a old saying in the cow business that you make your money when you buy. Buying a new vehicles you loose when you buy and trade. Buying new vehicles is the worst investment a person can make, but they sure a nice and shinny.
Cannot speak to the U.S. Big 3. However, Toyota has notified employees that they are planning to resume production at Georgetown, KY on 04 May 2020....
Disagree with your neighbor. Dealerships are hemorrhaging and they don't even know it. Manufacturers finance their inventory, but dealers make money on repairs and used vehicles which have been sky high recently. After the soft startup you'll see only 65-70% of people returning to jobs. Less than 50% will return to jobs in retail, hospitality and restaurants. Commercial real estate will take years to recover.
Spent a few days truck shopping for a slightly used 2019 F-150; one dealer wouldn't budge the other was willing to deal. It will be a buyers market if you're buying.
This guy lays a lot of stuff out. He has some interesting videos. There are no 0% interest rates on 2020 Fords out here, only new 2019s'. Superduties and some Mustangs are not part of the 0% deal.
Financing is great right now if you want 7 year payments and you have very good credit. Depends on the truck you want. Selection will be limited to whats on hand. They will not be taking order for a specific truck unless you to really wait. Used market should be better soon. Again depends on the truck. 1/2 ton gas, or 3/4 ton, 1 ton diesel. I doubt the diesels are going to tank anytime soon.
There's a old saying in the cow business that you make your money when you buy. Buying a new vehicles you loose when you buy and trade. Buying new vehicles is the worst investment a person can make, but they sure a nice and shinny.
Everyone that drives, drives a used car.
+1. And some pay $20k for a used car already 10 yrs old. And then turn around and put $2k of extras on that same car. Crazy what some folks do with their money.
Dave Ramsey is a jackass. Making millions off the ignorant, regurgitating financial advice that would be obvious to any 10 year old that's ever ran a lemonade stand.
Yeah, and they have a 'micro' brake knob for park brake.
Pretty straight old trucks. Roll tarps, like new tires, probably a bit under-powered but we're only using them to haul seed wheat, not super truckin'.
We are retiring a couple older IH trucks to field duty only.
444 or 466's? I have a '95 4700 lo-pro with a navstar 7.3 that has 490,000 on it. Looks like hammered [bleep] and I have no idea how it passes inspection every year, but it's a [bleep] workhorse. Starts on ether and smokes like Snoop Dogg but a [bleep] workhorse.
I made an offer on a used truck about a month ago. Guy turned the offer down. He did me a favor. The auction lots I drive by several times a week are full. There’s a couple rows of like new or new dodge trucks on one lot. I expect there will be a bunch of work trim trucks coming available in a couple of months and I’ll go to the auction and get a deal. I’m sure my work will be slow in the coming months but I don’t have to do much to keep my head above water.
Dave Ramsey is a jackass. Making millions off the ignorant, regurgitating financial advice that would be obvious to any 10 year old that's ever ran a lemonade stand.
I disagree, It's not obvious to people! He is not perfect by any means. But do you realize how many people can't come up with $400 in an emergency? Google it. Do you think buying new and staying in credit card debt is smart?
I saw up to 30% off MSRP on Rams down in FL. so that probably gives you a good starting point on a new one. Lenztruck.com with two locations in Wisconsin advertises 800 late model used trucks and SUV's on the lot all the time and are advertising now that they would deliver.
Cheaper Toyota dealer here has new Tundras for about 5K off MSRP. Cheapest truck with rebates/discounts is over 40K. My buddy said he saw Chevy 1500s for 30K. I think there will be buyers after the virus lock down breaks, but then a dry spell. I don't need one, but I think waiting a few months would get best deal.
Disagree with your neighbor. Dealerships are hemorrhaging and they don't even know it. Manufacturers finance their inventory, but dealers make money on repairs and used vehicles which have been sky high recently. After the soft startup you'll see only 65-70% of people returning to jobs. Less than 50% will return to jobs in retail, hospitality and restaurants. Commercial real estate will take years to recover.
Spent a few days truck shopping for a slightly used 2019 F-150; one dealer wouldn't budge the other was willing to deal. It will be a buyers market if you're buying.
A lot of places have loaded lots. In 4 more months the 2021s start coming out. Sounds like rock and hard place to me.
More supply than demand, at least in the next year. Good time to pick up used stuff. Probably a lot of 2018/19 cars will be sold off. Downsizing after this mayhem is probably realistic. New and newer cars will be out of reach for a lot of folks. It is amazing that US can sell so many cars when most Americans are not financially stable. This event will shake that out.
