I financed a Lamborghini sv through porsche financial services based on an arrangement that my dealer did for me. I was getting the sv roadster and decided to sell the sv coupe after having it for three months . It sat at the dealer for almost three months and then I decided I was going to sell it privately (I had a buyer but he wanted to do a private deal ). I told my dealer that I was just going to sell it privately . They called me right away and asked if I had made six months of payments yet. In that same conversation they told me that they make $10k extra if I make at least six months of payments . This clued me into the whole issue of financing through the manufacture and why they want you to hold onto the car for six months . Other finance companies may give lesser interest rates but very little referral fee if any to the dealer . Sent from my iPhone using Tapatalk
You, as the buyer, need to realize that dealers make money and much of it is hidden and that is what the F&I department (Finance and insurance) does. They make it on jacked up interest rates, selling things like extended warranties, other coverages (wheel/tire warranties, paint protection, insurance referrals, dealer prep charges, transporation, dealer upcharge, dealer, etc). These are only a few of the items they create to screw you into thinking you got a great deal but leave spending much more than you had planned or even knew. Now also realize that If you financed the car you are now paying interest charges on all these contrived and unnecessary things so you're even paying more. This is even more so the case when you are including a trade in as they will get you both on the purchase AND the price paid on the trade-in. What you think you're getting and what you're really getting will very likely be different unless you can read between the lines. Anytime you go in to purchase a vehicle NEVER fall into the trap of "how much can you afford a month for payments" or "it's just xx a month more money don't worry about it... instead ALWAYS discussonly "out the door" prices otherwise you will get hosed in your emotional state and cave in. To to address what was said above and how to approach this better. Go back and get a REAL offer form them in writing for O.T.D pricing never trust what was verbally said, have them clarify whether that price is only if you finance through them, what the terms of that financing are (can you pay it off with no penalty in 3 or 6 mo's) what if you pay cash (securing your own financing is the exact same as cash to them so no need to mention you might secure your own financing at this point). If the price is the same go shop your loan I suggest NOT dealing with your bank (Chase wanted to charge me 3 times what a credit union locally said the first time I walked in their door and I've been a great Chase client for 20 years). Decide on the car you want, work out the price using ONLY OTD pricing, then shop that total cost with several banks or credit unions (sometimes you can use bankrate.com to look) but I had better luck with credit unions. Once you've got that rate you are OK with then you can approach the dealership and let them know you are going with a bank at XX interest rate and I'll bet they'll suddenly drop several points to match or near that number. I did that recently and acted as a buyers rep a couple weeks ago and surprise the dealer dropped the rate significantly matching the CU's rates. Don't go into a dealer, get excited about the car, get emotionally attached the the car then let them fleece you on all sides. "ignorance has it's price, and it should" get educated on how the system works or pay the costs and live with it. Lastly NEVER trust that a dealership to inform you of everything that's YOUR job to learn and know.
I'm sure at list that car has depreciated well over 18k. Maybe the order time for a coupe won't be that long. That way you will et at 2018 with more warranty/service time. Also you can spec it out the way you want it. Or of course if its the car you want, make a offer you feel good about...
Yeah if dealer took it on trade then they probably bought it for $280k. If it's on consignment then anywhere from 4 to 10%. Original buyer probably took 40k at least in depreciation Sent from my iPhone using Tapatalk
Go for it. Consider keeping the down pmt. Look into Putnam Leasing. You might be able to get similar monthly installments and keep money with you in case you need/want it for something else. Enjoy!
I'll give the opposite advice. Finanace as little as possible. This is a depreciating asset. You will not sell it for the same as you bought it. You will lose money. But it's not an investment. It's a toy. I don't like to finance toys. YMMV.
I normally don't get into finance discussions because everyone's situation is different but in general this is very good advice
I know. We have had these discussions before. Everyone is different. But at the end of the day- don't finance depreciating assets if you can avoid it. Enjoy the hell out of the car but it's not a money making endeavor. Good luck.
Saw your newest video posted to youtube about getting a Ferrari. Very motivational, I must say. Congrats on the purchase and realizing a dream
Congrats to Fousey! I've always been fascinated by YouTubers (and frankly any successful person) and how they monetize, so for others who are curious and unfamiliar: YouTube Monetization Average CPM is $2 -- depending on content; an educational type YouTube video may have a $5 CPM or etc. https://medium.com/@hankgreen/the-1-000-cpm-f92717506a4b Go to any YouTuber's channel. Go to "About" see their lifetime views. Divide by 1,000 and multiply by 2. Then multiply by 45% because that is YouTube's take. This is also assuming every view is monetized. Do this for all of their channels. That is how much they have earned in Net Income throughout their YouTube career before taxes/etc. Monetization Outside of YouTube -Merchandise -Sponsors -Private Investors I have a lot of admiration for the YouTube entrepreneurs who have made it. Unfortunately, a lot of them have taken the worst aspects from MTV (materialism and superficiality) and Reality Television (prior two items + manufactured drama to promote merchandise and sponsored products) and have really sucked in the Generation Z crowd. The average semi-successful TV show gets around 2.2 million views per episode I think. You should see the views these young YouTubers get, it's nuts. Right now they're getting paid pennies on the dollar so even if a super popular YouTube Vlogger gets 1mm views a day, that's only around ~400k a year pretax. Once the CPM goes up, it'll start getting nuts. Sorry for the tangent, but given the assumed demographics on this forum, there have to be some who are curious!!
Ive been looking at this car for a while and they just reduced the price from either 309k or 315k. Curious what your deal on this car looked like. Its gorgeous congrats!!
